The FCA, FSCS and ICO have warned firms against selling client data to ambulance chasers in the event of a firm entering administration.
A joint statement issued today (7 February) from the Financial Conduct Authority (FCA), Financial Services Compensation Scheme (FSCS) and the Information Commissioner's Office (ICO), has warned selling data in the event of a company entering administration is likely to be illegal. The statement said the regulators were aware some insolvency practitioners and FCA-authorised firms had tried to sell clients' personal data to claims management companies (CMCs) unlawfully. It said by passing on personal data firms could be failing to meet their Data Protection Act and GDPR obligations. In ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
