UK Government prioritises open finance in new data legislation

The UK Department for Science, Innovation and Technology has announced a new version of the Data Protection and Digital Innovation Bill. According to Finextra, the recent variation of the Bill recognises industry thoughts and focuses more on consumer rights, electronic communications privacy and raising information standards regarding data protection and sharing.

The Bill also suggests regulations for digital IDs, a UK GDPR and smart data management of customer details. The proposed updates to the bill also lay a new foundation for processing personal data, automated decision making and international data transfers. Some proposals include adjusting the oversight of biometric data, creating provisions to introduce ‘smart data’ plans and implementing a new framework for digital verification services.

UK information commissioner John Edwards has welcomed the reintroduction of the data protection and digital information bill and supports its goal to allow organisations to expand and innovate while maintaining the highest standards of data protection rights.

Data protection laws must assure people they can share their information to use products and services that power our economy and society. According to Edwards, the Bill will ensure his office can remain a trusted, fair and independent regulator.

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