Five banks fail to meet open banking deadline

21 December 2017
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Five banks have been given extra time to comply with the new “open banking” rules after it became clear they would miss the January 2018 deadline.

Bank of Ireland, Barclays, HSBC, RBS, and Santander have all been given extra time to comply with the new rules, which are meant to make it easier for customers to access and share their banking data.

The Competition and Markets Authority (CMA) required the nine biggest banks in the UK to open their systems by 13 January 2018 as part of the changes.

However, five providers will miss the deadline and have been given an extension.

Barclays has been given until February 2018 to fully complete its open banking upgrades, HSBC’s deadline has been extended to April 2018, while Bank of Ireland has been given until September 2018.

At RBS and Santander, the issue is restricted to their business and private banking brands, with these customers unable to access their data by January’s deadline.

Upgrade work for RBS Bankline business customers will take until February 2018, while Santander’s private bank Cater Allen will take until January 2019 to be fully compliant.

The four other firms which the new rules apply to - Allied Irish Bank, Danske, Lloyds Banking Group, and Nationwide - will be ready by the original January deadline.

A statement from the CMA says: “Five banks told us that they would not be able to release all of these data sets by the specified date and we have therefore issued each of these banks with directions stipulating the timeline for the delivery of the outstanding data sets and the arrangements that each must make for reporting progress to the CMA in the meantime.”

Comments

In reply to by anonymous_stub (not verified)

And don't forget your tin-foil hat the next time you go shopping chez.It is entirely up to YOU to allow your bank to share your details in "open banking" or NOT as you deem fit.HMRC has always required a court order to access your bank details and will continue to need to do so under the new ruling.

In reply to by anonymous_stub (not verified)

I wasn't aware of this and I don't think I am very happy about "open banking". I am quite happy with how much and how easily I can access my banking data and I think it should be me and NOT the government who decides what details I "share". Is this more to do with HMRC checking upon us? It must also be a dream for fraudsters.

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