Your Initial Consent Period
Your consent period will last for one year from the time your first consent was provided to any participating entity to provide your data through SGFinDex, even if you later provide consents to other participating entities within such one-year period. This is assuming you do not request to retrieve your data from any participating entity from 6th November 2023 and before the end of such one-year period.
For example, if you had provided your first consent to Bank A to provide your data through SGFinDex on 6th November 2023, and subsequently had provided consent to Bank B on 1st January 2024, both consents (i.e., consents to Bank A and B) will expire on 5th November 2024 (i.e. one year from 6th November 2023), assuming you did not request to retrieve your data from any participating entity before 5th November 2024.
Activity-Based Consent Renewal
From 6th November 2023, if you request to retrieve your data within the one-year period from the time your first consent was provided, your consent period will be automatically extended to expire one year after the date of such request from any financial institution whose system supports such extension¹.
Continuing from the first example above, if you request to retrieve your data from any participating entity at any time between 6th November 2023 and 5th November 2024 (e.g. on 15th November 2023), both consents (i.e., consents to Bank A and B) will be automatically extended for an additional one year from 15th November 2023 and will expire on 14th November 2024¹.