Accessibility Links

Data Reforms May Cost €5bn

CSA warns EU data reforms may cost €5bn -

New EU rules on data protection could cost businesses across the EU an estimated €5 billion (£4.3 billion), the Credit Services Association (CSA) has estimated.

The Albrecht Report, which was issued by German politician and European parliament member Jan Philipp Albrecht, has proposed a ban on customer profiling as part of revisions to the EU Data Protection Regulations.

But the CSA argued that despite its efforts to protect the personal data of consumers, the report’s recommendations will leave individuals “worse off”.

It also suggested that the removal of customer profiling would fly in the face of “Treating Customers Fairly” rules.

The association, which represents the UK collections market, said that restricting the use of data and giving consumers “the right to be forgotten” will make it more difficult for them to access credit and for creditors to collect what they are owed.

Peter Wallwork, chief executive of the CSA, said: “If you restrict the amount of verified and reliable data available, you expose consumers to the risk of taking on too much credit and ultimately falling into debt.

“On the other side of the coin, a consumer who chooses to have the ‘right to be forgotten’ because, for example, they do not want to be contacted after visiting a particular website, may find that their request counts against them when they apply for credit as no information is held about them.”

It also warned that the cost of implementing the new directive may force many small and medium-sized enterprizes (SMEs) into insolvency.

Wallwork added: “Based on the UK Ministry of Justice risk assessment, we estimate the cost to business across all 27 EU states will be around €5 billion – double the EU’s projected savings – much of which will be borne by SMEs at a time when economic recovery is fragile, at best.

“Smaller businesses will simply not be able to absorb these costs, and many, as a result, will be pushed to the brink.”


Click here for the article on the web.



<< Click here to see more recent news articles >>

 

SHARE THIS PAGE

LATEST JOBS

125 result(s) found 
Page 1 of 13 
Results per page: 102550  
CREDIT RISK
Credit Risk Analyst London Up to £65,000 Are you tired of the repetitive nature of your current role? Do you prefer your role to remain fresh with different challenges and varied projects? A growing challenger bank is...
READ MORE >>
London
Up to £65000 per annum
Permanent
CREDIT RISK
Quantitative Model Review London Up to £110,000 + Benefits A mainstream Financial Service are seeking an experienced Market Risk specialist to join there Quantitative Modelling team...
READ MORE >>
London
Up to £110000 per annum
Permanent
CREDIT RISK
Senior Credit Risk Analyst London Up to £62,000 plus competitive benefits Are you looking for a step up in your Credit Risk Analytics Career? This role offers the opportunity to become a Senior Credit Risk Analyst...
READ MORE >>
London
Up to £62000 per annum
Permanent
CREDIT RISK
Lead Credit Risk Analyst - SAS London Up to £55,000 and benefits Are you interested in a role as a Senior Risk analyst where you will be given the responsibility to assist in the design...
READ MORE >>
London
Up to £55000 per annum
Permanent
CREDIT RISK
THE COMPANY This consultancy is one of the largest global professional consulting company in the world and its network is comprised of independent member firms located around the world - with a footprint in more than...
READ MORE >>
London
Up to £80000 per annum
Permanent
CREDIT RISK
Risk Model Oversight London Up to £90,000 This is the perfect role for a self-starter looking for a step up into a role with full autonomy over your workload, ownership over your own diary and huge exposure across the...
READ MORE >>
London
Up to £90000 per annum
Permanent
CREDIT RISK
Credit Risk Analyst London £65,000 A fast growing UK lender is seeking a Senior Credit Risk Analyst to optimise Acquisitions Strategies for a growing Loans book. Excellent stakeholder skills and expert Credit Risk...
READ MORE >>
London
Up to £65000 per annum
Permanent
CREDIT RISK
Credit Risk Manager, Portfolio Oversight London Up to £90,000 + competitive benefits I am currently working with a leading credit card provider who are seeking a leader with a stand-out career within Credit Risk...
READ MORE >>
London
Up to £90000 per annum
Permanent
CREDIT RISK
THE COMPANY This consultancy is one of the largest global professional consulting company in the world and its network is comprised of independent member firms located around the world...
READ MORE >>
London
Up to £70000 per annum
Permanent
CREDIT RISK
THE COMPANY This bank is one of the largest financial services not only in the UK, but across Europe and the US. Spanning across 4 key areas, the bank has the scope to develop its employees through a wide array on...
READ MORE >>
London
Up to £50000 per annum
Permanent

125 result(s) found 
Page 1 of 13 
Results per page: 102550