NEWS CCR
STEP FORWARD FOR EU DATA PROTECTION
EUROPEAN Union (EU) data protection rules took a major step forward last month, and the ‘right to be forgotten’ is still high on the political agenda. Speaking at the announcement of
talks between different parts of the EU government, Vera Jourová, European commissioner for justice, consumers, and gender equality, said: “The data protection reform is a key building block of the Digital Single Market and it brings benefits to citizens and business. It will ensure a high level of protection for citizens. It will equip them to exercise their fundamental rights in the digital world.” The new rules would include a ‘right to
be forgotten’, meaning that, when a citizen no longer wanted their data to be processed, and provided that there were no legitimate grounds for retaining it, the data would be deleted. There would also be easier access, for citizens, to their own data. Individuals would have more information on how their data was processed and this information should be made available in a clear and understandable way. There would be a ‘right to know when
data has been hacked’ and companies should ‘put data protection first’, rather
than it being an ‘afterthought’. She cited a new Eurobarometer survey,
which found that only 15% of European citizens felt that they had complete control over the information they provided online; one in three people thought they had no control over it at all. Nine out of 10 Europeans said it was important for them to have the same rights and protections over their personal information, regardless of the country in which the authority or private company offering the service was based. Meanwhile, responding to the General
Data Protection Regulation text agreed last month, Allie Renison, head of Europe and trade policy at the Institute of Directors, said: “The challenge for the European Council and European Parliament is to restore a workable balance to the proposals. The Parliament must compromise and understand that the EU’s role is not to generate jobs in compliance, but help to foster a dynamic and entrepreneurial economy. A modern approach to data protection regulation is essential, but the current proposals are just another burden on businesses which threaten much-needed foreign investment and job creation across the continent.”
SECOND CCR DEBATE WITH ARROW GLOBAL
CCR AND Arrow Global are to run a second high-level debate for senior industry professionals, as the industry continues to look towards the future with its customers at its heart. The latest of the CCR’s successful
series of debates will be the second run in association with Arrow Global this year. Stephen Kiely, editor of CCR, said: “In
such an environment of change, it is essential for the industry to continue a dialogue and we are very proud to be continuing to play our part in allowing this to happen. These debates play a crucial role in allowing the most senior professionals to talk over the issues that are facing them and to get advice and feedback from their peers. “I am convinced that there is a positive
future for the industry and that we are all making great strides towards it, so I am very happy to be working with Arrow Global to continue this journey.”
DEBT MANAGEMENT MUST IMPROVE
THE debt management sector remains one of the UK’s highest risk consumer credit sectors, with both fee-charging and free-to-customer advisors requiring improvements, according to a thematic review published by the financial industry’s regulator. Between June 2014 and May 2015,
the Financial Conduct Authority (FCA) reviewed how both fee-charging and free-to-customer debt management firms were complying with the consumer credit rules, including the advice provided and whether customers were treated fairly. It found that, although many firms had
made an effort to improve their practices in the last 12 months, the standard of advice provided by some fee-charging
8 debt management firms remained
unacceptably low. Free-to-customer firms were generally of a higher standard, but there was still room for improvement. The FCA found that some firms failed
to identify customers who had recently disclosed important information about themselves, for example, significant medical problems or difficulties understanding financial or legal issues. They also found that some firms failed
to adequately assess customers’ financial circumstances before recommending a course of action, and did not make clear the type of service they provided, or that free advice was available. Some vulnerable customers were encouraged to purchase products and services which were not
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suitable and impeded their ability to repay their debts. The review uncovered failures and
inaccuracies in the information provided by some advisers when encouraging customers to take up a debt management plan. One fee-charging firm misleadingly told a customer that the free sector was “owned by the banks” and that they should only use the free sector if “they were prepared to do the work themselves”. Linda Woodall, acting director of retail
supervision at the FCA, said: “Debt management firms play a critical role in the consumer credit market, but far too many are not meeting the standards we expect and we will be looking for significant improvement.”
July 2015
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