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.