A few months back I had an accident (massive face plant) in front of a bus (no fault of the bus at all I might add) and the bus driver and passengers helped me loads, calling ambulance and police for me, anyway I tried to get hold of the footage of me landing on my face, I thought it would be possible to get it through the data protection act but the bus company said that due to regulations surrounding cctv I couldn't get the footage, just telling me my front wheel fell off and I went over the handlebars landing squarely on my face. I did do a little research and there was some things about how some cctv isn't covered by the data protection act but never really followed it up. This doesn't really answer your question but is my experience of trying to get cctv footage.
What the Bus company told you seems highly dubious: Unless you agree otherwise you have a right to a copy of any footage of you.
Individuals whose images are recorded have a right to view the images of themselves and, unless they agree otherwise, to be provided with a copy of the images. This must be provided within 40 calendar days of receiving a request. You may charge a fee of up to £10 (this is the current statutory maximum set by Parliament).
What the Bus company told you seems highly dubious: Unless you agree otherwise you have a right to a copy of any footage of you.
See, for example:
http://www.ico.gov.uk/upload/documents/cctv_code_of_practice_html/9_responsibilities.html