Open Banking 'revolution' to challenge banks' dominance

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  • I don't like this idea at all. The way I understand it is that businesses can be given access to bank customers financial details if they get the customer's permission. But how long is it going to be before businesses start adding a clause to their numerous terms and conditions of business ( Which very few people actually read or understand before agreeing to.) saying that your agreement to them includes your permission for them to access your financial details? As an example, below is the link to Apple's terms and conditions. A clause could easily be inserted saying you give them permission to access your financial details. ( I'm not suggesting that Apple would do such I thing of course. I'm just using that as an example.)…ices/itunes/us/terms.html

  • I heard about this coming a while ago. Last thing I want is more targeted selling or my financial details sold on to third parties. As I Understand it you have to opt out (as usual :rolleyes:) and that I shall do the moment I can. I hate any kind of cold calling so I filter these with caller ID, junk number filtering (EDF :cursing:) and an answer phone.

    History is much like an Endless Waltz. The three beats of war, peace and revolution continue on forever.


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  • Reminds me of Facebook's similar habit of asking you if you want to let FB access your stuff after you do a quizz or some such because they won't give you the results before you do.

    The vagabond who's rapping at your door

    Is standing in the clothes that you once wore

  • I know some people are relaxed on privacy issues, but I'm not one of them.

    I agree with Morgan on this one, it'll be mission creep. First they need your permission to get your details, then they won't.

    I should add that as I used to work for accountants, we had access to some people's financial details as a matter of course, although not specific bank accounts without a court order. Officially this was carry out investigations for fraud etc as mandated by court, but once you have access to a database, who policies that? None is the answer.

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