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Frequent Contributor

32 Posts

Posted - 16 November 2020 :  17:57:47  Show Profile  Reply with Quote
I have 17 months to go on my TD and have been asked to do my review for the first time since i changed companies. Knightsbridge and Pinnacle only ever asked for three months bank statements but the new company seems to be asking for access to my online banking. How does this normally work?

TDA (Debt Adviser)
Trust Deed Expert

13657 Posts

Posted - 16 November 2020 :  18:24:48  Show Profile  Reply with Quote
Hi Penny1286.

I believe there's a few trust deed firms that now review bank statements in this way. It usually uses "open banking" to download a record of your transactions.

The efficiency for you is that you don't have to fiddle about collecting and then posting or emailing your bank statements. The efficiency for the firm is that the system will classify your spending on bills and expenses without much human intervention. It also obviously captures and classifies your income.

Authorised providers of open banking services are highly regulated by the Financial Conduct Authority.

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Kevin Mapstone
Trust Deed Expert

3959 Posts

Posted - 17 November 2020 :  09:05:37  Show Profile  Reply with Quote
I do think open banking is a useful technology and I think you will find its use becomes commonplace in many areas of our lives over the next few years. It is up to you whether you are comfortable with granting this access though and I am sure that if you have a problem with doing so then you should be able to just send in statements instead.

As TDA says, your trustee's system will probably scan and sort the transactions to input the information onto a budget breakdown. This may not always give a true picture depending upon circumstances - for example if you are part of a couple then it would surely struggle to deal with the fact that your partner may pay for some things and you for others. So there is definitely still a need for human intervention and assessment as part of the process. But if nothing else, open banking should make it easier for you to provide the information they need.

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