Response to HoC Public Bill Committee on the Data (Use and Access) Bill
Response to HoC Public Bill Committee on the Data (Use and Access) Bill
Published 18 Mar 2025
The IRSG welcomes the opportunity to respond to the House of Commons Public Bill Committee’s call for evidence on the Data (Use and Access) Bill. The Bill is an important step to modernise and improve the UK legislative framework for data, ensuring that our data regime remains internationally competitive while maintaining the high levels of personal data protection that we currently enjoy.
The financial and related professional services industry plays a key facilitating role in the UK’s economic development and global competitiveness, and, in the global digital economy, this is reliant on timely access to data. Data is a vital asset to firms and underpins their ability to innovate, supports better and more efficient decision-making, enhances risk management, and enables more personalised solutions for consumers.
We are pleased to see the government has carried some of the key elements of the previous Data Protection and Digital Information Bill (DPDI Bill) in the new consolidated Bill. By facilitating secure data sharing and promoting transparency, the Bill paves the way for enhanced trust between consumers and financial institutions, ultimately contributing to sustainable economic growth and the well-being of society at large. The Bill contains a number of key opportunities for the industry. In particular, the Bill introduces legal frameworks for:
Digital verification services, which could generate significant economic value by reducing fraud and improving business verification.
Smart data schemes, building on the UK’s success in open banking by extending similar data-sharing principles to other sectors, paving the way for open finance.
However, the Bill must ensure the free flow of data internationally, particularly with the EU, to maintain the competitiveness of the UK’s financial services industry. While, at the time of the DPDI Bill, the IRSG concluded that this did not present an immediate threat for data adequacy, we observed that there were some aspects in the new UK data protection framework that may increase scrutiny from the EU. It is reassuring to see that many of these aspects have been omitted from the Bill. Nonetheless, we encourage the government to maintain dialogue with EU counterparts to reassure them of the UK’s commitment to robust data protection standards.
Overall, we welcome the timely proposal of a new Bill that includes several favourable components of the previous DPDI bill. We recommend that the government seeks to secure its rapid passage through Parliament. Enabling the financial and related professional services industry to leverage data is crucial to delivering economic growth and unlocking the approximate £10bn economic growth this Bill is expected to generate over a 10-year period. We look forward to continuing our engagement with government and regulators on opportunities in this space.
Response to HoC Public Bill Committee on the Data (Use and Access) Bill
Published 18 Mar 2025
The IRSG welcomes the opportunity to respond to the House of Commons Public Bill Committee’s call for evidence on the Data (Use and Access) Bill. The Bill is an important step to modernise and improve the UK legislative framework for data, ensuring that our data regime remains internationally competitive while maintaining the high levels of personal data protection that we currently enjoy.
The financial and related professional services industry plays a key facilitating role in the UK’s economic development and global competitiveness, and, in the global digital economy, this is reliant on timely access to data. Data is a vital asset to firms and underpins their ability to innovate, supports better and more efficient decision-making, enhances risk management, and enables more personalised solutions for consumers.
We are pleased to see the government has carried some of the key elements of the previous Data Protection and Digital Information Bill (DPDI Bill) in the new consolidated Bill. By facilitating secure data sharing and promoting transparency, the Bill paves the way for enhanced trust between consumers and financial institutions, ultimately contributing to sustainable economic growth and the well-being of society at large. The Bill contains a number of key opportunities for the industry. In particular, the Bill introduces legal frameworks for:
However, the Bill must ensure the free flow of data internationally, particularly with the EU, to maintain the competitiveness of the UK’s financial services industry. While, at the time of the DPDI Bill, the IRSG concluded that this did not present an immediate threat for data adequacy, we observed that there were some aspects in the new UK data protection framework that may increase scrutiny from the EU. It is reassuring to see that many of these aspects have been omitted from the Bill. Nonetheless, we encourage the government to maintain dialogue with EU counterparts to reassure them of the UK’s commitment to robust data protection standards.
Overall, we welcome the timely proposal of a new Bill that includes several favourable components of the previous DPDI bill. We recommend that the government seeks to secure its rapid passage through Parliament. Enabling the financial and related professional services industry to leverage data is crucial to delivering economic growth and unlocking the approximate £10bn economic growth this Bill is expected to generate over a 10-year period. We look forward to continuing our engagement with government and regulators on opportunities in this space.