You are here: Home - Your Community -

On GDPR: ‘Pretty shocking, to be honest’ – poll result

by:
  • 13/12/2017
  • 0
On GDPR: ‘Pretty shocking, to be honest’ – poll result
With less than six months till the General Data Protection Regulation (GDPR) comes into effect, compliance efforts are becoming ever more important as the deadlines looms.

The latest Mortgage Solutions poll asked brokers for an update on their GDPR preparations by 25 May.

Just over half of respondents are either on track, or ahead of schedule for the compliance efforts, while 6.8% are falling behind. However, a concerning 24.3% are unprepared, and a 17.5% entirely unaware of what GDPR is.

 

Huge impact

“There is no doubt that this is going to have a huge impact on how we operate, and the products we advise on such as mortgages, protection and general insurance,” said Daniel White, managing director of White Financial Services.

He continued: “As business owners and advisers, we all have a responsibility to ensure we are fully prepared in good time for these changes, and it’s something that needs to be embraced by every business – like any regulatory change.

“I’m very surprised at the percentage of unprepared and unaware – more so the unaware. GDPR is spoken about quite commonly these days so it is quite difficult not to become aware of the changes.

“It is so important that not only do we ensure our businesses are protected, but our clients are, as well,” White added.

 

Clarity needed

“It’s worrying that a combined 48.6% of firms are essentially not prepared. At the very least most should understand what’s required of them with the new regime and how it will impact their businesses, and the changes required,” said Alastair McKee, managing director of One 77 Mortgages.

He continued: “For example, will they have enough time to implement the changes considering most are behind or are unprepared?”

But McKee also noted that GDPR could create conflicts with regulatory requirements.

“As a business, we have a regulator that tells us we need to keep data on file to defend any claims which, if you interpret the new GDPR rules literally would mean you’d have a conflict, and I’d assume would ask ‘who’s rules do a follow, GDPR or the regulator?’”

“I know the answer,” McKee added, “but it would be good for some clarification from the regulator for the smaller firms or firms that are unprepared or confused by the potential changes.

 

Shocking

“I’m slightly concerned that 17.5% are entirely unaware,” said Matt Lowndes, managing director at Coreco.

“This is a massive new regulation and to know nothing is pretty shocking, to be honest. AMI have been sending out regular communication on it, so it surprises me,” he continued.

Lowndes added: “The ICO has a very good section on their website regarding the changes. It provides a checklist and I’d advise brokers to check it out ASAP.”

Craig Calder, director of mortgages, Barclays was recently featured in Mortgage Solutions urging businesses to get started on their GDPR preparations. Separately, Mortgage Solutions has compiled a seven step GDPR guide, which you can find here.

There are 0 Comment(s)

Comments are closed.

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
2338752-money-hand-invest
Wages rise 2.5% in the year but ‘little reason to cheer’

The number of people in work fell for the second time in a row while wages rose 2.5% in the...

Close