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.
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.
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