Though this is seemingly a commercial based standard, it illuminates areas of data seen as to be protected on average. This may have been superseded as it is '95 vintage.
The UK and Europe are all party to what is called the EU Data Protection Directive 1995. This Directive set out seven principles of data collection:
If you are based in Europe, the UK, Canada, or the US, or collect data from customers internationally, you need to comply with these laws and reflect these principles in your Privacy Policy.
The second aspect of complying with the law is making sure that your users are bound by your legal agreement.