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Free FreeAgent subscriptions to RBS customers?

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    Free FreeAgent subscriptions to RBS customers?

    Here's an interesting announcement about a deal between FreeAgent and RBS:

    Contract with Royal Bank of Scotland Plc - RNS - London Stock Exchange

    It looks like if you bank with RBS and are prepared to share your FreeAgent data with the bank, RBS will pay for your FreeAgent subscription.

    There aren't many details on how exactly it will work, but it raises a very interesting question about how much you value your business data.

    #2
    I'm speaking to my freeagent guy next week. I'm going to get lowdown on the deal.

    Comment


      #3
      Originally posted by Alan @ BroomeAffinity View Post
      I'm speaking to my freeagent guy next week. I'm going to get lowdown on the deal.
      I spoke to my FreeAgent account manager on Thursday and he couldn't give any specifics, but said there would be a full brief "in due course".

      FreeAgent shares are up 15% in 2 days following the announcement, so looks like positive news for investors!

      Comment


        #4
        Originally posted by EinsteinTax View Post
        There aren't many details on how exactly it will work, but it raises a very interesting question about how much you value your business data.
        Is there really much in FreeAgent that isn't made public record when you submit your accounts and annual returns anyway?

        Comment


          #5
          Originally posted by TheCyclingProgrammer View Post
          Is there really much in FreeAgent that isn't made public record when you submit your accounts and annual returns anyway?
          Yes! Look at how little information abbreviated accounts include, and compare that to being able to see not only the full P&L, but the salaries/dividends on a person by person basis, plus breakdown of every other bit of income and expense.

          I'm pretty sure FreeAgent said to me a while ago that they weren't keen on drifting to a model where any data was "sold". Ie you might say more of an "Apple" model than a "Google" one.

          They had the Barclays MyBusinessWorks deal for a while, where you paid circa £15/month to Barclays for a bank account with numerous bits of software bunged in, FreeAgent being one of the bigger name ones. Unsure whether this will be that different. Eg will RBS be genuinely out of pocket for the FreeAgent account in return for visibility of the data, or is it more that instead of paying FreeAgent £X for an account, you'll pay RBS £Y for a bank account which then gives you FreeAgent included.

          Also, looks like a FreeAgent NatWest deal was announced a day or two after the RBS one? See here. Like you say, investors seem happy!

          Comment


            #6
            Originally posted by Maslins View Post
            Also, looks like a FreeAgent NatWest deal was announced a day or two after the RBS one? See here. Like you say, investors seem happy!
            I believe Natwest is owned by RBS, so I think it is all part of the same deal.

            Comment


              #7
              Originally posted by TheCyclingProgrammer View Post
              Is there really much in FreeAgent that isn't made public record when you submit your accounts and annual returns anyway?
              As Maslins says, there is very minimal data available from the abbreviated accounts at Companies House.

              Just to give one example, FreeAgent data could potentially reveal who you are insured by, how much you pay and when your renewal date is. That's valuable data for a financial services provider who might be interested in selling you insurance.

              Comment


                #8
                Originally posted by EinsteinTax View Post
                As Maslins says, there is very minimal data available from the abbreviated accounts at Companies House.

                Just to give one example, FreeAgent data could potentially reveal who you are insured by, how much you pay and when your renewal date is. That's valuable data for a financial services provider who might be interested in selling you insurance.
                And thats how, in the US, some personal tax payers get their tax return (remember over there everyone has to file) for "free" - the data is worth more than the service.

                Comment


                  #9
                  Originally posted by EinsteinTax View Post
                  As Maslins says, there is very minimal data available from the abbreviated accounts at Companies House.

                  Just to give one example, FreeAgent data could potentially reveal who you are insured by, how much you pay and when your renewal date is. That's valuable data for a financial services provider who might be interested in selling you insurance.
                  Yes, but your bank already know more about your transactions than FreeAgent.

                  Interesting development though.
                  Will work inside IR35. Or for food.

                  Comment


                    #10
                    I am with NatWest, will keep an eye on this
                    Originally posted by Stevie Wonder Boy
                    I can't see any way to do it can you please advise?

                    I want my account deleted and all of my information removed, I want to invoke my right to be forgotten.

                    Comment

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