The General Data Protection Regulation (GDPR) comes into force on 25 May 2018. The maximum penalty is 4% of turnover. Yes turnover ! BREXIT does not change anything.
If your business is subject to the Data Protection Act, it is likely that you will also be subject to the GDPR.
EO Executives have been busy working with some of the largest European- wide organisations supporting them with specialist GDPR expertise and Programme management.
For more information, please click here: http://www.executivesonline.co.uk/en/practice-areas/disciplines/gdpr-recruitment/
Friday 25th May 2018 is a day that sticks in the mind of anyone who has come across the letters GDPR. So, what does General Data Protection Regulation (GDPR) mean to business and what do we have to do?
EO Executives have been busy working with some of the largest European wide organisations supporting them with specialist GDPR subject matter expertise and Programme Management support.
We thought we’d share our observations…
Firstly, who does this apply to?
Over the last four years Executives Online have provided senior Executives to Challenger Banks of all sizes. Ranging from small start- ups at seed funding stage, through to those with a banking license and high growth, these banks have one thing in common... people that thrive off a driven culture.
Often founded by HNW individuals or PE / VC backed, Challenger banks are growing at a rapid and advancing pace, but this success it not without hard work and determination. There is often a perception that starting your own business will give you a better life balance and allow you to work less hours. If you think that your're in for a big surprise. Every successful start up I have worked with have proved to be highly driven, work at great pace and put in the extra hours.Continue reading
Executives Online have provided Executives and NED's to challenger banks of all sizes, from 2-4 person start-ups at seed funding stage through to those that have just received a banking license in high growth.
Most are picking a niche, whether it be full service end to end bank through to pure play digital offerings. They partner with us to bring on high caliber Executives and Heads of Product to develop and launch new propositions across current accounts, savings and lending products.
Working with Challenger banks on a daily basis, I have a unique overview, which got me thinking…
Britain's recent decision to leave the EU caused high levels of uncertainty and disappointment across many businesses. So, here at Executives Online our team set to survey over 1,000 senior leaders across the UK and Europe to understand the real details of the impact.
There was a great deal of uncertainty when the Brexit news first hit but what was certain was that many businesses were likely suffer. Financial services was predicted to be one of the sectors most likely to be impacted long term due to uncertainty around the future 'passporting' and the single market.
On a recent Radio 4 show, Alasdair Smith mentioned that customers are still very loyal to the banks that hold their current accounts, despite the fact that many are paying substantial fees for unauthorised overdrafts and have been for many years.
If the financial impact of paying high overdraft fees isn’t a big enough incentive for customers to move banks, then is a government comparison site that requires the input of personal bank details really the tool that is going to change that behaviour?
Royal Bank of Scotland and NatWest have warned that customers are likely to be charged for depositing money into their own accounts. NatWest, one of Britain’s largest banks has made the decision to move towards negative interest rates; making them the first UK bank to do so.
Negative interest rates are indications that new limits need to be explored in times of crisis and are primarily designed to reduce borrowing costs for customers. This should encourage people to take out more loans rather than save.Continue reading
Back in 2014 I wrote a blog about the threats to the established banking royalty. At the time there were 29 applications for a banking license ‘in flight’ from challenger banks, and in those intervening two years I have been lucky enough to support over 20 start-ups and challengers with CEO, COO, Heads of Function and NED recruitment and hiring requirements.Continue reading
For decades high street banks have had an unshakeable grip on the consumer banking market, but with over 20 applications in flight for a banking license with the FCA from new ‘challenger’ banks, should the High Street banks be worried?Continue reading