New technology has been used to improve lots of industries and UK and EU regulators want the same for banking.
Regulators are keen to encourage the launch of a new range of services for customers in 2019. The changes we’ve made to our Terms will allow us to support these services as they get introduced.
These new services will be launched by banks and other technology companies. The basic idea is that you give these services access to your online bank accounts so they can see your accounts just like you and your bank can (that’s why they’re known as ‘permitted third party providers’).
They’ll collect information from your bank (or a number of banks if you have more than one) and use it to help you with your money. For example, an account information service provider might help you see your online banking and credit card accounts from a range of banks in one simple view. Or a payment information service provider might be able to make online payments easier for you.
It’s important to stress that you won’t have to use these new services if you don’t want to. If that’s how you feel you won’t need to do anything at all. Your Virgin Money savings account, credit card and current account will still work in exactly the same way as it does today and your information will remain safe and secure.
If you do want to use one of these new services, check it carefully to make sure you’re properly protected. All providers must have permission from, or be registered or authorised by, the Financial Conduct Authority (FCA). Before you use a service, it’s essential you check their small print to make sure this is the case. And remember, you will have to give your permission before they can do anything on your behalf.
This is a brand new area so we expect more information on these new services to be made available in the coming months. We’ll make sure we keep you in the picture.