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

Related News

Tax Diary July/August 2021

1 July 2021 – Due date for Corporation Tax due for the year ended 30 September 2020. 6 July 2021 – Complete and submit forms

Beware tax credit renewal scams

Tax credits applicants should be vigilant and alert to potential scams, HMRC has warned. In the 12 months to 30 April 2021, HMRC responded to

Quick Links