By now, most marketers are aware of the impending General Data Protection Regulation, a European Union initiative designed to give consumers greater control and transparency when it comes to the personal data companies are collecting and storing. The compliance deadline is May 25, 2018, which means any business that hasn't reviewed its policies and practices is running out of time.
Although the GDPR currently only applies to companies that possess data from EU residents, many experts believe similar regulations will start emerging elsewhere. It's best to prepare yourself and become compliant now, even if you don't currently have overseas customers.
<p>Personal Data & GDPR
Any data relating to identifiable
Covered by the Data Protection
Act 1998 which sets out legal
conditions which must be satisfied
in relation to
Destruction of personal information
What is it & why is it important?
Breaches of confidentiality e.g. information being given out inappropriately,
lost or overseen
Failing to offer choice e.g. individuals should be free to choose how the
company uses data relating to them
Reputational damage e.g. TFA should suffer if hackers successfully gain
access to personal data.
Clients should expect us to look after their data securely and in a
professional manner, regardless of any regulations!
Personal Data Protection Risks
Breaches have to be reported, significant to the ICO
Potential fines for TFA, and! the relevant adviser as Data Controller
Reputational damage, Due Diligence risk
Potential for TFA to be struck off panels e.g. Mortgage Panels
Potential for investigations by FCA into TFA's compliance
ULTIMATELY RISKS OUR FINANCIAL STABILITY
So what if ?
Future of Personal Data
General Data Protection Regulation Effective from 25th May 2018
A complete overhaul of data protection regulation with extensive updates of what can be considered identifiable
Applies across all member states of the EU
Applies to all organisations processing the data of EU subjects wherever the organisation is geographically based
Specific and significant rights for data subjects to seek compensation, rights to erasure and accurate representation
Compensation can be sought against organisations and individuals employed by them
Fines of up to 20,000,000 Euros or 4% of global annual turnover
GDPR- What's New?
Future proofing our business, top down review of our practices,
guidance and advice from Legal and Tan