UK: 'More Needs Done' On Financial Services Diversity: UK Government (Pinsent Masons Insurance Briefing: 19 September 2018)

Last Updated: 19 September 2018
Article by Colin Read, Nicholas Bradley and Alexis Roberts

Insurance briefing is a round-up of legal and business developments published on

The main topics we're focusing on this week are:

'More needs done' on financial services diversity: UK government

The UK government has said it is encouraged by measures designed to increase the representation of women at a senior level in the financial services industry, but acknowledged more still needed to be done. In its response to a report published in June by the House of Commons Treasury Committee, the government said the "moral and economic case for gender balance" was clear. Employment law expert Jon Fisher of Pinsent Masons said: "The response illustrates yet again how high-profile diversity issues are in the financial services sector, following the negative publicity attracted by the gender pay data and the increased regulatory scrutiny of the implications of diversity on culture." The government stopped short of committing to an expansion of the requirements for gender pay gap reporting, as recommended by the committee.

'Corruption tied to conflict' should trigger international sanctions

Bribery and corruption tied to conflict should trigger international sanctions, a global anti-corruption expert has said. John Prendergast, director of US human rights organisation Enough Project, has recommended that the United Nations Security Council add 'corruption tied to conflict' as a distinct sanctions criterion under its existing sanctions programmes. The council should also appoint 'panels of experts' to report to it on corruption related to conflict, and make recommendations for coordinated international action, he said. Prendergast was addressing the UN Security Council's first dedicated session on the links between corruption and conflict. The session was set up to consider ways in which international policy could be used to prevent the sort of corruption which ultimately weakens state governments, leaving the country susceptible to conflict.

E-signatures can prove conclusion of data processing agreements

The use of electronic signatures (e-signatures) can prove that data processing contracts have been concluded and their terms agreed to, the EU's justice commissioner has said. Věra Jourová said that it is possible for data processing contracts to be entered into digitally, but that it is not necessary for those agreements to be signed electronically for them to have effect. Jourová's comments were made in response to a question posed by MEPs. The outsourcing of data processing must be governed by contracts under the General Data Protection Regulation (GDPR). Those contracts bind the data processors to adhere to the conditions on data processing stipulated in the contract by data controllers. The contracts can be in electronic form.

'Opt in' rules aimed at curbing rogue claims calls

Businesses promoting claims management services over the phone will need to ensure that recipients of their calls have opted in to receive them to avoid potential fines of up to £500,000 being imposed on them under new UK rules that have taken effect. The changes to existing UK privacy laws were made on 8 September via the Financial Guidance and Claims Act 2018 (Commencement No. 1 and Transitional Provision) Regulations 2018. They will impact businesses offering to help consumers with personal injury claims or obtain compensation for mis-sold sell payment protection insurance (PPI), for example. Under the new rules, businesses are barred from using or instigating the use of a public electronic communications service to make unsolicited calls for the purposes of direct marketing in relation to claims management services except where "the called line is that of a subscriber who has previously notified the caller that for the time being the subscriber consents to such calls being made by, or at the instigation of, the caller on that line".

ICO warns on over-reporting of data breaches

Many businesses are disclosing minor personal data breaches to the UK's data protection watchdog, wrongly believing that they have to report those incidents under the General Data Protection Regulation (GDPR), the watchdog has said. The UK's deputy information commissioner, James Dipple-Johnstone, highlighted the problem of "over-reporting" in a speech at a cybersecurity conference hosted by the CBI earlier this week. "Some controllers are 'over-reporting': reporting a breach just to be transparent, because they want to manage their perceived risk or because they think that everything needs to be reported," Dipple-Johnstone said. "We understand this will be an issue in the early months of a new system but we will be working with organisations to try and discourage this in future once we are all more familiar with the new threshold."

The public's trust over the way organisations use their personal data has grown in the past year, but is "still low", the UK's data protection watchdog has said. Research commissioned by the Information Commissioner's Office (ICO) found that 34% of people in the UK have "high trust and confidence in companies and organisations storing and using their personal information", up from 21% in 2017. The survey of 2,131 adults carried out in July, also found that the proportion of the UK public who said they have no trust or confidence in the storage or use of their data by organisations in 2018 fell to 9% from 14% the previous year.

Financial firms can hedge data breach exposure risks

ANALYSIS: Financial services firms can hedge the risks of significant data breach claims being raised against them under the General Data Protection Regulation (GDPR) by investing in staff training and avoiding pitfalls highlighted by a major regulator. Businesses face huge fines from regulators and potential 'class action'-style compensation claims from people impacted by a data breach. With the financial services market booming, firms in the sector are particularly prone to being targeted by cyber crime. It is imperative financial firms take action to hedge the risks they face.

Insurance briefing is a round-up of legal and business developments published on

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on

Click to Login as an existing user or Register so you can print this article.

In association with
Related Topics
Related Articles
Related Video
Up-coming Events Search
Font Size:
Mondaq on Twitter
Mondaq Free Registration
Gain access to Mondaq global archive of over 375,000 articles covering 200 countries with a personalised News Alert and automatic login on this device.
Mondaq News Alert (some suggested topics and region)
Select Topics
Registration (please scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of

To Use you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.


The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.


Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions