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  • Liability

    • Article (21) Liability for Unauthorised Transactions, Defective Transactions and Data Breaches

      1. An Open Finance Provider is liable to a User for loss or damage suffered by the User where there has been unauthorized access to or loss of the User Data of that User held by the Open Finance Provider.
      2. In relation to Initiation Services, a Service Initiation Provider is liable to a User for loss or damage suffered by the User in relation to the non- execution or late or defective execution of a Transaction (arising from the late initiation and/or late processing of the initiation of Transactions), including where there has been a failure by the Service Initiation Provider to ensure that the Transaction was appropriately authorised, authenticated, accurately recorded or failure to use appropriate secure methods of communication.
      3. In the case of a dispute between the Service Initiation Provider and the User as to the Service Initiation Provider’s liability under Article 21(2) of this Regulation, it is for the Service Initiation Provider to prove that the Transaction was correctly processed, with supporting evidence.
      4. In relation to Initiation services, a Service Owner is liable to a User for loss or damage suffered by the User in relation to the non-execution or late or defective execution of a Transaction, unless such loss or damage occurred as a result of any act or omission of the Service Initiation Provider as provided for in Article 21(2) of this Regulation.
      5. Any breach of security or other action that leads to the illegal, unauthorised, or accidental access, alteration, destruction, disclosure or loss of User Data that is a User’s Personal Data during storage, transmission or otherwise that is caused directly or indirectly, in whole or in part, by an Open Finance Provider may subject the Open Finance Provider to administrative and financial sanctions and penalties as deemed appropriate by the Central Bank, without prejudice to any other sanctions or penalties set out under applicable laws.