1st Edition

Data Protection in the Financial Services Industry

ISBN 9780566086625
Published January 28, 2006 by Routledge
242 Pages

USD $160.00

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Book Description

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.

Table of Contents

Contents: Introduction. Part I The Principles: Definitions; The first principle; The second principle; The third principle; The fourth principle; The fifth principle; The sixth principle; The seventh principle; The eighth principle. Part II Key Implications Relating to the Stages of the Financial Services' Customer Life Cycle: What is personal data?; Advertising and the impact of the first and second principles; Marketing and privacy issues; The sales process and the third principle; Using sensitive data; Record-keeping and the fourth and fifth principles; Security: the practical implications of the seventh principle; The exercise of subject rights and the sixth principle; Outsourcing to India. Part III The Regulatory Framework: The information commissioner; Notification; Criminal offences; The Financial Services Authority; Conflicts between laws and regulation; Bibliography; Index.

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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.