In addition, the more banks that have access to my data the greater the chance one of them will let it slip.
We are told our data will be encrypted and shared securely – but they always say that don’t they? No organisation ever says: “We may inadvertently share your data with cyber criminals when we fail to update our systems, install the latest security patch or are hacked. And if this happens, we won’t bother to tell you for at least six months.”
Open banking may offer more convenience but data sharing is not something I will be signing up to.
Property not a quick exit
A warning from Rathbones analyst Alex Moore on extreme valuations of commercial property should sound alarm bells.
Rathbones highlighted that of 326 property funds launched between 2000 and 2009 less than a quarter still exist.
Eight commercial property funds were launched last year in the face of an uncertain outlook for the sector. This is a further reminder that fund managers can still be far too dominated by marketing opportunities rather than investment sense.
Funds investing directly in property can offer an attractive income stream, but they are notoriously illiquid. Those investing in shares can suffer sudden price shocks.
We have been here before, more than once. Once property takes a turn for the worse investors who want to take flight can find their money trapped in a falling asset.
Commercial property investment is all about the long-term income stream. Those looking for capital growth and a quick exit should look elsewhere.
Tony Hazell writes for the Daily Mail's Money Mail section
