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FCA removes the ’90 day’ rule for open banking transactions

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If you are signed up to the Nectar Connect points earning scheme, which lets you earn points when you spend at participating stores with your registerd payment card, life will get easier.

(You can learn about Nectar Connect in this article.)

At present, you need to give a fresh authority every 90 days for Nectar to retain access to your bank account.

FCA removes the '90 day' rule for open banking transactions

There is arguably some benefit to the 90 day rule to restrict the access that third parties have to your bank records.

On the other hand, the 90 day rule was clearly impacting the uptake of programmes such as Nectar Connect. Attrition rates of 20% to 40% are being reported.

As Finextra reports, the 90 day re-authentication rule will be abolished. Customer consent will still need to be given every 90 days but the customer will not need to reauthenticate their bank details.

It isn’t clear whether ‘implied consent’ will be possible (ie access to your bank account continues unless you specifically say ‘no’) or whether you will actively need to click a ‘yes’ button every 90 days.

You can read more here.

Comments (18)

This article is closed to new comments. Feel free to ask your question in the HfP forums.

  • Save East Coast Rewards says:

    Any guesses when Gatwick South will reopen? I wonder if before or after LHR T4

    • Rob says:

      Will need to open by March if BA seriously plans to launch its new 17 aircraft subsidiary then.

      Worth noting that BA has leased a lot of Gatwick slots to easyJet.

  • Ian says:

    Looking at my spreadsheet I don’t tend use Hilton points under 0.4p or around. 0.6 US ¢.

    Just can’t see the point in burning 30,000 points for a £100 stay. Which is what 0.3p is.

    Although this month I am using 95,000 points per night on rooms costing over £500 a night at 0.54p, which is reasonable.

    I would probably use a lower value if the room was expensive.

    Of course these figures are always the base room I book – with upgrades the value goes much higher.

    Ought to add that I monitor prices almost daily and will update the bookings on any price drop. Must be the Scottish blood in me! 😂

    • Lou says:

      I’m about to buy some points as a room I’m booking for 5 days works out at 91/with points versus 180/cash with equal level of flexibility.

  • Pareet says:

    It’s probably already been discussed, but the Avios to Nectar online conversion is currently not available. There used to be a number to call to do arrange this, does anyone know if this is still an option, or when online option will become functional again?

  • Tom R says:

    Is it possible to book anything other than the most standard room when using points (other than paying a crazy high “premium rewards” rate?).

    I’ve been looking at some of the popular Hilton hotels where you can get good value from your points (Bora Bora, Conrad Maldives, WA Palm Dubai etc) and there is some availability at 80k per night (95k for Conrad Maldives) but only on the most standard room.

    Maldives / Bora Bora sort of takes away the selling point if you don’t get one of the overwater rooms! They only seem available at circa 200 – 500k points per night (same for the higher class rooms in WA Dubai Palm etc).

    Wasn’t sure if its just an availability thing or whether the 80k base is just for standard rooms.

    • John says:

      Only if the hotel makes them available at the standard rate

    • Peter K says:

      Only standard rooms are usually available for redemption. Occasionally better ones are, but usually it’s a premium redemption for these. It’s one of the annoying things about redemptions.

      At least you have the option on Hilton to book a better room on points though. With IHG it’s pretty much book the worst room on points or pay cash for better.

      • chabuddy geezy says:

        Conrad Maldives often has overwater bungalows available for 95K.

  • njb says:

    I have just looked to buy points from Hilton but the only offer I have is 50% off – so buy 80000 points for price of 40000 – am I missing something as I need more than 80000 points ?

  • Rob says:

    Is it possible to link a curve card to Nectar Connect and will it actually track?

    Some decent triple dipping to be done with sites like Laithwaites currently.

    • Andrew says:

      As long as they are a member of OpenBanking – ie if you can choose to view your Curve Account when you log into Barclays, Halifax etc, then it should work just fine.

  • Aeronaut says:

    Regarding the open banking rule changes, I would hope that it is ‘active consent’ (i.e. customer needs to actively click a ‘yes, I agree’ button) rather than implied consent.

    I think an ‘implied consent’ model could in time turn out to actually be rather counter-productive to the customer acceptance of open banking.

  • AM says:

    Sorry, purchasing Points is not available at this time – hmm, did I miss out or is it because I just signed up for HH?

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