Data Protection in the Financial Services Industry

Front Cover
Gower Publishing, Ltd., 2006 - Business & Economics - 232 pages
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.
 

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Contents

Introduction
1
The First Principle
21
Meeting one or more of the conditions for fair processing
29
The requirement to provide subject information
38
The Second Principle
45
All processing must relate to the original purpose or purposes
47
Keeping personal data up to date
61
Other data subject rights
77
The Sales Process and the Third Principle
141
Using Sensitive Data
153
Recordkeeping and the Fourth and Fifth Principles
159
The Practical Implications of the Seventh Principle
165
The Exercise of Subject Rights and the Sixth Principle
173
Outsourcing to India
183
The Regulatory Framework
195
Notification
203

The Seventh Principle
83
The Eighth Principle
97
Key Implications Relating to the Stages of the Financial
107
Marketing and Privacy Issues
125
The Financial Services Authority
211
Conflict between Laws and Regulation
221
Index
227
Copyright

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About the author (2006)

Mandy Webster is a Chartered Secretary and a barrister. An in-house career as a company secretary and lawyer for 15 years gave her a wealth of experience of business issues and instilled the need for business-friendly solutions. She set up Data Protection Consulting in June 1999 offering audit, advice and training on data protection compliance. Data Protection Consulting is a member of the Institute of Chartered Secretaries and Administrators Public Practice Scheme. Her book, Data Protection for the HR Manager was published by Gower in 2003.

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