Data has been big news of late, mainly for all the wrong reasons.

But the EU-wide General Data Protection Regulation (GDPR) when it comes into force on 25 May, seeks to address this.

"Data is the new gold," states Virginia Chinda-Coutts, group director of data protection at DST Systems.

She asks: "Why don't organisations look after it?"

Ms Chinda-Coutts believes GDPR is "such an opportunity" for firms to get the data they hold on their clients and the way in which they use it right.

The financial services industry is not renowned for being ahead of the game when it comes to its use of technology, and even for its reputation - customers often express their mistrust of many of the larger high street names.

Ruaraidh Thomas, managing director of applied analytics at DST Systems, admits asset management and banking is "riddled with legacy tech".

"[There are] lots of instances of not knowing where data is," he adds.

For this reason, he believes GDPR will force firms to get up to speed on where they should have been in terms of data protection.

Rob Walton, chief operating officer at Intelliflo, says: "A key output of the GDPR is the drive for better data quality and this is not going to harm any business - quite the opposite.

"Once firms truly understand their data and set about making it better, they will be more efficient in every aspect of their business - from automated valuations instead of hours wasted on the phone to providers, to a much better understanding of their client bank for business process improvement or business growth initiatives."

"It seems a daunting challenge at first, but it will also be a rewarding one for those firms that embrace the GDPR and commit to it," he concludes.

This guide asks what GDPR is, and how it integrates with other regulation, as well as highlighting the key areas advisers will need to address in implementing it.

What challenges will preparing for GDPR bring? And is the threat of a cyber attack real for financial advisers?

Finally, the guide will consider any hints and tips for firms to make sure they are GDPR ready for the May deadline.

This guide is worth an indicative 60 minutes of CPD.

Contributors to this guide are: Linda Gibson, director of regulatory change and compliance risk at BNY Mellon's Pershing; Steven Rhodes, data protection lawyer at Allegis Group; Steve Snaith, technology risk assurance partner at RSM; Mark Ehlinger, head of regulatory and professionalism services at Focus Solutions; Giulia Lupato, senior policy adviser at Pimfa; Jon Szehofner, founding partner at Gordon Dadds Financial Markets; David Marchese, consultant at Gordon Dadds; Virginia Chinda-Coutts, group director of data protection and Ruaraidh Thomas, managing director applied analytics at DST Systems; Scott Bancroft, principal consultant, cyber security and Mark Stringer, partner, UK head of wealth and asset management at Capco; Mark Greenwood, regulatory policy manager at The SimplyBiz Group; Rob Walton, chief operating officer at Intelliflo; David Moffat, group chief executive at DST Systems; openbanking.org.uk; RSM; ICO; Square Health.

Ellie Duncan is deputy content plus editor at FTAdviser