U.K. data law tightens compliance rules, expands complaints process and raises penalties

The U.K.’s Data (Use and Access) Bill, passed into law on June 19, promises a £10 billion boost to the economy and aims to simplify access to healthcare and make policing and other services more efficient for consumers. Businesses, however, must understand the changes and compliance managers will need to ensure that data processing policies and systems are up to date and that complaints procedures for data controllers are in place.

The Act enables the Science and Technology Secretary and the Treasury to create “Smart Data” schemes via new regulations. These will specify who must provide the data, what data they must provide and how, as well as how this data will be secured. The regulations are intended to create new opportunities for businesses to share consumer data (with consent) with regulated and authorized third parties. In return, consumers should get personalized market comparisons and financial advice on cost-cutting and access to “open banking” – the ability to collect all their banking details on one dashboard.