Subjects:

Banking and Finance

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.

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.