OPEN BANKING - WARNING
January 2018 open banking comes into force. Opening banking is where 3rd party companies will be able to review your banking transactions so they may provide you with more tailored advice; tell you what you might save if you switch services or bank accounts; other companies may offer you services you may or may not want based on your banking activity, they may include initiating a payment.
It was designed to make banks more competitive and supply the customer with more information. However any 3rd party will be responsible for you securely storing your data; how will they do it; how safe is it; where in the world is it.
Obviously you have to initially give permission for one company, but your data could be sold on, if fraudsters gain access to any one of these companies, they could tempt you with a valuable service; remember any payment initiated by you to a fraudster means you are liable and not covered by fraud guaranties; i.e. you don't get your money back.