Data protection

Data protection regime since 25 May 2018

The data protection regime introduced by the General Data Protection Regulation, Regulation (EU) 2016/679 (EU GDPR) came into force on 25 May 2018 and applied in the UK until IP completion day (11 pm on 31 December 2020). The EU GDPR introduced a raft of changes to the previous data protection regime, including new and extended data subject rights, a new standard for consent, additional obligations and liabilities for data controllers and data processors, and extended powers for supervisory authorities. The EU GDPR continues to apply in the European Economic Area (EEA) beyond IP completion day, but not in the UK.

In the UK, the EU GDPR was replaced on IP completion day by the UK GDPR regime. The UK GDPR regime uses, as its starting point, two key pieces of legislation:

  1. a version of the EU GDPR which was incorporated into UK law (with various amendments made by Brexit legislation) on IP completion day (Assimilated Regulation (EU) 2016/679, the UK GDPR)

  2. the parts of the Data Protection Act 2018 (DPA 2018) that relate

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DWP to evaluate pension scheme climate disclosure regime as part of government’s modernisation of climate disclosure and transition planning in UK financial markets

As part of its efforts to modernise the UK’s sustainability reporting framework, the government has introduced three consultations intended to “unlock billions in clean energy investment”. In doing so, the government is consulting on how to implement its manifesto commitment to mandate UK-regulated financial institutions (including banks, asset managers, pension funds and insurers),  as well as FTSE 100 companies,  to develop and implement credible transition plans that align with the 1.5C goal of the Paris Agreement. The government sees transition planning as a vital part of its commitment to secure the UK’s position as the green finance capital of the world. Notably, one consultation from the Department for Energy Security and Net Zero, seeks views on how the government should implement this commitment by ensuring an orderly transition aligned with global climate goals, aiming to enhance transparency to facilitate efficient capital allocation, enabling companies to seize opportunities from the global net zero transition, and bolstering the growth and international competitiveness of the UK’s financial services industry.  In particular, the consultation from the Department for Energy Security and Net Zero indicates that during 2025, the Department for Work and Pensions (DWP) will conduct a review of the Occupational Pension Schemes (Climate Change, Governance and Reporting) Regulations 2021, SI 2021/839, utilising evidence provided by the Pensions Regulator (TPR). The DWP regards this review as a logical starting point to assess the effects of the current climate disclosure regime (put in place following the recommendations from the Taskforce on Climate-Related Financial Disclosures (TCFD)) and to consider future steps for climate change reporting. In parallel with the TCFD review, the DWP has tasked TPR with evaluating the feasibility of transition plans within pension schemes. Accordingly, TPR is organising an industry working group, including key stakeholders and major occupational pension schemes, and is set to deliver its findings to the DWP later in 2025.

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