Free FreeAgent subscriptions to RBS customers?

[EinsteinTax]

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.

[Alan @ BroomeAffinity]

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

[EinsteinTax]

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!

[TheCyclingProgrammer]

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?

[Maslins]

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!

[EinsteinTax]

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.

[EinsteinTax]

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.

[Jessica@WhiteFieldTax]

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.

[VectraMan]

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.

[SimonMac]

I am with NatWest, will keep an eye on this