Firms using GDPR as scapegoat for Consumer Duty failures: MorganAsh

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...