Smart Data laws on the way?

Consumers and small businesses will benefit from better deals and savings through innovative services, thanks to new Smart Data laws proposed by government.

Smart Data enables businesses to provide consumers with more intuitive, easy-to-use services such as better account and bill management, switching services for savings, and targeted support for vulnerable consumers, by allowing businesses to share customer data with authorised third-party providers in an easy and secure way. For example, Smart Data has facilitated services which could alert a vulnerable consumer’s trusted contact (such as a family member or friend) if there is unusual activity on a bank account.

New laws will see more sectors, such as communications like broadband, taking advantage of Smart Data to drive competition and innovation, while providing more choices and lower prices for consumers. The powers would make it possible for government to mandate industry involvement in Smart Data initiatives across the economy where they are not participating already, subject to sector-specific assessment and consultation.

Share:

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
Accounting in Sheffield and Doncaster Certificates

Recently Added News

New rules for debt letters

The letters borrowers receive from their lenders when they are seriously behind on repayments will be easier to understand and less intimidating as a result

Read More »

Related News

New measures to sort late payers

New proposals have been outlined by government to ensure small businesses in the UK are paid on time. Currently £23.4 billion worth of late invoices

Tax Diary October/November 2020

1 October 2020 – Due date for Corporation Tax due for the year ended 31 December 2019. 19 October 2020 – PAYE and NIC deductions

Smart Data laws on the way?

Consumers and small businesses will benefit from better deals and savings through innovative services, thanks to new Smart Data laws proposed by government. Smart Data

Quick Links

Online References...
Client Testimonials
Meet the Team

Sheffield Office:
2 President Buildings,
Savile Street East,
Sheffield ,
South Yorkshire,
S4 7UQ

Telephone:
0114 272 0306
Fax:
0114 272 6158
email:
sheffield@roystonparkin.co.uk

Opening Hours:

Mon-Wed: 8.30am – 5pm
Thursday: 8.30am – 7pm
Friday: 8.30am – 2pm

Doncaster Office:
3 Railway Court,
Ten Pound Walk,
Doncaster,
South Yorkshire,
DN4 5FB

Telephone:
01302 320444 / 304440
Fax:
01302 342604
email:
doncaster@roystonparkin.co.uk

Opening Hours:

Mon-Thurs: 9am – 5pm
Friday: 9am – 4.30pm