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Opinion
Support for call for action on interest-only mortgages
Technology to pose new data challenge
The information commissioner has urged industry to face up to the data-management challenges posed by advances in technology. Speaking at an Association of Chief
Executives and Public Chairs’ Forum joint event last month, Elizabeth Denham said: “We are expecting more of everything. More breach reports, because the law requires it in high-risk cases. “More complaints, because people will be
The Financial Conduct Authority (FCA), last month, urged people with interest-only mortgages to contact their lender after the regulator found that many have still not
talked to their lender about
repayment options. According to the FCA, nearly one in five
mortgage customers have an interest-only mortgage and the regulator is concerned that shortfalls in repayment plans could lead to people losing their homes. We support the FCA in its call for people
on interest-only mortgages to engage with their lender as soon as possible. It is crucial that people, on these types of
mortgages, speak to their lender to discuss their repayment options
to prevent
themselves from being at risk of losing their home further down the line. With nearly one in five people’s
mortgages’ interest only, this affects a substantial number of home owners. As we are all too aware, there are many
households which are only one shock to their income away from being in problem debt.
Joanna Elson Chief executive, the Money Advice Trust
better informed of their rights. Greater engagement, as organisations turn to us for advice at the outset. “And technology is not standing still. I will
be honest – we are still figuring out how we are going to carry out some of our functions. Things like auditing algorithmic decision making, and tackling some of the ethical issues around AI and machine learning that sit just outside the letter of the law. “The ICO is up to the challenge. In the
last year or so, we have addressed issues about the way charities handled the personal data of their donors and supporters. We are currently looking at universities for similar practices. We have taken action with some of the biggest names in tech – Google, Facebook, Yahoo. “And you may know my office is currently
investigating the use of data analytics in political campaigning, particularly around the EU Referendum.” Meanwhile, she insisted that, despite
industry fears, GDPR will be “the beginning of something new”, but also “an evolution of what has gone before”. It would rebalance the relationship between individuals and organisations, giving control to people about how their data is used, to make organisations transparent and accountable for their actions. She added that those organisations that would thrive under the new rules, would see
Elizabeth Denham
the GDPR as an opportunity to commit to data protection and embed it in their policies, processes, and people. Those that merely complied, and tried
to treat the GDPR as another box-ticking exercise, would miss the point. She said: “Because this is about restoring
trust and confidence. Only one in five people in the UK trust organisations to look after their data. That is not good enough. The GDPR is an opportunity to reset the equilibrium. “This is a critical time to refresh your
policies and processes, to upgrade your staff training and revisit your approach to data protection. The tone has to come from the top. This is about commitment over compliance. “It is up to you, and your boards and your
leadership teams to foster a culture of transparency and accountability as to how you use personal data. Equip your staff with the training and tools they need to get data protection right. “Demonstrate to them that data
protection is not a box-ticking exercise but a commitment to people that you will handle their personal data with care and respect.”
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www.CCRMagazine.com
March 2018
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