Two companies have launched services to help advisers comply with incoming European data protection regulations.
GDPR, which is a Europe-wide regime, introduces a number of regulations which will affect financial advisers, including the right to erasure, meaning an individual can request the deletion of personal data relating to them, and the right to access, meaning an individual can demand information on how their data is being used and a free copy of their personal data.
TMA Club has launched a new resource for advisers to help them comply with the General Data Protection Regulation (GDPR) while Intelliflo has put together a toolkit on the new rules.
Both companies are aiming to help advisers get ready for the implementation of GDPR on Friday 25 May.
Rob Walton, Intelliflo’s chief operating officer and chairman of the Intelliflo GDPR working group, which represents around 2,000 advice firms, said the need for help in this area is great.
"Since setting up the GDPR working group last year, it’s become clear that many advisers are finding the new requirements of the regulation challenging both in terms of understanding its scope and in having the resources available to make the necessary changes.
"Our aim is to work with our customers and provide them with as much help and assistance as we can to achieve compliance with minimum disruption to their daily business."
Intelliflo has collaborated with Brookland Computer Services to produce the toolkit which highlights each of the requirements covered by GDPR and provides advisers with advice and checklists to guide them to take appropriate action to achieve compliance.
Meanwhile TMA Club's online platform contains all the information advisers need to understand the regulatory changes, including advice from its compliance team and checklists.
Lisa Martin, development director at TMA, said: "At TMA we know regulatory changes can be challenging and even a little intimidating. The GDPR is the next significant regulatory change that directly authorised intermediaries will face so, to help guide them through the new landscape, we have created our exclusive GDPR Knowledge Base.
"We are certain the information contained within the Knowledge Base will be of great use to our members as we continue to support them through what is set to be another year of complex regulatory change."
GDPR also introduces the right to data portability, which means a person must be able to transfer their personal data from one system to another without being prevented by the handler of their data.
Meanwhile explicit consent must be obtained for the collection of data and all the purposes it is used for, while all data breaches must be reported within 72 hours.