The UK's Data (Use & Access) Bill marks a significant revision of data legislation, promoting data sharing to prevent financial crime and establishing a smart data economy. It transitions from 'legitimate interest' to 'recognised legitimate interest', enabling real-time automated data processes crucial for fast-paced financial transactions. This bill is particularly vital as it builds on open banking's success, paving the way for growth in sectors like medtech and insurtech. Dubbed the 'one bill to rule them all', it enhances existing legislative frameworks by streamlining data provisions across various acts.
The Data (Use & Access) Bill enhances the UK's capabilities to share data for financial crime prevention, moving from 'legitimate interest' to 'recognised legitimate interest'.
By facilitating real-time automated data sharing, the bill addresses the needs of a fast-paced digital economy, particularly in financial transactions.
The bill also signifies a shift towards a smart data economy, building on the success of open banking and paving the way for sectors like medtech and insurtech.
Dubbed the 'one bill to rule them all', the new Data Bill underpins various acts of Parliament and optimizes their operational efficiencies through data provisions.
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