UK government puts open finance at the forefront of new data legislation


The UK Department for Science, Innovation and Technology has put forward a new version of the Data Protection and Digital Innovation Bill.

According to Finextra, 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 Bill also proposes regulation for digital IDs, a UK GDPR and smart data management of consumer information. The updates to the Bill also put down new groundwork for processing personal data, automated decision-making, and international transfers of data.

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

Currently, the Bill is in its second reading at the House of Commons.

UK information commissioner John Edwards said, “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.”

Keep up with all the latest FinTech news here.

Earlier this year, the UK government unveiled proposals to put cryptoassets into the same regulatory regime as traditional financial services.

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