Data is crucial to your business, whether you are a start-up or an incumbent financial institution using innovative technologies or outsourcing areas of your business. Due to the nature of financial services you are likely to be collecting increasing volumes of data, particularly personal data and you may be considering using it in new ways.
With the introduction of the General Data Protection Regulation (GDPR) that protects personal data and dramatically increases potential fines for infringement, it has never been more important that you process personal data in a compliant manner – both from a data protection and financial services perspective. In particular, data protection and direct marketing compliance is becoming a real issue for early stage businesses as they seek investment.
Thanks to our position on the panels of all of the UK clearing banks, other high street banks, insurers and wider financial institutions, the CMS data protection team has been supporting on large scale data compliance for decades, including with trouble shooting historic or legacy data issues – as well as helping FinTechs to shape their data agenda right from the start.
Some recent examples of our work include advising:
- Fingopay on the data protection elements of their launch of a new biometric authentication product for payment services
- Dyanmo Mortgages on obtaining personal data relating to the legacy and new customers of estate agents Countrywide (as part of a wider investment and joint venture) in order to create a new innovative, digital venture for selling mortgage products
- a number of high street banks and insurers on data protection compliance, including issues with historic databases and marketing consents, and strategic advice and audits in respect of GDPR compliance.
To find out more about how the CMS data protection team could help you, please visit the Data Protection & Freedom of Information expertise section.
You can return to the FinTech expertise section.
