Category Data Protection

ESMA responds on Fintech

ESMA has responded to the Commission’s consultation on Fintech. It sees Fintech as a positive evolution so long as business models continue to aim to improve the customer experience and financial inclusion. It identifies some concerns that it thinks need to be addressed, including: the risks (from a market integrity and investor protection standpoint) and costs […]

ICO publishes Information Rights Strategic Plan 2017 – 2021

The Information Commissioner’s Office (ICO) recently published its information rights strategic plan 2017 – 2021. The strategic plan sets out the ICO’s mission to increase the trust that the public has in government, public bodies and the private sector; including trust in transparency, in the digital economy and in digital public service delivery. It also […]

The European Data Protection Supervisor publishes 2016 Annual Report

Giovanni Buttarelli, the European Data Protection Supervisor (EDPS) presented the EDPS Annual Report 2016 to the European Parliament’s Committee on Civil Liberties, Justice and Home Affairs on 4 May 2017. By way of reminder, the EDPS is the EU’s independent data protection authority, tasked with ensuring that the institutions and bodies of the EU respect […]

meps call for acceleration of eu fintech development

Economic and monetary affairs committee MEPs want the EU to accelerate the development of financial services enabled by new technologies (FinTech). Their key priorities are: Cybersecurity and data protection: the need for end-to-end security across the whole financial services value chain and to create more awareness among the consumers regarding the value of their personal […]

ICO fines financial firm for sending unsolicited texts

The ICO has fined Monevo Limited, a finance brokerage firm, £40,000 for sending unsolicited marketing texts without proper consent. Between April 2016 and June 2016, the company sent 44,172 texts encouraging people to apply for loans and 130 complaints were made, prompting the ICO investigation. Under the Privacy and Electronic Communications (EC Directive) Regulations 2003, […]

The Government calls for views on GDPR derogations

The UK Government has launched a Call for Views on the derogations (exemptions) from the EU General Data Protection Regulation (GDPR), which comes into force on 25 May 2018. Although there is limited scope for flexibility, the GDPR does allow member states to exercise their discretion over how certain provisions of the GDPR will apply […]

Draft GDPR Guidance receives a significant response

The Information Commissioner’s Office (ICO) recently announced that it has received a large number of responses to its consultation on the draft  GDPR Consent guidance.   The GDPR Consent guidance sets down the ICO’s recommended approach to compliance and what counts as valid consent. It also provides practical help to decide when to rely on consent […]

FCA speaks on the next phase of Project Innovate

On 10 April 2017, Christopher Woolard, the FCA’s Executive Director of Strategy and Competition delivered a speech at the Innovate Finance Global Summit in London. The speech considers the work of the FCA’s Project Innovate to date including the Regulatory Sandbox initiative. Mr Woolard explained the FCA’s commitment to supporting innovation and its desire for […]

FCA publishes discussion paper on distributed ledger technology

The FCA has published a discussion paper on distributed ledger technology (DLT). The discussion paper describes DLT and acknowledges blockchain as a type of DLT. The FCA invites a discussion on two sets of issues: What new risks and opportunities does DLT present to the FCA’s statutory objectives of market integrity, consumer protection and competition? Can DLT […]

HMT issues regulatory innovation plan

The government’s vision is for UK financial services to be the most competitive and innovative in the world, supplementing existing services with greater choice and value for consumers. The innovation plan covers how financial services regulators are adapting and encouraging new technologies and disruptive business models, and better utilising new technologies to reduce regulatory burdens […]