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

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


To view more free articles, please register

Free registration 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 Twitter Linkedin black
Amber-Ainsley   Pritchard
Share on Twitter Linkedin black

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 Twitter Linkedin black
Add New Comment

YOU MIGHT ALSO LIKE


Get involved

Get involved with Credit Strategy events

Half a million households at risk of negative equity

If house prices drop to the same levels of 2008, nearly 500,000 households would be at risk of negative equity, warns mortgage servicer Computershare

Changes demanded after wrongful jail sentences for council tax

Debt advice firm PayPlan is calling for enhanced training for legal advisers and court staff, after 17 people were unlawfully sent to prison for council tax arrears last year

LATEST IN ANALYSIS


The CS Interview

The patriot

The patriot

Features

Ahead of the curve: Five reasons why Intelligent Environments secured the Best Collections Technology Award
Share on TwitterLinkedin black

Ahead of the curve: Five reasons why Intelligent Environments secured the Best Collections Technology Award

Opinion

“It's time for us to address gender diversity”
Share on TwitterLinkedin black

“It's time for us to address gender diversity”

Bank NPL analysis

Banks continue purge of bad debt from balance sheets

Banks continue purge of bad debt from balance sheets

Events

Credit Week 2018

Credit Summit

CDSP European NPL

Women in Credit Awards 2018

ENJOY READING?

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