90 day rule being scrapped

Good news coming in March 2022 for bank feeds

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FCA consultation on the 90 day rule has come up trumps and will be scrapped in favour of less intrusive reminder regime

https://www.altfi.com/article/8587_in-a-boon-for-the-open-banking-indust...

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By williams lester accountants
30th Nov 2021 12:16

About time, it was a complete pain to reauthorise every bank every quarter!

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Replying to williams lester accountants:
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By Leywood
30th Nov 2021 12:46

Agreed, plus some clients that long to do it!

Thanks John

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By Paul Crowley
30th Nov 2021 12:49

Let's hope HMRC follow the lead

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RedFive
By RedFive
30th Nov 2021 13:27

Brilliant news, thanks for reporting.

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By Winnie Wiggleroom
30th Nov 2021 14:17

“Instead, it will be for the AISP, to manage the customer’s data sharing, by asking the customer at 90-day intervals whether they wish for data sharing to continue. This strikes a balance between continued access with the important right for consumers to withdraw their consent at any point in time."

So if a client has connected their bank feed, what will happen in 90 days, will anyone who uses the software (ie the book-keeper) be able to agree, how will the software provider ensure that it is actually the account holder that is giving the permission? We could be back to square one if so.

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Replying to Winnie Wiggleroom:
ALISK
By atleastisoundknowledgable...
30th Nov 2021 17:52

Just have it in the T&Cs that it’s approved until revoked.

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By JD
02nd Dec 2021 09:45

+1 to all comments above

It will be interesting to see the responses from those product providers designed to overcome this issue, counting up, streem connect and the like

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