The features of Open Banking, which are offered by third party providers, can include:
For third party providers to be able to offer any of these features, the provider will either:
You must give your explicit permission to the provider before they can do either of these things. Third party providers must give you enough information to understand the nature of the service, how it will use your data and whether it will share your data with anyone else.
If you use online banking with your current account and the third party provider has registered with us you can grant access to your account information.
Any third party that offers an open banking service must be regulated by the FCA or European equivalent. They also must comply with data protection laws. In the UK, that's the Data Protection Act. You can check the FCA register for a list of all authorised TPPs.
You will be asked to provide explicit permission to the third party provider accessing your data. You can choose which services you use, and which providers you allow to access your information.
If you choose to use Open Banking, please be aware that personal and financial information you share with third party providers is valuable to fraudsters. Remember to:
Get in touch with the third party provider directly to remove their access to your data.
If you have a complaint about the service provided to you by the third party provider, contact them directly. If you have a complaint regarding the security of your accounts or behaviour of a third party provider that you think is in breach of the Data Protection Act, please contact us.
If you're a third party provider a want to work with us, please read our information for third party providers.