The following Financial Services guidance note Produced in partnership with Pillsbury Winthrop Shaw Pittman LLP provides comprehensive and up to date legal information covering:
ARCHIVED: This archived Practice Note provides information on the data protection regime before 25 May 2018 and reflects the position under the Data Protection Act 1998 (DPA 1998). This Practice Note is for background information only and is not maintained.
Under the DPA 1998 data controllers that handle personal data must comply with the following eight principles:
Principle 1: personal data must be processed fairly and lawfully
Principle 2: personal data must be obtained only for specified and lawful purposes
Principle 3: personal data must be adequate, relevant and not excessive
Principle 4: personal data must be accurate and kept up to date
Principle 5: personal data must not be kept for longer than necessary
Principle 6: personal data must be processed in accordance with the rights of data subjects
Principle 7: there must be measures against unauthorised or unlawful processing of personal data
Principle 8: there must be adequate protection for personal data transferred outside the EEA
Other laws applicable to the information in question must also be observed. For example, a former employee’s use of confidential customer records to set up a competing business is prohibited by the DPA 1998 as unlawful processing, and may also infringe post-termination provisions in his employment contract.
For an explanation of key terms mentioned in this note, see Practice Note: Key definitions under the DPA
**excludes LexisPSL Practice Compliance, Practice Management and Risk and Compliance. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
Take a free trial
0330 161 1234