Open Banking - Can I Opt Out?
Discussion
I've just received notification from my bank about changes associated with the implementation of Open Banking but nowhere does it mention if I can opt out of them supplying my financial information as a part of this brave new world. I absolutely do not want every Tom Dick & Harry to know the details of what goes on in my accounts & I certainly don't trust the information will remain secure.
Do I have the right to opt out of having my information shared?
Do I have the right to opt out of having my information shared?
Mandat said:
Never heard of this.
What is it and how is it supposed to work?
https://www.openbanking.org.uk/about/What is it and how is it supposed to work?
Basically, so that <financial services provider> can give you better advice and the most suitable products, you give them access to your bank account, so they can find out what they need to know without you worrying your pretty little head about it.
AIUI, it'll be on a "give permission each time" basis - so you contact MegaBankingCorp and ask about moving to their current accounts or buying a pension or an ISA or whatever, and they say "Sure, but can we use OpenBanking to make our advice better?" and you - without realising the implications - say "Yeh, why not?" for that particular instance only. Unless (ha!) there's a sneaky checkbox that says "We'll continuously monitor to see if future products would be a better fit unless you say no"
Bugger that for a box of biscuits.
It goes even further than that. One idea is to have an "aggregator" which acts as a single portal for all of your accounts so if you have accounts with Barclays, Natwest & Lloyds you don't need to log on to three different websites or apps to manage them. You have an account with the aggregator & give them your login details so that they can access your account & move money out of it. The T&Cs of my account already make it quite clear that they are not responsible for anything that goes wrong if an aggregator is involved.
I still haven't found out if I can prevent my bank releasing any more information than they do now.
I still haven't found out if I can prevent my bank releasing any more information than they do now.
Openbanking is actually about you sharing your data through your bank. There is no opt out because you have to opt in. Essentially you give your permission at a point in time, for a specific purpose.
Say you bank with barclays and apply for a natwest mortgage, as part of the application process natwest would ask your permission to retrieve your barclays data. You would have to say yes, then authenticate yourself before barclays give natwest any data.
Hope that helps
Say you bank with barclays and apply for a natwest mortgage, as part of the application process natwest would ask your permission to retrieve your barclays data. You would have to say yes, then authenticate yourself before barclays give natwest any data.
Hope that helps
goingonholiday said:
Openbanking is actually about you sharing your data through your bank. There is no opt out because you have to opt in. Essentially you give your permission at a point in time, for a specific purpose.
Say you bank with barclays and apply for a natwest mortgage, as part of the application process natwest would ask your permission to retrieve your barclays data. You would have to say yes, then authenticate yourself before barclays give natwest any data.
Hope that helps
And if I say no are Natwest obliged to process my application or can they refuse to proceed?Say you bank with barclays and apply for a natwest mortgage, as part of the application process natwest would ask your permission to retrieve your barclays data. You would have to say yes, then authenticate yourself before barclays give natwest any data.
Hope that helps
If I do say yes how do I prevent NW from sharing my data with any associated companies? We know T&Cs always include this permission.
Can I specifically instruct my bank to never share, even with associated companies or can they change their T&Cs to insist I do so?
Mr Pointy said:
And if I say no are Natwest obliged to process my application or can they refuse to proceed?
If I do say yes how do I prevent NW from sharing my data with any associated companies? We know T&Cs always include this permission.
Can I specifically instruct my bank to never share, even with associated companies or can they change their T&Cs to insist I do so?
Yes, they can refuse to proceed; a bank can refuse to take your custom for pretty much any reason that they want other than those characteristics which are protected by law.If I do say yes how do I prevent NW from sharing my data with any associated companies? We know T&Cs always include this permission.
Can I specifically instruct my bank to never share, even with associated companies or can they change their T&Cs to insist I do so?
This is as it should be, no-one should be forced to deal with customers who they don’t want to service.
Mr Pointy said:
Can I specifically instruct my bank to never share, even with associated companies or can they change their T&Cs to insist I do so?
Why don’t you ask them?If a bank (or pretty much anyone) wants to change their T&Cs they would contact you first giving you the option to accept the change or take your business elsewhere.
I've just received the letter from Santander about this.
It says in the New third party services section that "you'll be able to give permission to certain third party providers to access information and to make payments from current accounts... ".
So this currently appears to optional.
Another change that caught my eye :
BACS payments not the safe one-way street that many believe (myself included).
Santander said:
Your information: Our terms will be updated to reflect that you give consent to us using your data to provide payment services to you, You can withdraw this consent, but if you do, we'll stop providing payment services to you and may still use your data where we have lawful grounds to do so.
So no opt out then.It says in the New third party services section that "you'll be able to give permission to certain third party providers to access information and to make payments from current accounts... ".
So this currently appears to optional.
Another change that caught my eye :
Santander said:
Payments received in error: We can already return money sent by Faster Payments into your account by mistake and we don't need your permission to do so.
Who knew? BACS payments not the safe one-way street that many believe (myself included).Mr Pointy said:
It goes even further than that. One idea is to have an "aggregator" which acts as a single portal for all of your accounts so if you have accounts with Barclays, Natwest & Lloyds you don't need to log on to three different websites or apps to manage them. You have an account with the aggregator & give them your login details so that they can access your account & move money out of it. The T&Cs of my account already make it quite clear that they are not responsible for anything that goes wrong if an aggregator is involved.
I still haven't found out if I can prevent my bank releasing any more information than they do now.
From what I understand the open banking system would give API access to the aggregator meaning controlled access to the relevant data, authorised by your bank. At the moment aggregators effectively use screen scraping techniques, which would be the kind of thing prohibited in the T&C's.I still haven't found out if I can prevent my bank releasing any more information than they do now.
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