The ICO And The FCA Sign Updated Memorandum Of Understanding
The Information Commissioners Office (ICO) has announced on its website that they have signed an updated Memorandum of Understanding (MoU) with the Financial Conduct Authority (FCA). This MoU establishes a framework for cooperation, coordination and information sharing between the ICO and the FCA. In particular, it sets out the broad principles of collaboration and the legal framework governing the sharing of relevant information and intelligence between the parties.
The shared aims of this MoU are to enable closer working between the ICO and the FCA including the exchange of appropriate information, so as to assist them in discharging their regulatory functions. The MoU is a statement of intent that does not give rise to legally binding obligations on the part of either the ICO or the FCA. The arrangements set out in the MoU are subject to what is permitted and required by law. Both the ICO and the FCA have determined that they do not exchange sufficient quantities of personal data to warrant entering into a separate data sharing agreement, but this will be kept under review.