Financial Services Data Protection and Cyber Security Support

Practical data protection support that holds up to FCA scrutiny, not just UK GDPR.

Financial Services
Jasmine Harrison Consulting with a Financial Services Client

Data Protection Support for Financial Services

Financial services firms don’t just answer to UK GDPR, they answer to the Financial Conduct Authority (FCA) at the same time, often for the same piece of data. To manage that, this sector needs practical, proportionate data protection support that holds up to both regulators at once, not just a legal interpretation of one.

At Data Protection People, we support banks, wealth managers, insurers, and financial advice firms across the UK. We understand the pressure this sector is under, from Consumer Duty’s transparency expectations to the growing use of AI in customer-facing decisions, while still delivering for clients day to day.

Financial services organisations operate within one of the UK’s most highly regulated environments. Data protection obligations under the UK GDPR and Data Protection Act 2018 need to be considered alongside FCA requirements, Consumer Duty, anti-money laundering and financial crime requirements, sector-specific retention obligations, PECR and, where relevant, PCI DSS and payment services requirements.

Get in Touch

 

 

Progeny Logo our Financial Services Client

10/10 across the board.

“Our main consultant Mark was really invested in the role he provided as DPO and the support service team always replied promptly and with well reasoned responses.”

Martin Ankers
Progeny

Rated 10/10 for satisfaction, communication, and likelihood to recommend

Woodgate & Clarke Financial Services Client

I really value the account management catchups and weekly podcasts.

“Everyone is so helpful and friendly and takes the time to understand the specific requirements and challenges of our business.”

Nia Roberts
Woodgate and Clark Ltd

Rated 10/10 for satisfaction, communication, and likelihood to recommend

 

 

Why Data Protection Matters in Financial Services

Both UK GDPR and FCA requirements apply to how financial services firms handle personal data, and the two regimes need to be considered together. We regularly help financial services firms with the real, day-to-day challenges this sector faces:

  • KYC and customer due diligence data

  • Identity verification and biometric technologies

  • Supporting vulnerable customers under the FCA's Consumer Duty

  • Fraud prevention and fraud databases

  • Profiling, automated decision-making, and creditworthiness or affordability assessments

  • AML and financial crime monitoring, including the tension between statutory retention and data minimisation

Supporting Vulnerable Customers

The FCA’s Consumer Duty explicitly expects firms to identify and support customers in vulnerable circumstances. That creates real, practical data protection questions we help clients work through: what information should be collected, what’s the lawful basis, is it special category data and if so what’s the Article 9 condition, who should have access, how long should vulnerability markers be retained, and what can be shared internally or with third parties.

Financial Services Header Image

Anti-Money Laundering and Know-Your-Customer

Financial institutions routinely collect and retain significant personal information for customer due diligence, beneficial ownership checks, ongoing monitoring and financial crime prevention. The Money Laundering Regulations create their own due diligence and record-keeping obligations, which sit alongside, and sometimes in tension with, UK GDPR. We help clients work through the practical questions this raises: the right lawful basis, reconciling AML retention requirements against UK GDPR storage limitation, how much can genuinely be disclosed to a customer where financial crime concerns exist, SAR exemptions where disclosure could prejudice crime prevention or detection, and data sharing with fraud prevention agencies, regulators and verification providers.

Services we provide for Financial Services

 

SAR Support for Financial Services

Financial services SARs are rarely simple, multiple systems, years of transaction history, third-party data mixed in with the requester’s own. We help firms manage them accurately, lawfully, and within statutory deadlines.

Outsourced DPO for Financial Services

Many firms benefit from an independent DPO who understands FCA expectations specifically, not generic GDPR knowledge applied to a regulated firm after the fact. Our Outsourced DPO service gives you a full team, not a single point of failure.

Data Protection Support for Financial Services Teams

Designed for compliance leads, MLROs, and in-house data protection contacts, our support service gives access to expert advice when issues arise, urgent or not.

Data Protection Audits for Financial Services

Practical, risk-based audits that reflect the regulatory weight this sector carries, clear findings, prioritised recommendations, no unnecessary complexity.

Training for Financial Services

Sector-specific training covering GDPR awareness, Consumer Duty’s data and AI transparency expectations, SAR handling, and breach response.

PCI DSS Compliance for Financial Services

Where organisations process, store or transmit payment card data, PCI DSS requirements need to be considered alongside wider data protection and information security obligations.

ISO 27001 for Financial Services

Formal information security certification increasingly features in supplier due diligence and procurement across financial services. We help you build an ISMS that holds up to real scrutiny, not just the audit.

DataWise for Financial Services

Financial services firms run on complex, multi-system data landscapes, exactly the environment where oversight slips. DataWise gives you a live, accurate picture of your data estate, RoPA included, so you can demonstrate accountability to the FCA and ICO rather than reconstruct it after the fact.

GDPR Toolkit for Financial Services

A suite of policies, templates and documentation built around this sector’s specific pressures: DPIAs that account for FCA expectations, incident response templates that cover both regulators, and AI transparency documentation grounded in UK GDPR requirements.

Why Organisations in the Financial Services Sector Choose to Work with Data Protection People

  • Our consultants have years of hands-on experience in financial services
  • We’re one of the most experienced SAR teams in the UK
  • We have a dedicated team of data protection and cyber security experts, working in financial services every day
  • We give plain-English advice to compliance teams and boards
  • Our support scales from small advisory firms to national banks
  • We’re trusted by both operational teams and senior leadership

 

DPP are data protection specialists who understand the financial-services regulatory environment and how those requirements interact with UK GDPR.

Ready to talk?

Speak to Our Financial Services Team Today

Our mission is to make data protection and cyber security easy: easy to understand and easy to do.
Tell us a bit about your situation and a qualified consultant will respond within two working hours.


Frequently Asked Questions

Does UK GDPR compliance mean we're automatically meeting FCA expectations?

No. UK GDPR and FCA rules overlap but aren't the same thing, the FCA has its own expectations, for example around Consumer Duty, vulnerable customer data, and AI transparency, that go beyond what UK GDPR alone requires.

What are the new data protection complaints requirements under the Data (Use and Access) Act?

Since June 2026, the Data (Use and Access) Act has required all data controllers to have a mandatory, formalised complaints process in place, alongside a higher bar for transparency where AI is used to process personal data. For financial services firms already navigating Consumer Duty, this adds a second, closely related obligation to get right.

Do we need a specific approach to AI under FCA rules?

Yes. The FCA expects firms to be able to explain how and why AI is used in customer-facing decisions, and to give customers a way to challenge or seek human review of decisions that affect them.

Do financial services firms need PCI DSS compliance as well as UK GDPR?

Yes, if you handle card payment data, PCI DSS sits alongside UK GDPR as a separate requirement, not a replacement for it. The two need to work together as part of one data protection and security posture, not as disconnected exercises.

How does the FCA and ICO's joint statement on vulnerable customers affect us?

The FCA and ICO have jointly clarified how firms should use and share data about customers in vulnerable circumstances while staying within data protection law, a clear signal this is an active area of regulatory attention.

Can an outsourced DPO understand FCA-specific expectations, not just GDPR?

Yes, that's specifically what we offer for financial services clients, DPO support from consultants who work with FCA-regulated firms regularly.