New UK "open banking" rules come into effect years , an under-reported move that could cause the largest shake-up in personal finance in this week . 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 banking 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. “The most important thing to say, is: ‘This is just a thing you can do.’ Helen Saxon from UK ? said consumers "could find themselves in a complicated chain of providers".
New UK "open banking" rules come into effect years , an under-reported move that could cause the largest shake-up in personal finance in this week . 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 banking 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. Helen Saxon from UK ? said consumers "could find themselves in a complicated chain of providers".