23 January 2023

HSBC warned over Open Banking failures

Written By FinTech Alliance

HSBC warned over Open Banking failures

HSBC has published inaccurate information through its Open Data API

IN BRIEF:

- On more than 50 occasions, the bank published incorrect information related to fees, charges and rates, as well as to eligibility criteria and features and benefits of accounts and loans

- This was in breach of an order that requires the UK's big banks to ensure accurate, comprehensive and up to date read-only product and reference information is continuously available through Open Banking APIs

- HSBC reported the breaches itself and has moved to fix the issues and prevent a recurrence, including by boosting control processes to check information before it is made available through Open Banking

What does this mean?

The CMA says that such failures "may result in consumers taking decisions that they would not have taken if they had access to the correct information". AS HSBC reported the breaches itself, the CMA is not taking further formal enforcement action and will instead "monitor HSBC's future compliance closely".

Read more here

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