Consumer data must be handled ‘properly’ – FCA official
Firms must ensure they are using data “ethically”, FCA’s Mills says
Consistent deployment of consent management tools is needed to ensure consumers trust the new open banking environment, a director at the UK’s Financial Conduct Authority has warned.
Speaking in London on November 18, Sheldon Mills said it was important firms – and the regulator itself – did not “lose sight of the ethics of data usage”.
“It is crucial that we ensure data is held securely and used in an ethical manner,” he said, noting there was a “challenge” for the FCA in helping firms to
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