You are here : Member Forums General Discussion NEED TO STOP OPEN BANKING
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Dear All

On an HMO facebook page the following was posted:

"Are you aware of the Open Banking initiative starting in January 2018?
With your permission banks and other financial institutions will be able to access your bank accounts and banking history.
I know there will be a Big Brother feel to this but the positive aspect is that lenders will be able to access your bank statements and history without you having to provide reams of statements as you do now. Cross matching salary deposits etc may also mean you donít have to provide pay slips or even accounts.
While to begin with it may be optional to allow lenders access I think it will become a compulsory part of the application process much like running a credit check is now."

Firstly, the Open Intitiative is a PRIVATELY OWNED COMPANY registered at Companies House and owned by individuals

Secondly, why would anyone want their financial information FREELY accessible at whim by whosoever? We already have severe problems with fraud and now this new SCAM is opening a massive wide door into our private financial information.

I, for one, do NOT want anyone to have access to my bank accounts. Who knows how to stop this?

26/11/2017 10:27

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Martin Co
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