Week 19 - Insights

Ahead of GDPR go-live date, ICO consults on how its increased powers will be deployed

The Information Commissioner’s Office (“ICO”) has launched a consultation on the way it plans to regulate new data protection laws. Interested parties have until June 28, 2018 to comment on the ICO’s draft Regulatory Action Policy (“the Policy”). The revised Policy will be subject to Parliamentary consideration and final approval.

The Policy sets out a risk-based approach to taking regulatory action for breaches. ICO recognises the need for careful balancing of objectives such as creating an environment within which, on the one hand, data subjects are protected, while ensuring that, on the other hand, business is able to operate and innovate efficiently in the digital age.

ICO has stated that they will take a robust approach to upholding the law, co-operate on cross-border basis and collaborate with other domestic agencies, such as the National Cyber Security Centre, National Crime Agency, Financial Conduct Authority, and the Competition and Markets Authority).

HMRC issues updated guidance notes on BBSI returns

Under Schedule 23, Finance Act 2011, HMRC requires UK banks and building societies to furnish details about interest earned or credited to UK client accounts.

HMRC has updated the guidance on the Bank, Building Society Interest (“BBSI”) returns. Please see changes between 2017/18 notes and 2018/19 versions.

Industry event

HANSUKE is pleased to be collaborating with Symposia on GDPR in Beirut, Lebanon on 14 May 2018. Join Ahmed Nawab to address this highly topical issue. Click here for more details.