View more on these topics

Where should advisers start on new client data rules?

Financial services firms now have under a year before the General Data Protection Regulation comes into effect. The GDPR will Paper mountain 010514.jpg impact the way firms gather, store and manage the personal data they hold.

With the potential for significant fines and reputational damage in cases of non-compliance, no firm can afford to ignore this significant piece of legislation. To be prepared for GDPR, consider these key areas:

Personal data: Firms need to establish what personal data they hold within their organisation and understand the life-cycle of that data, including any high-risk processing activities.

Infrastructure: It is also important to be able to evidence the legal basis for processing personal data and to ensure this does not conflict with the rights and freedoms of data subjects. Policies should be well balanced to ensure data is effectively protected, and systems and controls should be geared towards data security and protection.

Third-party processors: All firms that process personal data can be held jointly liable with the data controllers for breaches. If a business transfers data to a third party for processing, they will need to ensure their supplier contracts are reviewed and amended where necessary, to ensure all data-handling and processing activities are compliant with the new regulation.

Lorraine Mouat is senior regulatory consultant at TCC



How advisers can make sure client data is secure

While some advice firms may be a little apprehensive about next year’s introduction of the EU’s general data protection regulation, it offers an opportunity to improve business practices and client relationships. Firms have a year to prepare for full implementation of the GDPR, which represents the most important change in data privacy regulation in 20 […]


Wonga data breach hits 250,000 customers

Payday lender Wonga has suffered a security breach which may mean criminals have stolen information from 245,000 of its UK customers. Wonga says it is “urgently investigating illegal and unauthorised access to the personal data of some of its customers”. The stolen information includes names, phone numbers, addresses, sort codes and bank account numbers. This […]


Paul Lewis: Scrap National Insurance contributions

Is it time to scrap the National Insurance fund? Despite its name, it is not a fund and it is not insurance, though a fiction is carefully woven around it to make it appear as if it is both. Its very name is misleading. The word “fund” makes people think of a pot of money […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment