Intelliflo forms GDPR working group
Intelliflo has formed a working group to help identify and tackle the challenges advice firms may face from the incoming General Data Protection Regulation.
The Intelliflo GDPR Customer Working Group, comprising representatives from 11 major networks and advice firms, will meet to discuss how firms should interpret the key articles of the GDPR regulation and allow firms to share information about how they will meet the requirements, ahead of the May 2018 enforcement date.
It follows a recent survey by Intelliflo, which highlighted that many advisers are not yet fully prepared for the requirements of the new regulation. The findings revealed that two thirds of the 270 Intelligent Office users polled did not yet have a plan they were working to, while almost one in ten said they were not even aware of the new regulation.
Rob Walton, chief operating officer at Intelliflo, said: “It is clear there is a significant lack of understanding of the GDPR, both in terms of the differences with current data protection regulation and the impact it will have on the financial advice industry. As such, we have decided to seek engagement and feedback from our client community as to their plans and interpretations of the GDPR in order to map out a clear path and strategy for all firms to achieve compliance with this regulation.”
The group held its first meeting in July, with the aim of establishing common understanding of the implications of the regulation.
As well as leading voices from the UK’s largest advice firms and networks, GDPR experts from cyber security specialist NCC Group and legal firm DAC Beachcroft are also working together with the group to help navigate the changes. After each working group, a consultation paper will be produced that is shared with Intelliflo customers for feedback, in an effort to create a “best practice approach of implementation” that will help firms in meeting the challenges of GDPR.
Walton added: “Given that advice firms deal with and process significant amounts of data on individuals, it is paramount that all have strategies developed and action taken by the deadline of next May.”
The next working group is due to meet in late October, when further recommendations will be made and shared with the wider industry.