Douglas Elliott, Partner at Oliver Wyman in the Finance & Risk/Public Policy practice, joins FRT to discuss the policy debate around privacy and consumer data rights, and the specific challenges for the financial sector. He was one of the lead discussants at the IIF Roundtable on the New Data Ecosystem in Paris last March, where he presented his work with the World Economic Forum on "Appropriate Use of Consumer Data in Financial Services".
Douglas believes that, given the particularities of financial data, the sector – both public and private parties – should come together to look at financial data and the rules around it. This does not mean isolating financial services from the broader societal debate around privacy and consumer data rights. "There needs to be a two-way flow of information and ideas", he says.
With countries around the world developing their own data regulations, Douglas sees common rules as "hard to get", but considers that agreeing on a set of underlying principles would be helpful to narrow the range of geographical divergences and reduce the damage from fragmentation.