Open Banking gives you the choice to let regulated third party providers, known as TPPs, access your bank account data.
Third party providers can introduce you to new banking products and services. They could also give you a more detailed understanding of your accounts, and help you find new ways to make the most of your money.
Open Banking is designed to bring more competition and encourage innovation in financial services.
Giving TPPs access to your account is completely optional.
The features of Open Banking, which are offered by TPPs, 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. TPPs 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 or mobile banking with your current account you can give TPPs access to your account information today.
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 TPP 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 TPP 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 TPP that you think is in breach of the Data Protection Act, please contact us.
If you have further questions, you can find out more information about Open Banking.
If you are a third party provider and want to work with us, please read our information for third party providers.