18th September 2017

GDPR is coming

The GDPR is the new General Data Protection Regulation. It becomes law on 25th May 2018, affects everyone in the EU, and even us in the UK. Brexit will not change this train coming down the track.

GDPR is designed to:

  • Strengthen individuals’ rights over their personal data and its use
  • Improve cyber security
  • Improve supervision
  • Increase punishments for personal data misuse

This is a big thing for advisers and you need to be ready for it.

Every financial services business will use IT systems to collect, keep and use personal data. This could be from clients or prospects. 

GDPR rules mean you have to adhere to some pretty strict protocols such as:

  • Collecting personal data, both B2C and B2B
  • Storing personal data
  • Using personal data

You will need to find out exactly how the GDPR will affect you, if you do not know, as soon as possible and definitely before the 25th May 2018

But how ready are you?

This snapshot poll will help you see how ready your peers are.

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Comments (1)

I sit on BIBA's Cyber Insurance Committee.

It's clear that the rules are not yet fully formulated, so far as financial services goes.

For example, a client asks for a group life scheme for 500 employees, 3 x salary.

Free cover limits are likely to be there, without evidence of health, so I need full names, dates of birth, salaries and such other data as the insurer needs. Individual proposal forms aren't needed.

Where's the proof of informed consent from each individual member of the scheme? Ditto existing arrangements, including group pensions.

If we're not careful, this well-meaning piece of legislation, much of it good, could have a similar effect on the public as did RDR, if the extra administration (for which the public is unlikley to pay)results in either the public (in recent years with diminishing concentration span) or advisers refusing to become involved.

Richard Brown   20/09/2017   10:28

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