chapter  1
4 Pages


The financial services industry is a long-established industry in the UK. Data

protection law has been in effect here since as recently as 1984. 1 Yet, interestingly, more

myths surround data protection law than the financial services sector. The term

‘financial services’ is used to describe savings, investments, insurance, and credit. Can

we be as certain of what is meant by ‘data protection’? As a simple definition, data

protection means the law protecting the privacy of individuals and regulating the

activities of organisations that use information relating to individuals.