How is Open Banking secure?
TPPs who can access your M&S Credit Card information through Open Banking must comply with data protection laws and must be registered with or authorised by the Financial Conduct Authority or another EU member state's National Competent Authority. The FCA is the UK's National Competent Authority.
You should only input your sign in security details with TPPs that are registered with their respective National Competent Authority, as TPPs across Europe can also offer this service.
You can check that a TPP is legitimate, or find out more information, by contacting them directly or visiting their website. You can also see if a firm is authorised to provide Open Banking services by checking the FCA.
What information is shared with TPPs?
If a company asks you to share information, they have to be clear what they are going to do with it, and how long they will keep it for.
Here are some examples of what data may be shared:
- Account name, card account number, account balance and currency
- Details of your incoming and outgoing transactions
- Details of information contained in your statement
- The types of products you have, including benefits, offers, rewards, fees, charges and interest
- Name of card account holder
How can I stop sharing my information with TPPs?
You can choose to stop sharing your information at any time, and when you do, it is with immediate effect.
You can go back to the TPP, who you agreed could access your information, and ask them to stop accessing your account(s). This will usually be via their app or website.
When the access has been set up via Open Banking, you can sign in to your Internet Banking or the M&S Banking App and select the Open Banking Dashboard to cancel access from any TPPs.
We'll notify the TPPs that their access has been cancelled and this may affect the services they provide you.
Any access you’ve given to a TPP where you have given your Internet Banking security details must be cancelled directly with them.
Am I automatically opted in to Open Banking?
You are not opted in automatically. To take advantage of Open Banking, you will need to provide consent to a regulated TPP.
If you'd like to use a TPP to view your M&S Credit Card details, you'll need to be registered for Internet Banking
What should I do if I have a problem with a product I bought
through Open Banking?
If you have a problem with something you bought, e.g. if it hasn't arrived or you received the wrong item, please contact the retailer directly.