At a recent meeting, representatives from a number of large UK banks told the Financial Conduct Authority (FCA) that UK data protection laws prevent them from informing customers about better savings products.
In a timely and helpful response, a joint statement from the Information Commissioner's Office (ICO) and the FCA clarified that neither the UK General Data Protection Regulation (GDPR), data protection Act 2018, nor the Privacy and Electronic Communications Regulations 2003 (PECR) prevent companies from sending regulatory communication messages that provide neutral and factual savings product information.
A related article in the Financial Times (£) ahead of the joint regulatory statement indicated that savers must be alerted where higher rates of interest are available. The article includes a quote from a person close to the ICO: “It is unacceptable for banks to use erroneous or misguided interpretations of data protection regulations as a reason for not supporting customers.”
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