This paper sets out to reinforce the fundamental privacy principles of purpose specification and use limitation that prescribe limits to the collection and use of personal data. We respond to a recent proposal to dramatically revise the OECD Fair Information Practice Principles (FIPPs) in the era of Big Data, Cloud Computing and the Internet of Things. The co-authors of the proposal argue that the current practice of "Notice and Choice" is deeply flawed in today's era of ubiquitous data availability, and that the principles of Purpose Specification, Collection Limitation and Use Limitation be diminished in favor of greater emphasis on ensuring accountability by data users/controllers.