- UK Finance respond to UK Government White Paper on Brexit
- UK FInance publishes Mortgage Trends Update
- Capgemini report reveals that the financial services industry could expect to add up to $512bn to global revenues by 2020 through ‘intelligent automation’
- Banking Trojans global impact has increased by 50% in last four months
- Emma Technologies FinTech raises £420,000 in seed funding
- Liberis uses Open Banking technology to increase funding access for UK small businesses
- Moneybox closes a £14m Series B funding expired
- Visa Loyalty Solutions(VLS) with FinTech novae launches omnichannel digital points redemption platform available to all issuing banks in Latin America and the Caribbean expired
- Bank of Cyprus completes sale of UK subsidiary to Cynergy Capital expired
- Capital Dynamics to acquire Milan-based Advanced Capital SGR expired
- EQT and other co-investors agree to acquire Saxo Payments Banking Circle from Saxo Bank expired
- Frontierpay opens Asia HQ in Singapore expired
13th October 2017
Vanquis Bank fined over illegal marketing
A bank is the latest firm to be fined by the Information Commissioner’s Office (ICO) for sending illegal marketing texts and emails. Vanquis Bank Limited, based in Bradford, instigated a campaign to send 870,849 spam text messages and 620,000 spam emails to promote its credit cards. Both the emails and texts broke the law because the recipients had not consented to being sent such messages.
ICO Head of Enforcement Steve Eckersley said: “There are rules in place to protect people from the irritation, and in some cases anxiety and distress, spam texts and emails cause. People need to be properly informed about what they are consenting to. Telling them their details could be passed to ‘similar organisations’ or ‘selected third parties’ cannot be relied upon as specific consent.”
Vanquis Bank obtained the marketing lists used to send the messages from other organisations. It relied on indirect consent rather than checking itself that the correct level of consent had been obtained. The consent included non-specific, general wording, such as ‘trusted parties’ and ‘carefully selected third parties’.
Vanquis Bank has now been fined £75,000 by the ICO. The ICO has also issued a legal notice ordering the bank to ensure its practices comply with the law.