To remove any ambiguity, the Financial Conduct Authority and Information Commissioner's Office have clarified that the upcoming EU General Data Protection Regulation is not at odds with regulatory requirements imposed on companies in the financial services sector, Out-Law.com reports. In a joint statement, the authorities said, "Compliance with GDPR is now a board level responsibility, and firms must be able to produce evidence to demonstrate the steps that they have taken to comply. The requirement to treat customers fairly is also central to both data protection law and the current financial services regulatory framework. When the FCA makes rules, we take into account how our requirements will affect the privacy interests of individuals such as firms’ customers and employees, and are open and transparent on why we have made rules in the way that we have."
Full Story