FinTech Open Banking PFM App -- FCA and Consumer Duty

TrueLayer AISP Integration

• 1Bank connection flow (React Native TrueLayer Link SDK),
• 2bank data retrieval (balance, transactions, direct debits, standing orders),
• 390-day re-consent management (GOV.UK Notify reminder 7 days before expiry -- not dark pattern),
• 4multi-bank aggregation (current, savings, credit card),
• 5real-time balance (TrueLayer webhook). TrueLayer holds FCA AISP -- client operates as registered agent.

Transaction Categorisation ML

• 1Merchant identification from TrueLayer,
• 2XGBoost classifier (UK merchants -- Tesco, Waitrose, Deliveroo, ASOS -- custom UK training data),
• 3category correction (customer correction used as training signal),
• 4budget tracking (category budget vs spending alert).

ICO AI fairness

categorisation accuracy tested for demographic bias.

ICO DPIA for Financial Profiling

DPIA mandatory (Article 35 -- systematic financial behaviour monitoring): (1) lawful basis (legitimate interest for core PFM), (2) no third-party sharing without explicit consent per category, (3) credit risk inference gate (if inferring creditworthiness from spending -- FCA Consumer Credit authorisation required), (4) sensitive spending (gambling, healthcare visible -- extra care), (5) consent-first architecture throughout.

FCA Consumer Duty PFM Design

• 1Product designed to genuinely help customers manage money (not data harvest),
• 2nudges must be in customer interest (not engagement maximisation),
• 3financial promotions (if PFM promotes products -- FCA financial promotion rules apply),
• 4vulnerability signals (financial distress UX -- what to show a customer in difficulty),
• 5data portability (UK GDPR Article 20 -- customer can export all their data).