Re: Bank account

by Jinxer Fri Nov 10, 2017 1:54 pm

I don't know what the implications of this will be, but one thing that's for sure is the changes won't be done to help me. I did try in the past to stop them sharing account details to credit reference agencies but failed and the only choice I was given was to close my account. I was told that no one with a bank account could refuse to share this information by law.

by Guest Fri Nov 10, 2017 2:01 pm

Hi Jinxer

Did they perchance name the Act and Section they are referencing?

Cheers!

by Jinxer Fri Nov 10, 2017 2:38 pm

I think it was about 15 years ago when I complained about the credit reference issue and did a search on the net and others complained but had no good results either, so I gave up at the first hurdle and just believed them when they said they were my choices.
I got rid of everything else on my credit record and I never use companies that report to them apart from this bank account. It's getting harder and harder to find companies that don't run credit searches and I've noticed these days they do them without you having to give permission. I never have credit I save and pay for things as I need them and if I can't afford something then I go without, so why should anyone need to keep details on me when I don't want them to.

by Guest Fri Nov 10, 2017 2:41 pm

Hi

i looked at pieintheskywhenidie's link (btw great handle - Rev Ike?) and another article or two.

The impression i get is that your consent is crucial as ever.

It also seems to be presented that the banks are hugely opposed to this. i don't think so - do you?

What i've yet to find is a ref to UK legislation , only CMA rules - though i've yet to give it more than a cursory glance. There is ref to PSD2 euro-something or other but..... meh!

Thanks for the heads-up Jinxer.

Cheers!

by Guest Fri Nov 10, 2017 4:37 pm

Hi Jinxer

Well, well. Curiouser and curiouser. i've yet to receive notice for my personal account but i have been shown one for a HSBC small business customer, a little pamphlet and cover letter.

What i find strange initially is:

'If you would like some help or have any questions about how the changes may affect you, or TO LET US KNOW IF YOU DON'T ACCEPT THEM, you can call, speak, write to us blah blah etc.'

i've never been offered that option when i get a letter advising of change in terms on my account, has anyone else?

It still has the usual '....you may wish to close your account' b.s. in the pamphlet too.

It mentions a change in the law being responsible, and the only legislation mentioned is the Payment Services Regulations 2017, replacing the P.S.R. 2009, becoming active 13/01/18 - so that must be it.

And how about this for confirmation you can dictate terms:

'If you continue to bank with us after 13/01/18 you agree, in accordance with regulations 40 (7) and 63 (5), that the following provisions in the 2017 Regulations will not apply to your agreement with us: ' It then goes on to list some provisions.
i think this all suggests that we do indeed have the option to decline new terms and keep our original agreement.

Anyone else?

Cheers!

by **assassin** Fri Nov 10, 2017 7:19 pm

We're making some changes to our Online and Mobile Banking terms and conditions to reflect a change in the law that is taking place from 13 January 2018, which alters certain terms about Online Banking security credentials. The change in law means that customers can choose to authorise and use the services provided by Third Party Providers (TPPs). TPPs operate separately from the bank. Details on TPP's will be included in your account terms and conditions, for which you will have been sent a Summary of Change notification between September and November.
The updated Online and Mobile Banking Terms and Conditions will be available from 13 January 2018 via Online Banking and the Mobile Banking app.

So what they mean is that they know they cannot change your terms and conditions within your contract without your consent, hence the careful wording. They have to get you to consent somehow and any change in legislation only happens from the change of law, and not retrospectively.

by pieintheskywhenIdie Fri Nov 10, 2017 7:43 pm

From my bank. My reading suggests that the significant change is that these TPPs will become regulated next year. Maybe the significant part is the part I've put in bold, the banks want to right to refuse access.

Third Party Providers

This change will not affect restricted savings accounts.

From 13 January 2018, you can choose to allow a Third Party Provider (TPP) to access information on your account and to make payments for you from your account, provided the TPP is authorised by the FCA or another European regulator and you give your explicit consent. If you are thinking of using a TPP, you will be able to check with the regulator whether it is authorised before you use it. We will make changes to our conditions to allow for access by TPPs, and to make clear when we can refuse access. We will also take into account any guidance from our regulator.

These changes will not affect any customers who do not use TPPs.

by **assassin** Fri Nov 10, 2017 7:45 pm

From 13 January 2018, you can choose to allow a Third Party Provider (TPP) to access information on your account and to make payments for you from your account, provided the TPP is authorised by the FCA or another European regulator and you give your explicit consent. If you are thinking of using a TPP, you will be able to check with the regulator whether it is authorised before you use it. We will make changes to our conditions to allow for access by TPPs, and to make clear when we can refuse access. We will also take into account any guidance from our regulator.

Note the wording "you can choose" to allow

by 1saberwow Fri Nov 10, 2017 10:43 pm

Why do we need to have a TPP be part of our lives? To allow the Bank to make a new contract that includes a TPP is also doing away with our protection under the DPA. Once a TPP is part of any contract that we have given away our protection undrr the DPA. It means that the TPP once included in our contract with our Bank that we cannot stop them from interferring in our lives.
Will anyone from the TPP place their name and wet ink signature on that contract and be held accountable or will there be just that name of the TPP and no signature?

by **LionsShare** Sat Nov 11, 2017 1:37 pm

For those worried about TPP here are some links I doubt will calm your nerves:

http://www.thisismoney.co.uk/money/saving/article-4943964/Blow-open-banking-majority-don-t-want-share-data.html

http://www.computerweekly.com/news/4500245176/Banks-risk-losing-payments-business-as-third-party-providers-muscle-in

http://www.information-age.com/lack-trust-third-party-providers-creating-opportunity-banks-123468818/

by Sponsored content