Mortgage Intelligence compliance bulletin: Are you making plans for the 2018 General Data Protection Regulation?
Head of Compliance Steve Adams highlights how Mortgage Intelligence are preparing Appointed Representative advisers early for the 2018 General Data Protection Regulation
GDPR (General Data Protection Regulation) is a piece of EU legislation that will replace the existing Data Protection Act. This legislation, regardless of any Brexit negotiations, will come into effect on the 25th May 2018. Whilst this may seem a long time away, Mortgage Intelligence has already commenced work on this large scale project and we are currently reminding all advisers to start considering their requirements and obligations in regards to the new legislation.
The new legislation applies to Data Controllers and Data Processors and this means that all Appointed Representative firms, their advisers and staff will have increased responsibilities in relation to their customer’s data.
It is important to understand how the law is changing and the impact this will have. The changes are wide-ranging and detailed but it should be noted that many of the fundamental principles already exist under the Data Protection Act. In terms of changes that could impact Appointed Representatives, the following are some of the key ones:
- New timescales for Subject Access Requests
- Changes to consent required from customers to take and process their data
- Rights for individuals to withdraw consent for use of data and to request it is erased
- Personal data definitions expanded
- Changes to the rights for children and enhancements to individual’s rights
As a network, we will ensure that the necessary changes that are required under GDPR are made to the sales process. This includes amendments to our point of sale system and looking at how data is held and stored. Advisers will be responsible for how they look after their own data, from hand-written notes from a client meeting, through to complex management systems.
As a very good starting point advisers can visit the Information Commissioner’s Office. Type “GDPR” into the search facility and the Data protection reform information will appear. The “Overview of the GDPR” and also “GDPR: 12 steps to take now” documents are particularly useful.
If you would like to know more about joining our award-winning Mortgage Network and enjoying compliance support as an Appointed Representative, call our Broker Support Team on 0845 130 7446, option 1.