As a Barings Law customer, you may have heard about open banking and the phrase ‘transaction analysis.’
If you’re in the dark – or you simply have some concerns – about granting us access to your online bank statements and what this means for you, we’re here to put your mind at ease. At Barings Law we obtain, with your permission, up-to-date online reports detailing the transactions taking place on your bank account.
The Financial Conduct Authority-regulated system uses open banking technology, which is designed by banks to allow you to share information in the safest way possible. We use that information as evidence to back up your compensation claims.
For instance, by using these transaction reports we can analyse whether we can argue that a case of irresponsible lending exists, based on a client’s lack of affordability. We can also more accurately determine what is eligible for recovery on your behalf. In the case of a successful compensation claim, we may therefore be able to recover the actual interest you have paid, calculated using the statutory interest rate of 8%.
So, what are the benefits of using transaction reporting?
Firstly, the system uses bank-level security to protect you. It’s faster, simpler and more secure than asking you to provide us with bank statements and it allows us to access evidence to back up your claim.
We understand that you may be wary about granting any business access to your bank account but protecting your data and your money is paramount to us. Furthermore, we would only share details of your report with companies who are directly related to your claim and only if you specify that you’re happy for us to do so.
We will never sell, share or otherwise supply your data to external companies unsolicited.
Remember – you are always in full control of your data, and you will be given the option to review the report ahead of sharing it with us.
We are provided only with the information we need, and our staff members’ access is limited to a read-only basis. We cannot touch, take or move your money, nor can we view any of your login or password details.
So, while we recognise that granting us access to your online bank statements may give you cause for concern, it’s actually safer and more convenient for you, and can be completed with just a few clicks.
If you have any questions about the technology we use to process and progress claims, please speak to a member of our customer service team by calling 0161 200 9960 or via webchat by clicking the icon on the right of this page.
