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 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.
Others are far more sceptical. So how does all this work and what does it mean for you?
What is it?
Your financial data is valuable. For example, a loan provider would be keen to know exactly when you go into the red each month.
So far, this information – or data – is held by …
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