Bank of England has spent over £1.5m on GDPR

Freedom of Information request reveals a budget of nearly £2.5m.

The Bank of England has already spent £1,590,776 on ensuring it is compliant with General Data Protection Regulation (GDPR), Insurance Age can reveal.

In order to prepare for GDPR the Bank set up a project team to run until January 2019. The figure for the spend as of 1 May includes £127,120 on software and £25,185 on training.

The Bank also detailed, in a response to a Freedom of Information request, that external consultants including employees on fixed term contracts accounted for £492,655 of the total.

However it flagged that “these figures do not take into account the significant time spent by employees across the Bank who have been extensively involved in preparations for GDPR as part of their business as usual roles within their respective areas”.

Budget
The EU wide GDPR regime came into force on 25 May and set onerous new rules on how organisations hold and manage personal data on individuals.

Insurance Age can also reveal that the Bank of England’s GDPR budget from March 2018 until January 2019, when the project team’s remit is scheduled to end, is £2,446,020.

It clarified that this figure overlaps with the money already spent rather than being a further addition.

The Bank is responsible for the Prudential Regulation Authority (PRA) which oversees insurers.

However, it noted that due to the Bank-wide nature of the project it was unable to give a breakdown of the numbers specifically relating to the PRA.

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