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Open finance prioritised in UK’s new Data Protection and Innovation Bill

Open finance prioritised in UK’s new Data Protection and Innovation Bill

The UK’s Department for Science, Innovation, and Technology has proposed a revised version of the Data Protection and Digital Innovation Bill.

The new version of the Bill takes feedback from the industry and focuses more on consumer rights, privacy in electronic communications, and a step up of information standards when it comes to data protection and sharing.

The revamped Bill reflects the development of open finance in the UK, proposing regulation for digital IDs, smart data management of consumer information, and a UK GDPR. More specifically, the updates to the Bill lay down new groundwork for processing personal data, automated decision making, and international transfers of data.

The new additions include amending the oversight of biometric data, creating provisions to introduce ‘smart data’ schemes, and requiring a new framework for digital verification services.

UK information commissioner, John Edwards, commented on the Bill: “I welcome the reintroduction of the Data Protection and Digital Information Bill and support its ambition to enable organisations to grow and innovate whilst maintaining high standards of data protection rights. Data protection law needs to give people confidence to share their information to use the products and services that power our economy and society. The Bill will ensure my office can continue to operate as a trusted, fair, and independent regulator.”

The Bill is currently in its second reading at the House of Commons.

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