What the new data rules mean for your mobile banking
Banks must now tell you what they collect, why, and for how long. Here is what changes.
New data protection rules that take effect this month change how banks and payment apps handle your personal information.
Banks must tell customers what data they collect, why they need it and how long they keep it. Customers can ask for a copy of their data and for mistakes to be corrected.
Apps must also ask before sharing your details with marketing partners. A pre-ticked box no longer counts as permission.
Banks that break the rules face fines of up to two percent of their yearly income.
If you think your data has been misused, you can complain to your bank first and then to the data protection office.
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