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|Brexit Won’t Save Practices From The New EU Data Protection Rules|
|Monday, 18 July 2016|
My Wealth Cloud.com the UK’s leading cloud-based client communication and collaboration software solution for financial advisers and wealth management companies, is urging practices to continue to prepare for the introduction of the new EU General Data Protection Regulations that will still apply to UK companies when we Brexit.
In the event of Brexit, UK advisers offering services to EU citizens – regardless of whether they hold any data in the EU – will have to adopt more stringent rules than the ones currently imposed by the UK Data Protection Act.
The new data protection rules, will become enforceable in 2018 and place a number of obligations on practices that need to be addressed.
First, financial advisers need to be aware of the obligation to perform data erasure in response to individuals’ exercise of their “right to be forgotten” – that is, the right to withdraw their consent to your storing or using their personal data and to request their data be deleted.
Practices will also have an obligation to allow individuals to see their own data, to release a copy of any data you hold about them in a commonly readable format, so they can exercise the right to data portability – meaning they can transfer personal data from one service provider to another.
If a data breach occurs, the relevant data protection authorities must be notified within 72 hours – in the UK it’s the Information Commissioner’s Office.
“If anything, these new regulations should be seen by financial advisers and wealth managers as an opportunity to revise their existing privacy policies and procedures in relation to data storage, transmission and processing,” says Toni Charles from My Wealth Cloud.
Richard Balaes from AAG Wealth Management believes the GDPR will ultimately reduce costs for management companies. “Although the new rules look like an additional burden for FAs, we believe ultimately it will reduce administrative costs and impose best practice for the industry for the cross-border exchange of data.”
“Despite 2018 being some time off, practices should be auditing data requirements and looking for a secure solution that will help them comply with the new regulations,” concluded Toni Charles from My Wealth Cloud.
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