Focusing on how data protection concerns coincide with the rise of open banking, the discussion takes a recent consumer report by Which? (‘Control, Alt, Delete? The Future of Consumer Data’) as its starting point.
In wide-ranging series of comments, Lucas said “I would imagine that moving forward there will be increased regulatory obligation — and consequent scrutiny — on online service providers to be upfront about the identity of parties with whom they share personal data; why they do so; and how users can prevent it.”
“I imagine that this will involve the sharing party having to undertake fairly detailed due diligence questionnaires in relation to those third parties, and to make results available for consumers — in an easily accessible format — to consider.”
Lucas’s comments were covered extensively by Payments Compliance, and you can read the piece in which his insights are featured by clicking here (£).
Posted on 28/06/2018 in BWB In The MediaBack to Knowledge