Latest UK Rules Make It Easier For Facebook And Google To Intervene Into Banking
After many years, the UK has finally seen the open banking rules come into force and action.
These rules specify that any financial companies or banks will have to share confidential data with third-parties with consent from the consumers.
The intended purpose of making such a change in law is to promote the comparison and easy switching of bank accounts.
There are many people who believe that the intended purpose is certainly double meaning with many banking sectors becoming more accessible by tech magnets like Facebook and Google more easily after it.
New Rules Now in Force
There have been new rules regarding the banking sector of the UK that have come into full force. These rules specify how the banks of UK will have to share their confidential data with third-parties.