Wednesday, October 18, 2006 may allow data sharing on 40 million bank accounts

The government is consulting over plans to allow the details of 40 million bank accounts to be shared without their owners' permission (thanks, Dave!) DP expert Dr Chris Pounder commented:

There is a risk that many will see the objective of the consultation exercise as not one of "should we share financial data?" but rather one of gathering evidence to justify an action the government has already decided to take.

Tackling over-indebtedness is important, but is requiring banks to share financial information about their customers going to achieve this? It is commercially more likely that the banks will continue to agressively market credit, and simply use this new information to better price their risk.

1 comment:

Glyn Wintle said...

I admit to not having read the current wording of what they propose for data sharing, how ever MPs for all the major parties have said they think that banks should be able to share enough details so they know if some one is maxing out their overdrafts on 8 different bank accounts. If the data sharing goes further than this then they will not be happy but if it only goes that far then there is clear general support for it in parliament.