"UK consumers are wary of AIS, as the consent requested often is worded to give companies (TPPs - often with unfamiliar names) unlimited access to their account data for an unlimited or unspecified time for unclear reasons."
This is a very good point Jeremy. I've declined a service more than once because I am uncomfortable with these broad consents.
Dave, many thanks for your comment, it's a consumer protection issue which seems to be off the FCA's radar - I suspect the volume of declines like the one you describe are substantial but go unreported as consumers just move on.
Here is one baffling example I screenshot last year when trying to link a PayPal account to a bank account:
"Paypal Open Banking Read Software on behalf of Tink will have access to this information indefinitely. We won't ask you to verify yourself again, unless Paypal Open Banking Read Software on behalf of Tink require that you do so. You'll be able to manage access for Paypal Open Banking Read Software on behalf of Tink in your Monzo app"!
"UK consumers are wary of AIS, as the consent requested often is worded to give companies (TPPs - often with unfamiliar names) unlimited access to their account data for an unlimited or unspecified time for unclear reasons."
This is a very good point Jeremy. I've declined a service more than once because I am uncomfortable with these broad consents.
Dave, many thanks for your comment, it's a consumer protection issue which seems to be off the FCA's radar - I suspect the volume of declines like the one you describe are substantial but go unreported as consumers just move on.
Here is one baffling example I screenshot last year when trying to link a PayPal account to a bank account:
"Paypal Open Banking Read Software on behalf of Tink will have access to this information indefinitely. We won't ask you to verify yourself again, unless Paypal Open Banking Read Software on behalf of Tink require that you do so. You'll be able to manage access for Paypal Open Banking Read Software on behalf of Tink in your Monzo app"!