GDPR Law and Regulation

What are the objectives of EU GDPR?

The EU passed the General Data Protection Regulation (GDPR) in the year 2016, which came into effect on May 25, 2018, was different from other privacy laws and is often referred to as “the gold standard in privacy laws” for 5 key reasons:

• GDPR laid our clear rules for the processing of personal data of individuals, based in the EU
• GDPR empowered individuals with rights and freedoms to be more in control of their personal data
• GDPR laid out processing requirements for organisations that process personal data, and stipulated that accountability of ensuring compliance laid with the organisations.
• GDPR provided the Data Protection Authorities with powers to audit and fine organisations that do not comply with data protection rules
• GDPR emphasised the conditions for the transfer of data

What is Processing and Personal Data?

Processing is any action that is taken upon data. This includes , reading, collecting, writing, managing, recording or deleting of personal data.

Any information that can help identify a person by itself, or in combination with other information is personal data. When personal data provides information about one’s genetic, criminal, racial, political affiliation, or biometric information it is called Sensitive personal data.

What is the role of FCA?

The Financial Conduct Authority or FCA is the conduct regulator for financial services firms and financial markets in the UK.

The FCA has the following objectives:

1. Protect consumers – the FCA secures an appropriate degree of protection for consumers
2. Protect financial markets – the FCA protects and enhances the integrity of the UK financial system
3. Promote competition – the FCA promotes effective competition in the interests of consumers

Who is a Data Protection Officer?

A Data Protection Officer (DPO) is a person who helps a company operate within the law by advising and helping to monitor compliance. They play a key role in an organisation’s data protection governance structure and help improve accountability.