DATA PROTECTION AND THE USE OF PERSONAL DATA BY FINANCIAL INSTITUTIONS
| Pages | 160-164 |
| Date | 01 February 1994 |
| Published date | 01 February 1994 |
| DOI | https://doi.org/10.1108/eb024804 |
| Author | JOHN LAMIDEY MBE |
| Subject Matter | Accounting & finance |
DATA PROTECTION AND THE USE OF PERSONAL DATA BY
FINANCIAL INSTITUTIONS
Received in revised form: 16th March, 1994
JOHN LAMIDEY MBE
JOHN LAMIDEY MBE
IS
ASSISTANT DATA PROTECTION REGISTRAR
AT THE OFFICE OF THE DATA PROTECTION
REGISTRAR. HE DEALS WITH DATA
PROTECTION ISSUES IN THE PRIVATE SECTOR
WHICH INCLUDES THE FINANCIAL SERVICES
INDUSTRY AND ITS REPRESENTATIVE BODIES.
ABSTRACT
In the
light
of
the First Principle contained
within the 1984 Data
Protection
Act, the
Data Protection Registrar is
concerned
about
some
of
the current practices
being
carried
out within the financial
sector.
His
staff
would like to reach agreement with the
financial sector
so
that
the Registrar can be
satisfied that their
disclosure
of
informa-
tion to third
parties
is done fairly and
lawfully. This paper
sets
out
some
of
the
areas
of
concern,
and a
detailed account of
the
Registrar's
view.
'The information to be contained
in personal data shall be
obtained, and personal data shall
be processed, fairly and lawfully.'1
'... in determining whether
information was obtained fairly
regard shall be had to the
method by which it was obtained,
including in particular whether
any person from whom it was
obtained was deceived or misled
as to the purpose or purposes for
which it is to be held, used or dis-
closed.'2
EXPRESS CONSENT
Some financial institutions have
made it a condition of trade that
individuals give their express con-
sent for information about them and
their accounts to be passed to other
organisations. These 'other organisa-
tions'
may primarily be other com-
panies in the same group, but this
does not necessarily mean that they
are involved in banking activities.
Indeed, companies in some banking
160
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