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FCA accused of “astonishing” data grab under new proposals
The Financial Conduct Authority has been accused of an “astonishing” grab of people’s personal data under new proposals to collect information about loans from lenders.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
Senior Journalist, covering the Credit Strategy and Turnaround, Restructuring & Insolvency News brands.
According to reports in The Sunday Times, the regulator is consulting on plans to require consumer credit companies to hand over a whole heap of data on their customers – including their date of birth, postcode, income and expenditure, as well as the size and nature of loans.
Under these proposals, this data would have to be handed over to the FCA every quarter, with plans designed to help the watchdog better police the sector and remove the need for ad hoc data requests.
Responding to the plans, the Consumer Credit Trade Association’s (CCTA) chief executive Jason Wassell told The Sunday Times: “We are highly concerned about these proposals that will see the FCA seek personal financial details about every user of consumer credit in the UK. The level of detail proposed is astonishing, including income and expenditure figures for borrowers.
The CCTA reckons there are 120 million credit agreements in the UK covering 40 million people – with the potential for “billions of data points” being handed over to the regulator.
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