TSB chief to step down - Data Protection Advisor comments
In light of news that TSB chief Paul Pester is to step down, Jon Baines, Data Protection Advisor at Mishcon de Reya comments:
"The apparent multiple issues TSB have had with their IT systems over recent months have led not just to the exit of Mr Pester. They have also resulted in questions from MPs on the Treasury Committee and to the potential for a fine by the Information Commissioner, Elizabeth Denham. Her office said in June that it was "continuing to make enquiries in relation to TSB". The problems appear to have occurred both before and since the General Data Protection Regulation (GDPR) came into effect in May. If Ms Denham does decide that enforcement action is warranted in the form of a monetary penalty, she will no doubt have to give close attention whether to issue it under the GDPR or the old legislation. The difference could be considerable – GDPR increased the maximum penalty from £500,000 to €20m or 4% of a company's annual global turnover, which for TSB could be a very significant sum."
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