UK Data Protection & Innovation Bill Prioritizes Open Finance

A new version of the Data Protection and Digital Innovation Bill has been proposed by the UK’s Department for Science, Innovation, and Technology.

The new version of the Bill takes into account what the industry had to say and puts more emphasis on consumer rights, privacy in electronic communications, and higher standards for protecting and sharing information.

The new version of the Bill reflects the growth of open finance in the UK. It proposes rules for digital IDs, smart data management of consumer information, and a UK General Data Protection Regulation (GDPR). More specifically, the changes to the Bill set up new rules for handling personal data, making decisions automatically, and sending data across borders.

Some of the new additions include changing how biometric data is watched over, making it easier to start “smart data” programs, and requiring a new framework for digital verification services.

John Edwards, the UK’s information commissioner, said this about 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 House of Commons is now reading the Bill for the second time.