Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

Risking regulatory action

Cameron Roberts
clock • 2 min read

Support services provider, MorganAsh, has released a warning for firms using data protection laws as a reason to not comply with Consumer Duty.

The provider said that it has numerous anecdotes suggesting some firms are avoiding collecting and storing customer vulnerability data to avoid a conflict with GDPR, many firms reason that sanctions from the Financial Conduct Authority (FCA) will be less than those from the Information Commissioner's Office (ISO). The perceived conflict originates at retaining vulnerable customer data, GDPR requires firms to keep data accurately and safely, whereas Consumer Duty includes a requirement to monitor consumer vulnerability over the lifetime of a product. In a joint statement from the ICO a...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

CII calls for new approach to vulnerability data sharing

CII calls for new approach to vulnerability data sharing

Many firms displaying “excessive caution”

Jaskeet Briah
clock 25 June 2025 • 2 min read
IPT receipts hit £1.48bn in May 2025

IPT receipts hit £1.48bn in May 2025

Up £50m year-on-year

Jaskeet Briah
clock 20 June 2025 • 2 min read
Sarah Pritchard named FCA's deputy CEO

Sarah Pritchard named FCA's deputy CEO

Promoted to the newly created role

Jenna Brown
clock 11 June 2025 • 1 min read