"In 2014 and 2015, the Facebook platform allowed an app. that ended up harvesting 87 million profiles of users around the world that was then used by Cambridge Analytica in the 2016 presidential campaign and in the referendum", Elizabeth Denham, the information commissioner, told BBC radio.
"A significant finding of the ICO investigation is the conclusion that Facebook has not been sufficiently transparent to enable users to understand how and why they might be targeted by a political party or campaign", Denham wrote, according to the Post.
The reportalso initiates the prosecution of SCL Elections Ltd, which is Cambridge Analytica's parent company, "for failing to properly deal with the ICO's Enforcement Notice".
The amount is the maximum allowed under the Data Protection Act 1998, but is pocket change for a company valued a year ago at around $590bn (£445bn).
Despite the proposed fine being a record for the watchdog, campaigners said it was "unacceptable", as under new data laws the penalty could have totalled more than £450 million.
"Trust and confidence in the integrity of our democratic processes risk being disrupted because the average voter has little idea of what is going on behind the scenes", she said.
Cambridge Analytica, which was hired by Donald Trump in 2016, has denied its work on the USA president's successful election campaign made use of data. "But this can not be at the expense of transparency, fairness and compliance with the law", she said in a statement.
But it would represent the first tangible punishment for the company's privacy scandal, which tarnished its reputation, temporarily pushed down its shares and forced CEO Mark Zuckerberg to testify before Congress, but otherwise led to few lasting repercussions.
EU Justice Commissioner Vera Jourova welcomed the ICO report.
Among the main areas of concern are that parties buy up marketing lists and lifestyle information from data brokers without proper due diligence and fail to check consents when using third party data analytics companies. If the incidents had occurred more recently - such as after the new European General Data Protection Regulation (GDPR) had taken effect - the company could have faced fines of £17 million, or even £1.4 billion (around 4% of its global turnover).
But the ICO said because of the timing of the incidents involved in its inquiry, the penalties were limited to those available under previous legislation.
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Belgium is the most exhaustive team in all aspects: Lloris
Let us know your thoughts - and if you threw the remote at the TV during Alli's celebrations - by posting a comment below. When I played against him (in the Champions League in February 2017) he had played only 10 matches and I didn't know him.