PSD2 FAQ

Internet Banking.

FCMBUK customer’s that have subscribed to our Internet banking services will be able to use the Open Banking services provided by regulated Third Party Providers (TPP) by consenting to share their financial data.

Customer Consent.

Our internet banking customers will not be able to use their FCMBUK Internet banking tokens for Open banking, instead they will be issued with separate credentials to login into a separate portal (Consent Portal) for granting or declining the TPP’s request to access to their accounts.

Security.

Our Customer Consent Portal has been built with industry best practice security measures employing Multi Factor Authentication.


Open banking is a new initiative and as a result here is the most frequently asked questions.

  • No, to use the UK open banking you need to have subscribed to Internet banking.

  • No, you are in control of which regulated app or website has access to your information, this is known as “Consent”.

    • To use Open Banking, providers have to comply with the strict rules of the UK FCA or European equivalent.
    • You can find out more and check if an app or website is regulated on the Open Banking providers page  or check the FCA register  or European equivalent.
  • No, Open Banking is free. However, some regulated apps and websites may choose to charge you for their products and services.

  • You can use Open Banking for payment accounts that you can access using internet banking, such as personal and business current accounts, credit cards and online e-money accounts.

  • You are in control of which regulated app or website that you authorise for them to access your information, this is known as “Consent”.

  • There are two ways to cancel access to your data.

    1.  Go to the regulated app or website and cancel your consent directly with them.
    2.  Login into the FCMBUK Consent Portal and cancel the authorisation granted to the regulated app or website.
  • NO, you need to grant consent for any payment or access to your account information.

  • Open banking has been designed with the following in mind:

    • Security – Open banking uses rigorously tested software and security systems.
    • Regulated – Only apps and websites regulated by the UK FCA or European equivalent can use Open Banking.
    • In-Control – You are in control as to whom and for how long you grant access to your data.
    • Protection – You are protected by the UK data Protection Laws and the Financial Ombudsman Service.
  • Contact the provider to discuss how to cancel the arrangement.

  • First, discuss your complaint directly with the company, bank or building society. If you’re still unhappy, you can contact the independent Financial Ombudsman Service:

    Financial Ombudsman Service
    Exchange Tower
    London
    E14 9SR

    Freephone: 0800 023 4567
    Low-cost phone: 0300 123 9123

    Email: complaint.info@financial-ombudsman.org.uk
    Website: www.financial-ombudsman.org.uk

    If you’re worried about the security of your data or the way it’s being used, first of all contact the company to discuss your complaint. You can also report the company to the Information Commissioner’s Office or call them on 0303 123 1113.

  • If you think you’ve been a victim of identity theft, report this to your bank and Action Fraud, the UK’s national fraud and internet crime reporting centre. You can call Action Fraud on 0300 123 2040.

  • If money has been taken from your account without your authorisation, contact your bank or building society as soon as you notice.

    • Check if it’s regulated – see if the app or website is listed on the open banking regulated providers page, or check the FCA register  or European equivalent.
    • Read the small print – always read the terms and conditions before you agree to give a regulated app or website access to your data.
    • Check your bank account – if you see something that doesn’t look right, contact your bank or building society straight away.
    • Find out more – the FCA website  has tips on how to protect yourself online, as does the Take 5 Campaign
  • All these organisations have published guides on Open Banking: The Money Advice Service , Money Saving Expert  , the Financial Conduct Authority  and Which?

    You can also call the Money Advice Service on 0800 138 7777.