New UK " open banking " rules come into effect this month , an under - reported trend that could cause the largest shake - up in personal finance in years . The rules enable customers to share personal financial data with companies other than banks , allowing them to shop for better deals on mortgages , overdrafts , insurance and broadband . The move aims to open up the financial sector and make it more competitive . But some warn it may put consumers ' private data at risk and cause confusion when dealing with third parties . Gareth Jones from Which ? In theory, people will be able to use the services of more banks and approved financial bodies in a much more straightforward manner. said consumers " could find themselves in a complicated web of providers " .
New UK " open banking " rules come into effect this month , an under - reported trend that could cause the largest shake - up in personal finance in years . The rules enable customers to share personal financial data with companies other than banks , allowing them to shop for better deals on mortgages , overdrafts , insurance and broadband . The move aims to open up the financial sector and make it more competitive . But some warn it may put consumers ' private data at risk and cause confusion when dealing with third parties . Gareth Jones from Which ? said consumers " could find themselves in a complicated web of providers " .