CMA publishes consumer data findings: CMA published its report into the collection and use of consumer data, following its call for information issued in January. The report has found:
- there is scope for a wide range of benefits for both firms and consumers from the use of data. Firms can gain from better customer targeting, service improvements, logistical and transaction efficiencies and fraud prevention. Consumers can receive more personalised services, wider choice, and more relevant advertising and targeted offers;
- these benefits will only be realised if consumers provide data and firms use it in transparent and competitive markets;
- all kinds of data about consumers is routinely collected by businesses, the use of which many consumers do not understand. Many have concerns about data being lost or misused; and
- there are concerns about the effectiveness of privacy policies, terms and conditions and cookie notices in enabling consumers to control the collection and use of their data.
Based on these findings, the report identifies elements that could support well-functioning markets and notes that where there are breaches of regulations, regulators must enforce proportionately and effectively. (Source: CMA Publishes Findings on the Commercial Use of Consumer Data)