Greater organisational collaboration across the financial services sector, working alongside law enforcement and Government agencies, will be the key means of putting cyber criminals out of business according to the latest report from UK Finance and KPMG. The report, “Staying Ahead of Cyber crime” discusses how greater cooperation both within businesses and between firms, law enforcement and Government is central to tackling the growing threat of cyber crime.
Distributed Ledger technology (DLT) is often held up as a solution for payments, money transfers and currencies. But a new paper published today by The Whitechapel Think Tank, supported by UK Finance, looks at how technology can provide a potential solution to safely validating identity and verification.
The United Kingdom’s exit from the European Union will transform the way personal data is shared between the two parties from a relationship based on a deeply integrated single legal framework to one between two separate jurisdictions.
For millions of EU and UK citizens and businesses, and for billions of individual exchanges of personal data currently relying on a borderless environment, this will be a significant and potentially disruptive change. It will require a new relationship between two legal frameworks based on the mutual goal of ensuring a high standard of protection for citizens’ personal data.
Outlines the importance of data protection and transfer in today’s banking industry: how the movement of personal and sensitive data in the EU single market takes place and are part of our increasingly digitised economies. It further describes what is needed to establish a new framework for the cross border transfer of data between the UK and the EEA/EU and the UK and third countries and highlights some of the potential challenges in achieving ‘adequacy’ between future UK and EU regulatory frameworks.
Also available in German and French.
UK Finance responded to the FCA’s discussion paper on Distributed Ledger Technology (DLT). DLT, a subset of which is blockchain, remains a hot topic in financial services with new announcements coming out weekly. Although much of the recent attention has focused on crypto currencies, it is the technology beneath which those currencies which hold the most potential for financial services. UK Finance continues to engage on these issues and has invested in the growth of the technology by providing the secretariat to the Whitechapel Think Tank, a forum for government, regulators and the private sector to tackle issues arising in the emerging blockchain ecosystem.
UK Finance responded to the European Commission’s consultation on FinTech: A more competitive and innovative European financial sector. The industry welcomes the increased focus that FinTech has been receiving by policy makers, although in our response we encourage greater coordination to ensure that duplicative initiatives are avoided. In our response we detail the number of ways that new technologies are bringing change to the industry and suggest how policy makers should react. The technologies covered include cloud computing, blockchain, big data and AI. There is also discussion of regulatory sandboxes and what approach the EU should take to this increasingly competitive regulatory offering.
The General Data Protection Regulation (GDPR) is an EU law aimed at protecting privacy and ensuring that all firms, including in the financial services industry, take proper care when handling consumers’ personal data.
The GDPR comes into force on 25 May 2018 and will replace the 1995 EU Data Protection Directive, which formed the basis for the 1998 Data Protection Act in the UK.
The GDPR builds on previous data protection laws and updates them to reflect recent developments such as the growth of the digital economy, the internet and big data. It will also ensure varying data protection rules across different EU countries are more closely aligned.