A Mortgage Solutions poll last month produced “pretty shocking” results concerning the state of advisers preparations, with just over half of respondents saying they were either on track or ahead of schedule for the compliance efforts.
However, a concerning one in four admitted they were unprepared while 17.5% were entirely unaware of what GDPR is.
The EU regulation, which comes into effect from 25 May will be governed and monitored by the Information Commissioner’s Office (ICO) and dictates the way in which UK businesses must deal with the personal data of all individuals who reside in the UK.
The SimplyBiz hub holds information on every step of the journey advisers must take in order to ensure compliance with GDPR, including training options, a gap analysis tool and full suite of client-facing material created in line with the upcoming requirements.
New internal policy documents and guidance on issues such as the responsibilities of data protection officers and management of breaches are also available.
Key pointers
Mortgage Solutions has also put together seven key pointers to help brokers prepare their businesses for GDPR compliance.
SimplyBiz marketing director Richard Ardron noted GDPR was fairly unusual for advisers as it is governed by the ICO, not the FCA, and because it applies to all UK businesses, rather than being financial services specific.
“There have also been a number of queries surrounding this regulation, such as whether its implementation will be influenced by Brexit and how an adviser could be affected if a client requests their personal data to be destroyed and then later lodges a complaint against the adviser,” he said.
“This confusion means that advisers need clear, reliable and comprehensive support both in the lead-up to D-Day, and beyond. The GDPR hub contains detailed information on the policy and how to adhere to it, both providing advisers with peace of mind and ensuring consumer protection.”
