Members of Banking & Payments Federation Ireland (BPFI) are amongst the many organisations that collect and process a large amount of personal data as an essential business activity. As a result, there is an ever present legal and reputational risk associated with ensuring the protection and control of that data. In addition, there are many complexities in the legal and regulatory environment in which most organisations operate, and it can often be difficult for financial institutions to achieve clarity between data protection legislation and other legislative requirements.
In 2013, the banking industry agreed the content of a Data Protection Guide with the Office of the Data Protection Commissioner. The Guide sets out the requirements for financial institutions in controlling and processing data, and should also be used by customers as an easy reference guide to assist with understanding the use of personal information in a financial context.
More information on data protection is available from the Office of the Data Protection Commissioner’s website
Download BPFI Data Protection Guide