Following the Nigel Farage account issue, the ICO has reminded banks of their duty of confidentiality. It noted that, while this case is “out of the ordinary” proper processes and procedures must still be followed, and said this shows why data protection rights are so important. The ICO has written to UK Finance reminding them of their responsibilities to the public. The Information Commissioner stressed that banks should not be holding inaccurate information, they should not be using information in a way that is unduly expected and should not be holding any more information than necessary. He also noted that information around PEPs is not exempt from these principles.
FCA separately noted that it had raised concerns with NatWest and Coutts about the allegations, and has noted that the bank is undertaking an independent review. Sheldon Mills said it is vital the review is well resourced – and said that following the review and any steps other authorities take on relevant complaints, FCA will consider whether any further action is necessary.