No. You’ll only use Open Banking if you give permission to a regulated app or website. It’s always your choice – you need to give your explicit consent.
You choose which regulated apps and websites you want to use – so you’re always in charge. You decide what information they can access, and for how long. No one gets access unless you say so.
There are two ways to stop giving access to your data:
- Go to the regulated app or website, and withdraw your consent directly with them
- Contact your bank or building society to let them know you no longer want the regulated app or website to have access to your information
No. You’ll always need to approve any payment made from your account.
You can use Open Banking for payment accounts that you access online or by mobile, such as personal and business current accounts, credit cards and online e-money accounts.
No. To use Open Banking you need online or mobile banking for your personal or business current account.
No – Open Banking is free. However, some regulated apps and websites may choose to charge you for their products and services.
To use Open Banking, providers have to comply with the strict rules of the Financial Conduct Authority (FCA) or a European equivalent.
You can find out more and check if an app or website is regulated on the FCA register or European equivalent.
At the moment, only the UK’s nine largest banks and building societies must make your data available through Open Banking. Other smaller banks and building societies can choose to take part in Open Banking.
The banks and building societies who currently offer Open Banking are: Allied Irish Bank, Bank of Scotland, Barclays, Danske, Halifax, HSBC, Lloyds Bank, Nationwide, NatWest, Santander, The Royal Bank of Scotland and Ulster Bank.
Other Banks and Building Societies who will be joining Opening Banking soon include Bank of Ireland, First Direct and M&S Bank.
Open Banking has been designed with security at its heart – here’s how:
- Bank-level security – Open Banking uses rigorously tested software and security systems. You’ll never be asked to give access to your bank login details or password to anyone other than your own bank or building society.
- It’s regulated – only apps and websites regulated by the Financial Conduct Authority (or European equivalents) can use Open Banking.
- You’re in charge – you choose when, and for how long, you give access to your data.
- Extra protection – your bank or building society will pay your money back if fraudulent payments are made. You’re also protected by data protection laws and the Financial Ombudsman Service
Open Banking uses secure technology. Here are a few more steps you can take to stay extra safe online:
- Check if it’s regulated – see if the app or website is regulated on the FCA website or European equivalent
- Read the small print – always read the terms and conditions before you agree to give a regulated app or website access to your data
- Check your bank account – if you see something that doesn’t look right, contact your bank or building society straight away
- Find out more – the FCA website has tips on how to protect yourself online, as does the Take 5 Campaign.
If you have an issue with a product you bought – maybe it hasn’t arrived or you received the wrong item – please contact the retailer.
If money has been taken from your account without your authorisation, contact your bank or building society as soon as you notice. Depending on the circumstances, they may be able to pay your money back.
Contact the company you believe may have misused your data.
If you think you’ve been a victim of identity theft, report this to your bank and Action Fraud, the UK’s national fraud and internet crime reporting centre. You can call Action Fraud on 0300 123 2040.
Contact the product provider to find out how to cancel the arrangement.
First, discuss your complaint directly with the company, bank or building society. If you’re still unhappy, you can contact the independent Financial Ombudsman Service:
Financial Ombudsman Service
Freephone: 0800 023 4567
Low-cost phone: 0300 123 9123
If you’re worried about the security of your data or the way it’s being used, first of all contact the company to discuss your complaint. You can also report the company to the Information Commissioner’s Office or call them on 0303 123 1113.