Why banks will share your financial secrets

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Why banks will share your financial secrets

Postby William Joseph1 » Sat Dec 16, 2017 3:05 pm

http://www.bbc.co.uk/news/business-42253051

Your financial information, such as what you spend and where, and how often you go into debt is private. It is information only available to you and your bank.

It has been like that for years, but all that is about to change.

Customers of nine of the biggest UK banks have received letters and emails in recent weeks informing them that their information can be shared, securely, with other firms. All they need to do is give their permission.

The UK's competition watchdog says this so-called Open Banking regime will revolutionise many people's financial lives, helping them get better deals.
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Re: Why banks will share your financial secrets

Postby pabenny » Sat Dec 16, 2017 4:09 pm

Slightly misleading subject headline, WJ.

Banks and other financial institutions can share our financial information if and only if we authorise it. Unlike this blanket 'would you like us to share your details with carefully selected third parties', this sharing is on a case by case basis. For example the premise of Chip savings (discussed not very favourably elsewhere on this board) is that their algorithm will review your spending pattern to identify 'spare' cash that they can deposit in a savings account for you. And also market credit products to you.

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Re: Why banks will share your financial secrets

Postby William Joseph1 » Sat Dec 16, 2017 4:19 pm

pabenny wrote:Slightly misleading subject headline, WJ.
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Re: Why banks will share your financial secrets

Postby Derbiean » Sat Dec 16, 2017 5:56 pm

The BBC would make a misleading title?? I don't believe it :mrgreen:

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Re: Why banks will share your financial secrets

Postby kevinchess1 » Sat Dec 16, 2017 6:18 pm

Derbiean wrote:The BBC would make a misleading title?? I don't believe it :mrgreen:


Misleading tittles to draw in readers?
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Re: Why banks will share your financial secrets

Postby AAAlphaThunder » Sun Dec 17, 2017 11:57 am

Everyone wants your data. It's just a fact of the modern age.
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Re: Why banks will share your financial secrets

Postby expressman33 » Fri Dec 22, 2017 1:58 pm

no protection from the "useless" Data Protection Act 1998 https://www.legislation.gov.uk/ukpga/1998/29/contents

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