Relating to this occasion, the Icelandic Data Protection Authority wants to state the following with respect to press release published today from the Consumer Associations and ASI:
According to the current legislation, the Data Protection Authority has the role to give licences for a financial information Agency. Based on the previously privacy legislation, was in force a Regulation based on this activities, but it was not adopted a Regulation based on this new legislation. Taking into account the delay in the adoption of the regulation, the new terms have been delayed too.
Because it is not planned the time in which the Regulation will be implemented, the privacy policy no longer feels a reason to wait. It is expected that terms will be re-emitted and will be inserted into the review process, as planned by the Consumer Association and ASI.
In case of personal sensible informations, it should be noticed that financial informations fall outside the definition of this privacy legislation. Anyway, it is clear that special measures must be adopted into the process of personal data by financial agencies and except strict conditions.
Also, it should be noted, in terms of the potential benefit of the financial Information Office of the fraction of subscribers, that the increased subscription fee for breaches is intended to include penalties against those who do not comply with the terms, but also will be recurring for the second time in order to terminate the contract with the relevant subscriber.
It should be noted that it is not on the based in license terms that the data subject has to enter the true liability of its debtor and will be seen by the enumerator of the terms on when the registration is allowed, as well as the processing of information on the disputed debt is prohibited until they have been confirmed by an official legal type.