Data has always been an essential part of any business, and knowing how to collect and use it can create tremendous success and wealth. This has become ever more relevant with huge recent advances in technology, and companies are now collecting and holding more data than ever. However, there are some laws and regulations that you must be aware of in order to remain a law-abiding organisation.

Security of personal data is key: it is essential that it’s kept safe from corruption and remains private and protected. The Data Protection Act of 1998 should be top of the list for property professionals – it includes eight keys points to help regulate the processing and storage of personal data, as not following the law is a criminal offence and can be punished with an unlimited fine.

Data must be;
1)    Processed fairly and lawfully
2)    Processed only for relevant purposes
3)    Adequate, relevant and not excessive in relation to the purpose for which it’s held
4)    Accurate and up to date
5)    Held no longer than necessary
6)    Processed in line with the data subject’s rights
7)    Kept securely
8)    Not transferred to countries without similar date protection laws to the UK

The Freedom of Information Act 2000 is another crucial piece of legislation – it allows any individual or organisation to access official information from any public authority. There are a number of procedures the authority must follow, and the information must be provided within 20 working days.

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.