The other regulator – ICO and financial services

As if the conduct and prudential regulators weren’t enough to worry about, the General Data Protection Regulation along with the recurring menace of cyber breaches, have brought the role of the Information Commissioner’s Office into greater prominence. By Neasa MacErlean.

Insurers and other financial services firmsare unlikely to be hit in the short-term with big fines by the Information Commissioner but there will be significant medium and long-term implications for businesses in this sector. The use of algorithms to set premiums is one area that is already being studied by the regulator.