Memorandum of Understanding (MOU) between ICO and FCA published
Published 28 January 2015
The FCA has released its memorandum of understanding ("MOU") with the ICO, which it purportedly entered into on the 29 September 2014.
The MOU recognises that the FCA and ICO have separate, but overlapping mandates concerning the regulating of personal data handling by FCA-regulated businesses. Experience has shown us that the FCA typically take the lead when there has been a data breach involving an FCA regulated business due to its ability to impose unlimited fines. There has always been the potential however, for both regulators to be involved.
Key points from the MOU are:
- The FCA and ICO will alert each other to potential breaches of legislation applicable to the other regulator;
- They will liaise to ensure the most appropriate regulator is chosen to commence and lead an investigation, however allowing time in the investigation to consult on views from the other regulator;
- The FCA and the ICO will co-ordinate on respective policies that have a material effect on the other's objectives
To view the MOU, please click here.