FinCheck is a new company using Open Banking api’s to monitor your accounts, providing you give us permission. For a monthly subscription fee, FinCheck will monitor your bank transactions and report any suspicious activity.
Open Banking is designed to bring more competition and innovation to financial services. It was set up by the Competition and Markets Authority on behalf of the UK Government in Jan 2018. Every provider that uses Open Banking to offer products and services must be regulated by the FCA or European equivalent.
In simple terms, all UK-regulated banks have to let you share your financial data such as your spending habits, regular payments and companies you use (basically your bank, credit card or savings statements) with authorised providers offering budgeting apps, or other banks – as long as you give your permission.
YES, simply cancel your subscription on FinCheck or login to your bank and withdraw your permission, either approach will stop FinCheck from processing your data.
YES, within FinCheck, your data is encrypted at ALL times, this means no-one can read your data. Furthermore, FinCheck does not store any transaction data, we simple process the data in an anonymised fashion and delete it once processed. FinCheck, has a duty of care to protect your data at all times and complies with GDPR regulations.
YES, FinCheck is regulated by the FCA.
Nothing, FinCheck, is only authorised for account information services and cannot make any money transfers. FinCheck allows you to see all your bank balances in the one place and monitors your accounts by viewing your transactions frequently.