Banking and financial services included in key Smart Data sectors

The Department for Business and Trade has published the Smart Data Roadmap to outline the action it is planning to take in 2024 to 2025 using the provisions of the Data Protection and Digital Information Bill on Smart Data.   Part 3 of the Bill will extend the government’s ability to establish and mandate participation in Smart Data schemes via regulations.

Seven sectors have been identified as priority areas for using Smart Data powers. They are: energy, banking, finance, retail, transport, homebuying and telecommunications. The introduction to the Roadmap says that these sectors have been chosen due to existing progress with Smart Data, or because of the impact that schemes in these sectors could have on the cost of living.

The Roadmap says that Open Banking shone a spotlight on the opportunities available to customers when they are put in control of their data and notes that 330 innovative firms are already actively using the opportunities that Open Banking offers. HM Treasury will use the powers to give Open Banking a long-term regulatory framework based on the recommendations of the JROC, and an Open Banking scheme will be implemented as soon as parliamentary time allows. Meanwhile the Centre for Finance, Innovation and Technology has published a blueprint for driving forward Open Finance, which Treasury will use to develop its strategy for the finance markets – again, using the JROC designs as a base and the CFIT report.

Emma Radmore