. There is confusion around banks' ability to contact customers who have said they do not wish to receive certain communications such as marketing emails. Under GDPR regulators can impose fines of up to 4pc on a company's global revenues if they do not properly handle and process personal data.){kind=link}
Barclays and HSBC among lenders seeking clarity on marketing information rules
Banks have claimed they cannot alert all of their customers to their best saving deals because of privacy rules.
Firms including Barclays and HSBC said they were not always able to tell customers about their best deals because of regulation that blocks them from sending out new marketing material.
Nikhil Rathi, the head of the Financial Conduct Authority, writing to MPs on the Treasury Committee on Tuesday, said: “Some firms have raised concerns that data law requirements are a barrier to contacting customers who have opted out of receiving marketing material, and we are working closely with the [Information Commissioner’s Office] to clarify rapidly any outstanding issues.”
Matt Hammerstein, the head of Barclays, said there were “practical constraints” on sharing personal guidance to savers. HSBC’s Ian Stuart said the bank was “engaging with the FCA and the ICO” to improve its engagement.