Hi again Fezzaj.

We’ve trialled one of these systems using our own bank details.

The system we used downloads your transactional data and sorts it into categories like pay, benefits, rent, electricity, food etc. That report gets sent to a party (like a trustee) who you’ve authorised to receive it. It saves them time, because they don’t have to wade through loads of transactions and manually categorise it.

There’s no opportunity to update it because the whole point is that it simply takes what is there.

You’d need to ask your trustee exactly how the service they use works, but I’d imagine it will be pretty similar.

Hopefully a customer of this firm will be able to share their insight with you.

Thank you

When you trialled it’s did it take 3 months information or more?

Thank you

A firm will decide what amount of information they want the system to produce for them.

You should be told what you’re being asked to consent to provide, then it’s up to you whether or not you provide that consent.

One thing to bear in mind is that the trustee is perfectly entitled to request all of your bank statements for the full term of your trust deed. They also have the means, if they need to, to obtain them directly from your bank. This isn’t common, but could happen if they feel something is being concealed from them. This is just meant to be informational, there’s no suggestion that you’re attempting to conceal anything.

Hi Fezzaj,

I can understand why you are feeling a little cautious about using something that has access to your bank account.

We use a system whereby we can download 3 months bank statements for a client all electronically.

We do this by sending the client a text message with a secure link which allows the client to input their online banking details (via their own bank website) and then their bank will instantly send us 3 months statements. We never receive the clients online log in details and like TDA has advised it’s all FCA compliant.

The bank statements we get are a full 3 months and no more. This allows us to review a client’s expenditure and match up their bills.

At the moment we only do this at the initial advice stage and at the start of the process. For annual reviews we still send out a paper I&E form and ask for bank statements and payslips but are currently about to trail an electronic way of doing this.

From the system I’ve been shown a client has to download and then upload your own bank statements and payslips and electronically complete the review form.

For the vast majority of people the complete the annual reviews without any issues and things remain the same.

Are you worried about transactions on your bank statements?