Impact of EU General Data Protection Regulation on marketing in financial services

Click here to download the hand-out on the seminar held at Cass Business School, London on Tuesday 27 January 2015

The journey to EU General Data Protection Regulation (GDPR)

The journey of the GDPR to the present day has been a long and at times controversial one. In January 2012, the European Commission (EC) issued a proposal for a European-wide data protection reform.

In March 2014, an amended proposal was approved by the European Parliament – in effect creating two drafts of the same Regulation (the Commission draft and the Parliament draft) with significant differences between them. Now we have a review of the proposals by the Council of Ministers who have declared that nothing is agreed until everything is agreed.

To date these drafts have had more amendments than any previous body of EU regulation and given the priority to gain consent on this landmark regulation by EC President JeanClaude Juncker, many believe that the GDPR will be agreed by all parties by the middle of 2015.

Although differences remain, the feeling among the panel was that the financial services sector can’t adopt a ‘wait and see’ approach in the vain hope it will go away. It won’t.

Data protection and the security of data is perhaps the biggest issue facing the sector from a business continuity perspective as to get this badly wrong opens the door to punitive fines of up to five percent of global turnover or €100m.

This hand-out has been produced with the kind assistance of Fieldfisher LLP . The law stated is correct as of this date. This does not constitute legal advice and it is highly recommended to seek professional legal advice when in any doubt about understanding your rights and obligations in order to comply with the law and regulations that impact marketing.

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