The race against time has already begun: the new GDPR (General Data Protection Regulations), defined in 2015 to strengthen consumer protection at European level, will come into effect as early as 25th May 2018. Non-compliance with the GDPR will result in severe financial penalties. These are part of a general policy in the European community [...]
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Data privacy is driving the European Union’s General Data Protection Regulations (GDPR) in the UK, and yet it’s widely felt that banks and other financial services institutions have run out of time to find ways to comply with the requirements. Looming on the horizon for failing to comply is a dark cloud of significant financial penalties. [...]
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A new report from Consult Hyperion, forecasts that European financial institutions could face fines totalling €4.7 billion in the first three years under the new General Data Protection Regulation (GDPR). This forecast is conservative and excludes compensation claims, costs associated with lost customers, damaged reputations and senior executive resignations. The report, commissioned by AllClear ID titled, GDPR: [...]
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Atom bank, the UK’s first app-based bank, is reported to be delaying the launch of consumer current accounts until at least 2018. Atoms CEO blames forthcoming regulations that make the UK’s personal banking market too “ambiguous and uncertain”. The digital-only lender, which has amassed close to £500m in loans and almost the same amount of deposits since its launch in [...]
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