They say spring is the season for new beginnings and in the mortgage market at least that certainly seems to be the case. In the last few years, the spring months have brought with them plenty of change – from the implementation of the Mortgage Market Review and the Mortgage Credit Directive to the Stamp Duty surcharge and the roll out of the new landlord tax relief system. And it seems 2018 will be no exception.
In May the EU General Data Protection Regulation (or GDPR) which will replace the Data Protection Act 1998, will come into effect in the UK. The new regulations will give clients more control over what information is kept about them and why it is being kept. They will also have the right to erase that data or ‘the right to be forgotten.’
The new rules will have a significant impact on firms from a compliance point of view.
As such now is the time to review your IT systems, if you haven’t done already, to ensure they are equipped to adhere to the changes.
Perform an audit of the information your systems currently hold. By doing so, you’ll be able to assess the accuracy and security of the data.
Check the efficiency of your systems. A client will now be able to request access to their information free of charge, and you will be required to comply with this within a shorter time scale than before. A smart system will be able to provide that quickly and efficiently.
Assess your current processes and their ability to respond to customer demands. For example, does your current system enable all the data about an individual to be retrieved and then erased?
At present, technology is both the problem and the solution to GDPR for companies. Perform a systems audit now and if your processes are not up to scratch consider who you partner with in this arena and take steps now to fix things. Spring will be here before you know it.