Banks pay out for BigData lapses

By Mary Heaney

09 October 2013 at 12:34 BST

BigData lapses are proving costly for financial services companies.

Huge fines for BigData lapses Hampster

Financial services legal departments are less likely than media companies to see information management as very important but are more likely to come under the spotlight, according to new research.One example is UK banks which have paid out more than £5 billion for the Payment Protection Insurance (PPI) scandal, many because they cannot find the documentation to prove whether or not they mis-sold the insurance to a particular company. An event for legal departments BigData: Clouding the issue - looking at the growing risk of poor information handling - will be held  in London on 22 October at 4.30pm.  If you are an inhouse lawyer who would like to attend the event contact: for further information or telephone +44 2073322586. A free copy of the Research Report, in association with Recommind, will be available at the event.


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