European Data Protection Digest

FCA Proposals May Have Data Protection Implications

FINANCIAL PRIVACY—UK

May 16, 2013

The Guardian reports on plans by the Financial Conduct Authority (FCA) to collect “personal financial information of millions of people” for mortgage market oversight, suggesting the FCA “could spark a row over privacy after acknowledging that its proposals may have data protection and human rights implications.” If the FCA proposals are approved, the data to be collected and analysed will include such information as income and bonus pay, household spending, loan and credit card balances, number of children, planned retirement age and “whether the borrowers have any financial black marks against them, such as loan arrears or county court judgments,” the report states.
Full Story