Consumer concern on outsourcing
In a development that has serious implications for the financial services sector, new research has revealed that Australians overwhelmingly support the implementation of stricter controls to protect their personal information when it is provided to third parties as part of outsourcing agreements.
The research, undertaken by information technology giant Unisys as part of its Security Index, also revealed that a significant number of Australians were unaware of the implications of outsourcing and a further 43 per cent said that while they were aware of outsourcing they did not recall ever being told their personal information might be outsourced.
Unisys Asia Pacific vice-president and general manager Andrew Barkla said the research showed that when it came to security of personal information in relation to outsourcing services, there was a significant gap between consumers’ perceptions and reality.
He said he would be encouraging organisations that do outsource functions to better communicate with customers about how they keep their information safe.
AUTHOR
Mike Taylor
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
