The General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679) is intended to strengthen and unify data protection for individuals and will replace the Data Protection Act.
General Data Protection Regulation (GDPR) will have a positive impact on the adviser market despite fears that some firms aren't prepared for its implementation, Mark Dryden, business development director at 360 DotNet has claimed.
The General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679) is intended to strengthen and unify data protection for individuals and will replace the Data Protection Act.
The new regulations come into effect on 25 May 2018 - at which time those organisations in non-compliance may face heavy fines.
However concerns have been raised that elements of the adviser market are unprepared for the implementation there have been concerns that businesses come.
But Dryden said that the increased trust that will be generated by GDPR will be a boon to the sector.
"GDPR is only going to increase trust for advisers. People will become more educated about their personal data and as such they will be more open to engaging with advisers as they will know that their data is safe.
"Rather than being a hindrance GDPR will only be a help for advisers."
However Dryden warned that with the changes there advisers need to be aware of their new responsibilities.
He added: "People now understand what GDPR is but the worry is that businesses may not be aware of their responsibility as data controllers.
"As a business you need to be assessing the date you hold and be aware of the reasons why collecting it. You also need tobe confident you are holding it securely.
"I'd urge anyone who is unsure of their responsibilities to get on the ICO website and do the questionnaire there."
Dryden was speaking at the Mortgage Business Expo which is taking place at the Royal Armouries in Leeds today.
