UK Is Getting Its Go Faster Stripes

The UK Government have fired the starting gun on data regulation to support business and economic growth, set ready to give the UK Go Faster Stripes. As the UK Government lays its foundations to support economic growth it has been busy joining the personal data dots across the Governments initiatives. For anyone closely watching the opportunities in the personal data market they will have found themseleves with a busy scheduled on 17th April 2023, and with sight of opportunities founded on a data landscape that appears to be designed to support sustainable growth through the trusted use of personal data.

After four Brexit & Pandemic fuelled fallow years the UK Government are making major strides with three announcements falling on the same day. With a tight constellation of initatives where #SmartData, meets #OpenBanking, meets #codeofconduct for the use of personal data. Focusing on the growth potential across these initiatives surfaces opportunities for businesses operating or looking to operate in the UK.

The UK Department for Science, Innovation and Technology @SciTechgovuk Data Protection & Digital Information Bill sailed through its 2nd parliamentary reading on 17th April. Laying the foundations for the Department for Business and Trade cross sector #smartdata programme and the proposed new codes of conduct for fair data sharing, joined up across sectors with codes being authorised by the Information Commission (as was ICO). There are busy times ahead.

On the same day the UK Government Department for Business and Trade announced the #SmartData Council. Where Smart Data is designed to apply across market sectors and "involves the secure sharing of customer data with authorised third parties to help improve services for consumers." The Smart Data Council is tasked with leading, developing & co-ordinating new & innovative schemes that utilise Smart Data.

On the same day the Financial Conduct Authority and Payment System Regulator published their long-awaited JROC recommendations for the next phase of Open Banking which aims to enable the scaling of the ecosystem across sectors and to become more economically sustainable. Alongside 29 recommended actions, in the paper you will also find a path to an Open Banking long term future written into the Data Protection and Digital Information bill via #SmartData Schemes. Maybe that's why these three papers were published on the same day, all coming together like a beautiful thing!

With Smart Data enabling data sharing across multi market sectors it seems Open Banking just got some new competitors in the Race To The Top. Whoever builds the best value for the individual gets to win that race.

Taking the birds eye view it appears that the UK Government are connecting the dots between different initiatives, while aiming to protect individuals’ data, protect freedom of speech, protect the integrity of news & society, and ensure EU adequacy. And all of that while building the Governments pro-business credentials by providing businesses with a progressive and growth focused data foundation for our future economy. Ready, Set, Go.

All good stuff but, what does that mean for you and your business. Assuming #SmartData can create schemes that enable the opening up of data from across sectors and mandate the data release at the behest of individuals. Assuming the #CodesofConduct can be designed to protect inidviduals and businesses alike while hopefully reducing the burden for businesses. Then the prize is the opportunities are more to become a productive and efficient business, to create wholly new services and value for your customers, and to build new powerful and globally competitive customer experiences. With an estimated ￡28.7bn boost to the UK economy, the opportunity is definitely worth striving for.

But there is no such thing as a free lunch. There are plenty of 'Assuming's' in there and Government wont be able to pull this off in isolation, collaboration has to become part of the shared DNA between Government and Business, collaborating to help design #SmartData and #Codeofconduct. If you want it to fit you have to ask for your size.

Marie Walker , Dr. Michael Becker , Catherine Brien , StJohn "Singe" Deakins Alan Mitchell Alan Ainsworth Marion King Iain Henderson Irene Ng Katryna Dow Geraldine McBride , Mark Rushton Faith Reynolds Harry Weber-Brown Liz Coll John Fitzpatrick Stephen Deadman Tony Fish Bill Roberts Bill Thompson , James Harborne Drummond Reed , Sarah Munro Jeremy Wilson Philip Marsden Phil F. Bojana Bellamy Jonny Shipp Nathan (Nate) Kinch Eric Pol Simon Le Roux Gilbert Hill Will Tanner Tina Woods Simon Darling Jim Wadsworth Bob Hedges