This is absolutely scandalous and a complete invasion of privacy. Heads should roll.
From a employee perspective I don’t see how this is anything other than a class action waiting to happen:
You took their data and used it without their explicit knowledge to actively make a decision to materially impact the finances of the employees.
So was their logic that if their staff had plenty of money they could give them a smaller pay rise?
I suspect a rather large fine is heading their way in the end.
Many years ago the big banks required staff to bank with them, one in particular would get your manager to take your card off you if you went into overdraft!
I work for Lloyds. Not a junior level but certainly not senior manager level either. I was at the town hall meeting where the question was asked and it was the first I’ve heard of the issue until this article.
I’m conflicted. I have no issue with my employer accessing my bank data. I’ve applied for a mortgage with them so I assume they have access anyway. I also assume that in a role like mine, my personal finances are monitored in some way.
My pay rise has never been disappointing and neither has my bonus. The same can be said for my direct reports.
Yes a small subset will make a big fuss about this but it’s really not the end of the world. The sheer amount of data held on everybody would be a shock to the average person. My data being included in that is not a shock to me in the slightest. Lloyds are one, if not the, largest data collector in the UK. They have a footprint in the majority of UK households. The level of data being collected is beyond belief. If it benefits me, I’m not worried. If anything, I expected them to do this anyway.
5 comments
This is absolutely scandalous and a complete invasion of privacy. Heads should roll.
From a employee perspective I don’t see how this is anything other than a class action waiting to happen:
You took their data and used it without their explicit knowledge to actively make a decision to materially impact the finances of the employees.
So was their logic that if their staff had plenty of money they could give them a smaller pay rise?
I suspect a rather large fine is heading their way in the end.
Many years ago the big banks required staff to bank with them, one in particular would get your manager to take your card off you if you went into overdraft!
I work for Lloyds. Not a junior level but certainly not senior manager level either. I was at the town hall meeting where the question was asked and it was the first I’ve heard of the issue until this article.
I’m conflicted. I have no issue with my employer accessing my bank data. I’ve applied for a mortgage with them so I assume they have access anyway. I also assume that in a role like mine, my personal finances are monitored in some way.
My pay rise has never been disappointing and neither has my bonus. The same can be said for my direct reports.
Yes a small subset will make a big fuss about this but it’s really not the end of the world. The sheer amount of data held on everybody would be a shock to the average person. My data being included in that is not a shock to me in the slightest. Lloyds are one, if not the, largest data collector in the UK. They have a footprint in the majority of UK households. The level of data being collected is beyond belief. If it benefits me, I’m not worried. If anything, I expected them to do this anyway.