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Bradesco targeted by CADE probe for keeping customer bank data from fintech GuiaBolso

( April 30, 2019, 21:49 GMT | Official Statement) -- MLex Summary: Banco Bradesco is facing a formal competition authority probe in Brazil for allegedly hindering fintech GuiaBolso's access to bank information from its clients, who GuiaBolso says authorized its access, according to a statement today. The Superintendence of the Administrative Council for Economic Defense, or CADE, said the new data protection law in Brazil establishes that each individual has the right of portability of his data to another service provider and, therefore, Bradesco shouldn't be interfering in its customers' choices. "Bradesco's practice would restrict the provision of services by fintechs that rely on the banking data of their users, to the detriment of free initiative and free competition," the Superintendence said.CADE statement follows in Portuguese....

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