Is it data? ICO certainly thinks so if you consider Annex 1 of his guide https://ico.org.uk/media/for-organisations/documents/1609/what_is_data_for_the_purposes_of_the_dpa.pdf and recordings are generally accepted as such. I can however conceive of 'not necessarily' arguments if you take a purposive approach to DP and privacy.
Is it personal data? No the recording, as such, is not personal data but it may contain personal data. How much would depend. I can imagine in many cases the only likely personal data would be the identity of the inspector and anyone he was talking to. Even if not named they may be identifiable by voice recognition or other information available to the 'data controller'* who presumably knows who was present. May be more if e.g. contains Q&A about training of individuals - but that personal data would be exempt from notification anyway. Factual discussions about fridge temperatures, operaating procedures are most unlikely to be personal data of anyone.
That being the case it does look as though in theory the full weight of DPA might descend because the Act of recording in some way means you are processing the inspector's name which the Court of Appeal tells us is , given context, personal data.
Taking a purposive approcah via the directive I might try and argue that this in no way affects privacy (at leass so long as not covert) and the fair processing requirements are almost met by default (again if not covert) if the only PD is identity.
And as for interception I doubt if it is hard not to bring this under the Lawful Business Regs for 'quality purposes'
* Interesting (but probably facile) chicken and egg argument, which has never before occurred to me, in the extended definition of PD by reference to a DC - given that a DC is defined as someone who processes PD.
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