The Association agrees with the general principle of empowering consumers to have greater access their personal data in order to make better informed choices. There are currently many ways in which consumers can access their personal data from building societies, such as subject access requests, statements of accounts and via online services. The benefits and implications of providing the data in a machine readable format are not clear and further research and consultation is necessary. The Association is concerned about the potential cost implications for building societies and the privacy and security issues for consumers.
The Associations full response is available below -
Our response to the BIS midata review and consultation