Data Protection in the Financial Services Industry

Publication Date	February 2006
Publisher	Ashgate Publishing
Product Type	Book
Pages	242
ISBN Number	9780566086625
Product Code	ASH00028

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Summary

Privacy and data protection are now important issues for companies across the financial services industry. Financial records are amongst the most sensitive for many consumers and the regulator is keen to promote good data handling practices in an industry that is looking towards increased customer profiling, for both risk management and opportunity spotting. Mandy Webster's Data Protection in the Financial Services Industry explains how to manage privacy and data protection issues throughout the customer cycle; from making contact to seeking additional business from current customers. She also looks at the precise role of the Financial Services Authority and its response to compliance or non-compliance. Each of the Eight Principles of the Data Protection Act are reviewed and explained.

Content

Introduction
Part I The Principles: Definitions
The first principle
The second principle
The third principle
The fourth principle
The fifth principle
The sixth principle
The seventh principle
The eighth principle
Part II Key Implications Relating to the Stages of the Financial Services' Customer Life Cycle: What is personal data?
Advertising and the impact of the first and second principles
Marketing and privacy issues
The sales process and the third principle
Using sensitive data
Record-keeping and the fourth and fifth principles
Security: the practical implications of the seventh principle
The exercise of subject rights and the sixth principle
Outsourcing to India
Part III The Regulatory Framework: The information commissioner
Notification
Criminal offences
The Financial Services Authority
Conflicts between laws and regulation
Bibliography
Index.