Harmonisation for Consumer Finance Organisations in the Context of the Data Protection and Passporting Directives - A Critical Review

November 2011

Abstract

This article looks at the conflict between commercial and legal aspects of EU policy making. In particular in the consumer finance sector whether two fundamental planks – Data Protection and Passporting - are at odds with underpinning EU philosophy of a common market and market integration; what the practical realities are for finance sector organisations operating on a global stage; whether either policy and the enabling directives behind them have achieved their stated objectives. One hypothesis is that there is a failure to understand the commercial landscape and therefore that not only have neither directives been successful in achieving business and legal uniformity but in fact that their implementation can be argued to be misleading and counterproductive in achieving the stated aim of facilitating an EU internal market

Author

Solomon Osagie

Chief Legal Counsel, TSYS International, UK

Dr Solomon Osagie is Chief Legal Counsel at TSYS International. He also has responsibility for data protection and regulatory compliance matters. A leading General Counsel ranked in the 2016 FT GC rankings, he was named in the Hot Lawyer rankings for 2016. In 2011 Dr Osagie was appointed to the Law Society’s Company Law Committee and he sits on advisory boards at a number of organisations like Acritas, GOAL, The Lawyer Financial Services Forum and the Brussels GC Advisory Board. In 2014, he was invited to join the Westminster Policy Forum on Legal Education and Training in the UK. Dr Osagie was a partner in private practice and then held senior roles in Industry. In 2016 he was invited to join the Lafferty Brexit Council, the International Cards & Payments Council and the International Retail Banking Council (IRBC). Before his appointment at TSYS International, Dr Osagie was Group General Counsel & Company Secretary at Global Switch. Solomon read law and international relations at Cambridge. He holds an MBA as well as a doctorate in management and law. He speaks and writes regularly about regulatory matters in the financial services sector and has been influential in the commentary on subjects like data protection and strategic management.

Company

TSYS International

TSYS® (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum — from issuer processing and merchant acquiring to prepaid program management . We succeed because we put people, and their needs, at the heart of every decision. It’s an approach we call ‘People-Centered Payments®’. Our headquarters are located in Columbus, Ga., U.S.A., with approximately 11,500 team members and local offices spread across 13 countries. TSYS generated revenue of $4.2 billion in 2016, while processing more than 25.5 billion transactions. We are a member of The Civic 50 and were named one of the 2017 World's Most Ethical Companies by Ethisphere magazine. TSYS is a member of the S&P 500 and routinely posts all important information on its website. For more, visit tsys.com.

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