Open Banking FAQ
What is Open Banking?
Open Banking is the 3rd Party service that allows Complete Cover Group to access your transactional history for the past 12 months, this will include:
- Current Balance
- Monthly Incomes (examples: Salary, Benefits, etc…)
- Monthly Outgoings (examples: Direct Debits, Standing Orders. etc…)
How does CCG use Open Banking to support my motor insurance purchase?
The information we collect will be shared with our Insurers who will use this to verify your details, assess your affordability, and prevent fraud.
Why was I declined?
The two main reasons for being declined are:
- You didn’t allow us to access your banking data, or
- You didn’t match the profile requirements for the insurer.
I’ve changed my mind, I want to agree to the Open Banking assessment.
Quotes are valid for 30 up to days. If you’ve changed your mind and wish to now provide consent, just go back online using your original quote reference and you’ll be able to provide your consent to an open banking check and we will be able to give you a final decision on whether you match the insurer profile.
Upon what details was I declined?
We cannot provide you with an exact reason due to data protection, but on this occasion, your details didn’t match the insurer’s profile for this product.
Will you continue to hold my financial data despite the fact I’ve been declined?
Yes, your data is held by us for up to a year if you only obtain a quote/decision. Where a quote converts into a purchase your data will be held for up to 6 years after the policy ends.
Why is my data kept for these periods after being declined?
Your data is kept in case you decide to query your quote or policy further, at a later point.
For quotes only, most of your identifiable data is anonymised after 90 days, the remaining data is then kept for marketing and analytical purposes as set out in our Privacy Notice.
If you purchase the policy we are required to maintain your records for six years after the policy ends, in case of post-sale queries – such as complaints
Can I request my data removed?
You have the right to make the request at any time, this is called a Data Subject Access Request, however, as the data controller, we equally have the right to justify why your request cannot be carried out, providing the individual with a specific reason within an established timeframe.
Can I request copies of all my data held?
You have the right to make the request at any time, this is called a Data Subject Access Request, as the data controller we do our best to facilitate the request, however, if the type or the amount of data is too complex or cumbersome to gather then we can apply an admin charge for these requests. Otherwise, specific and limited data can be requested at no charge, however, the timeframe prescribed by the FCA relates to responding to a request not fulfilling the request so more correspondence may be necessary before any data can be released.
Does failing Open Banking show on my Credit Report?
No, the Open Banking is only referencing your banking transactional history it is not connected to your Credit Report.
Does failing Open Banking mean I will not be able to access other credit solutions, such as loans or credit cards?
No, Open Banking is not the same as your Credit Report, it is against your report that those types of decisions are made. Open Banking access/searching will not show.