0 £0.00
This item was added to your basket
Credit Strategy homepage

Dear visitor,
You are viewing 1 of your 1 free articles

We’ve invested in our content to provide more news, analysis, features, interviews and opinions across a wide range of Credit and Financial Services. Register now to access more of the trustworthy, insightful information that’s on offer.

Register now or Login

FCA and ICO issue joint warning on personal data

The Financial Conduct Authority (FCA) and Information Commissioner’s Office have warned firms over selling on personal data to claims management companies (CMCs).

Share on LinkedInShare on TwittereCard

The two regulators said they are aware that some FCA-authorised firms and insolvency practitioners (IPs) have attempted to sell clients’ personal data to claims management companies (CMCs) unlawfully.


This can happen either before or after a firm has gone into administration and where it is likely claims for compensation will be made to the Financial Services Compensation Scheme.


They said the terms, conditions and clauses within a standard contract are highly unlikely to constitute sufficient legal consent for personal data to be shared with CMCs to market their services and may not be lawful.


By passing on personal data, companies could be in breach of the Data Protection Act 2018 and the General Data Protection Regulation (GDPR).


The regulators said that CMCs seeking to rely on legitimate interest grounds for processing such data are “highly unlikely to meet the requirements of the GDPR”.


When a firm breaches GDPR, they are liable to be fine €20m or four percent of annual turnover, whichever is higher.

Share on LinkedInShare on TwittereCard
Add New Comment
You must be logged in to comment. Login or Register to access enhanced features of the website.


Upcoming events

Credit Strategy
LinkedIn page

Member of

Did you find our website useful?

Thank you for your input

Thank you for your feedback

creditstrategy.co.uk – an online news and information service for the UK’s commercial and consumer credit industry. creditstrategy.co.uk is published by Shard Financial Media Limited, registered in England & Wales as 5481132, Axe & Bottle Court, 70 Newcomen St, London, SE1 1YT. All rights reserved. Credit Strategy is committed to diversity in the workplace. @ Copyright Shard Media Group