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Report on a study of how consumers currently consent to share their financial data with a third party

Whitley, Edgar A; Pujadas, Roser; (2018) Report on a study of how consumers currently consent to share their financial data with a third party. Financial Conduct Authority (FCA): London, UK. Green open access

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Abstract

The launch of Open Banking on 13 January 2018 means that the UK’s largest account providers will be making it possible for customers to make the most of their financial data and easily and securely access services from a wide range of companies that better meet their needs. In the context of Open Banking, consent provides the main legal basis by which third–parties may process the financial data of customers. That is, open banking services can process personal data because the customer has given consent for their personal data to be used by the relevant online service. According to the forthcoming General Data Protection Regulation (GDPR) consent must be unambiguous, informed and feely given. Data subjects (consumers) also have the right to refuse, or revoke, consent at any time. In addition, GDPR strengthens the legal rights of consumers in relation to data ownership and the rights of data subjects to access their data. Nevertheless, despite such legal requirements, “informed consent” and data protection more generally raise many practical challenges that are examined in the research. The report presents the results of a research study undertaken for the Financial Services Consumer Panel (FSCP) by a team in the Department of Management at the London School of Economics and Political Science. The research investigates the means by which consumer consent to sharing financial data can be given in a more informed way that is not subject to, or minimizes, behavioural manipulation. The research combined a mixture of quantitative and qualitative empirical research alongside academic style desk research. As this research was conducted in advance of the launch of Open Banking, the study focused on customers of current Third– Party Providers (TPPs) including Account Information Service Providers (AISPs).

Type: Report
Title: Report on a study of how consumers currently consent to share their financial data with a third party
Open access status: An open access version is available from UCL Discovery
Publisher version: https://www.fca.org.uk/panels/consumer-panel/publi...
Language: English
Additional information: This version is the version of record. For information on re-use, please refer to the publisher’s terms and conditions.
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > STEaPP
URI: https://discovery.ucl.ac.uk/id/eprint/10172397
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