ISBA will guide the ICO on a statutory code of best practice to cover online information collection.
The consultation will start in July.
The new code, to be known as Personal Information Online, will also cover the controversial issue of behavioural targeting when it is launched in May 2010.
The code will cover the practice of advertisers collecting information about people through websites and the developing area of behavioural targeting, which lets advertisers promote products and services to people based on their online search and email practices.
ISBA hopes that a code of practice will prevent government legislation on the issue.
The ICO's new privacy notices code of practice was launched on 12 June.
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