What could Open Banking do for you?
- Clearer view of your finances in one place so you can see what you’re spending more easily
- Quicker and easier to set up and make payments directly from your bank account
- Easier to find a better deal based on your actual spending
Examples of how you could use Open Banking:
Price Comparison Website
You consent to the Price Comparison Website accessing your current account transaction history. The website analyses your spending patterns and suggests a better account or overdraft for you based on your actual spending.
Money Manager app
You consent to the app accessing your transaction history from several current accounts (held with different banks). The app shows you how much you’re spending, for example on utilities, food and travel.
You consent to a third party payment provider requesting that a payment is made from your current account to the online shop. The payment is made quickly and safely.
Here are some commonly asked questions:
No. You will have to consent to a regulated third party provider accessing your account information.
If you don’t consent to a regulated third party provider app or website accessing your account information, your data will not be shared with them and you will not be using Open Banking.
A regulated third party provider will only be able to access your current account information if you consent to this.
You can decide which apps, websites or regulated third party providers you want to use or share your account information with.
A regulated third party provider must tell you what information they want to access through Open Banking. You can then consent to them accessing this data, which can include one or more of these types of information:
- account details: account name, details and balance
- transactions: payments in and out of your account
- account features: account type, fees, charges, interest rates
You will be asked to consent before a regulated third party provider can access your information or make a payment. Always read the terms and conditions thoroughly.
If you change your mind you can withdraw your consent to a regulated third party provider accessing your data at any time. You can do this by:
- Removing your consent on the regulated third party provider’s app or website
- Contacting your bank to let them know you no longer want a regulated third party provider to have access to your information
This will prevent the regulated third party provider from further accessing your data.
All third party providers will need to be regulated by the FCA or national competent authority in an EU country.
You can check if a UK third party provider is regulated on the FCA’s register.
No, you will have to consent to a payment being made from your account.
Open Banking can currently be used for:
- Personal current accounts
- Business current accounts
In the future Open Banking will also include credit cards, e-wallets and prepaid cards.
No, you can only use Open Banking if you have activated online or mobile banking for your current account.
No, Open Banking is free for customers.
A regulated third party provider may charge you to use services provided through their app or website.
Open Banking is designed to give customers even greater protections than they receive today. Only regulated third parties can use Open Banking.
Open Banking is built with rigorously tested software and security systems that enable you to share your information safely and securely. This can only happen with your explicit consent for how long and for what purpose the data will be used. In the event of fraudulent payments, banks are required to reimburse you fully. You are also protected by data protection laws and the Financial Ombudsman Service. With Open Banking, you will never be asked to share your bank login details or password with a third party provider.
Open Banking uses secure technology but there are some simple steps you can take to stay safe online:
- You can check that the app or website is from a UK regulated third party provider here: https://register.fca.org.uk/
- Always read the terms and conditions before you agree to share your data to ensure you know how your data will be used
- If you see something on your bank account that doesn’t look right, contact your bank immediately.
- The FCA website also offers information on how to protect yourself online: www.fca.org.uk/consumers/account-information-and-payment-initiation-services
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 a payment was paid into or taken from your current account that you (or another account holder) did not authorise, please contact your bank or building society.
If money is taken from your account fraudulently you are protected and your bank will reimburse you.
Please contact the company you believe may have shared your data. This may be your bank or another regulated third party provider.
If you’re concerned that you may have been a victim of identity theft please report this to your bank and Action Fraud, the UK’s national fraud and internet crime reporting centre. You can visit their website, or call them on 0300 123 2040.
Please contact the product provider to find out how to cancel or exit the arrangement. This could be your bank, a regulated third party provider, a comparison website or an adviser.
You should first contact the regulated third party provider or your bank or building society to discuss your complaint.
If you are unhappy with the response received from your bank, building society or a regulated third party provider, you can contact the independent Financial Ombudsman Service:
Financial Ombudsman Service
Freephone: 0800 023 4567
Low-cost phone: 0300 123 9123
If you are concerned about the security or usage of your data you should first contact the regulated third party provider to discuss your complaint. You can also report a third party provider to the Information Commissioners Office (ICO). Their website is https://ico.org.uk/ or you can call them on 0303 123 1113.