The latest news from Weatherbys Bank

Banking is set to change in the UK

On Saturday January 13th the way we bank in the UK will start to change. These new rules are called ‘Open Banking’.

With customers’ permission, the 9 largest banks in the UK (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group and Santander) will be able to share customer spending data with other financial services providers. The remaining banks, including Weatherbys, will be required to implement these new rules by September 2019. 

Customers will be able to authorise third parties to access their banking details and can decide which information they wish to share and the length of time they wish to share it for. Any company offering these services must be regulated by the Financial Conduct Authority and enrolled on the Competition and Markets Authority’s Open Banking database.

The intention is that these new rules will make banking simpler, whilst allowing more competition and innovation in financial services.

Initially, Open Banking will focus on allowing access to current account information, but over time more financial services products will be included e.g. credit cards, making it easier for consumers to compare the details of current accounts and other services.  

We know that our clients value solutions that help them manage their financial needs in a simple and effortless way and therefore we are investigating ways that Weatherbys can use these new rules to benefit our clients and deliver a great service.

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