0 £0.00
This item was added to your basket

Dear visitor,
You are viewing 1 of your 2 free articles


We’ve made wider, important changes to our print and online content to enhance the value of exclusive, insightful, discerning content we create every day. Support valuable editorial content by becoming a member of our Credit Club - register for free or choose a paid plan.

Register now or Login

FCA chief voices data concerns

Speaking at the Future of the City dinner this week, Andrew Bailey, chief executive of the Financial Conduct Authority (FCA), voiced his concerns on data laws following Brexit.


Amber-Ainsley   Pritchard

Share on LinkedInShare on Twitter
Amber-Ainsley   Pritchard
Share on LinkedInShare on Twitter

Bailey said there are a range of operational issues arising from Brexit which, if not tackled, will create financial stability risks and issues for both the UK and the European Union.

 

He said: “These issues have been discussed at length in recent months, and have been set out by the Financial Policy Committee. Just as they are symmetric in impact, so they are in the mutual interest of the UK and the EU to tackle.

 

“I think this point is increasingly understood on both sides. It is not a matter of scaremongering to get negotiating advantage.”

 

The FCA boss used the dinner to address specific concerns about Brexit – including data.

 

He said: “EU and UK firms hold and share a very large amount of data about each other’s citizens. It is thought that around three quarters of cross-border data flows involving the UK are with EU member states.

 

“The UK is a major exporter of digital data services such as data hosting and processing, and is the entry point to Europe for many global data-dependent businesses.

 

“If the UK was to leave the EU without mitigating actions on both sides, holding and sharing each other’s data may be in breach of national law.”

Share on LinkedInShare on Twitter
Add New Comment
LoginRegister

LATEST INDUSTRY NEWS STRAIGHT TO YOUR INBOX

YOU MIGHT ALSO LIKE

Half of Brits feel they cannot ask credit card provider for help

More than half of people feel there is a stigma attached to asking their credit card provider for help if they fall into debt, according to research

Axa to be reunited with lost Credit Award

Amid the festivities of this year’s Credit Awards, sponsored by Lowell, Axa Insurance believed it had had the misfortune to lose its award for Consumer Credit and Customer Service Team of the Year

84 MPs back calls for FCA to tackle overdraft costs

A cross-party group of 84 MPs is calling on the Financial Conduct Authority (FCA) to restrict unarranged overdraft fees to the same level as arranged overdrafts

Bank of England deputy governor apologises over “menopausal” gaffe

The Bank of England deputy governor Ben Broadbent has issued an apology for describing the UK economy as “menopausal”

The CS Interview

Anne Boden on Starling Bank's growth plans and gender diversity

Anne Boden on Starling Bank's growth plans and gender diversity

Features

What role for humans in the future of collections?

What role for humans in the future of collections?

Opinion

FCA aims on affordable lending nigh on impossible

FCA aims on affordable lending nigh on impossible

Credit 500 - 2018/2019

The new Credit 500 - an index of influence in commercial and consumer credit - has been unveiled
Share on LinkedInShare on Twitter

The new Credit 500 - an index of influence in commercial and consumer credit - has been unveiled

Credit Strategy
LinkedIn page

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