Questions about open banking

We’ve answered some of the most common queries here and kept the tech-speak at arms’ length. If the answer you need isn’t here, get in touch.

Your questions, answered 

Open banking is a new idea – so we know you’ll have lots of questions. Here’s what we get asked most often. 

Am I automatically opted in to open banking? 

No. You’ll only use open banking if you give your explicit consent to a regulated app or website. It’s always your choice.

How do I control who has access to my information?

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. 

How do I cancel access to my data?

There are two ways to stop giving access to your data: 

1. Go to the regulated app or website, and withdraw your consent directly with them 

2. 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 

Can a regulated third party provider make a payment from my account without me authorising it?

No – you’ll need to provide your consent for payments made from your account.  

A new type of payment called Variable Recurring Payments (VRPs), enabled by open banking, is providing a ‘smart’ alternative to traditional direct debits or keeping your card details on file with a merchant. In the case of VRPs, you’ll still need to consent to the recurring payments being made from your account by the third party app. Prior to any payments being made, you will agree on parameters such as the maximum amount, frequency and the length of the service. Based on those parameters, future payments may be made from your account by the VRP provider – but you’ll remain in control and have the ability to cancel the service with the VRP provider.   

What types of account can be used for open banking? 

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. 

Can I use open banking if I don’t use online banking?

No. To use open banking you need online or mobile banking for your payment account. 

Is there a charge to use open banking? 

No – open banking is free. However, some regulated apps and websites may choose to charge you for their products and services. 

What regulations do providers have to meet? 

To enrol in the open banking Directory, providers have to comply with the strict rules of the FCA or European equivalent. 

You can find out more and check if an app or website is regulated on our regulated providers page, check the FCA register, or its European equivalent.

Does my bank or building society offer open banking? 

The number of banks and building societies that offer open banking is growing. At the moment, only the UK’s nine largest banks and building societies are required to 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: 

Advanced Payment Solutions Limited 

Allied Irish Bank 

Arbuthnot Latham & Co Limited 

Bank Of Baroda (UK) Limited 

Bank of Ireland UK 

Bank of Scotland 

Barclays 

BFC Bank 

C Hoare & Co 

Citibank UK Limited 

ClearBank Limited 

Clydesdale Bank 

Contis 

Coutts & Company 

Coventry Building Society 

Creation Financial Services 

Currency Solutions Limited 

Cynergy Bank 

Danske 

FBN Bank (UK) Ltd 

Foreign Currency Direct Plc 

Ghana International Bank 

Halifax 

Hargreaves Lansdown Savings 

HSBC 

ICBC (London) 

Industrial and Commercial Bank of China 

Investec 

Jordan International Bank Plc 

Lloyds Bank 

M&S 

MBNA 

Metro Bank 

Mizuho Bank 

Monese LTD 

Nationwide 

NatWest 

NewDay 

Northern Bank Limited 

OKEO LIMITED 

Permanent TSB 

Prepay Technologies 

Project Imagine 

Reliance Bank Ltd 

Revolut 

Royal Bank of Scotland International Limited, Luxembourg Branch 

Sainsbury’s Bank 

Santander 

SG Kleinwort Hambros Bank 

Spectrum Payment Services Limited 

Starling Bank 

Tesco Bank 

The Access Bank UK Limited 

The Bank of New York Mellon 

The Co-operative Bank 

The Governor and Company of the Bank of Ireland 

The Royal Bank of Scotland 

The Royal Bank of Scotland International 

Tide Platform 

TSB Bank 

Turkiye Is Bankasi As 

Ulster Bank 

Ulster Bank Ireland DAC 

Union Bank of India 

Vanquis Bank 

Virgin Money 

Wells Fargo Bank, National Association 

Wirepayer 

Wirex Limited

Yorkshire Building Society

How do I know open banking is safe? 

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 FCA or European equivalent can enrol in the open banking Directory. 

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 

How can I stay safe online? 

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 listed on our regulated providers page, check the FCA register, or its 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

I’m having problems paying for, receiving, or returning a product 

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. 

What if a payment is made that I didn’t authorise? 

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. 

I think my data’s been used incorrectly, or that I’ve been impersonated. What can I do? 

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. 

What if I’ve agreed to a financial services product that isn’t suitable for me?

Contact the product provider to find out how to cancel the arrangement. 

How can I complain about a regulated app, website, bank or building society? 

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 

Exchange Tower 

London 

E14 9SR 

Freephone: 0800 023 4567 

Low-cost phone: 0300 123 9123 

Email: complaint.info@financial-ombudsman.org.uk 

Website: www.financial-ombudsman.org.uk 

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.