GDPR and Financial Advice

The General Data Protection Regulation (GDPR) deadline will come into effect on 25th May 2018 and we all need to be ready!  Elizabeth Denham, Information Commissioner at the (ICO) is one of the most powerful women in the country and holds the responsibility for the smooth implementation of GDPR.

Adviser, Pension Schemes and Employers all need to be aware of their new obligations and evidence that these protective client data protection measures have been implemented within the new guidelines.

In a series of articles based upon the initial meeting of the Intelliflo (back office system) GDPR working group to discuss the ramifications of the GDPR for financial advice firms, Rob Walton considers the issue of date subject consent.  Primarily aimed at giving the client more control over the use of their data in relation to marketing activities and in particular being given a choice to receive such material.

The impending GDPR should therefore not be viewed as a ‘tick box’ exercise but rather a demonstration that we as advisers are actively reducing risk.

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