The Intelliflo GDPR Customer Working Group was set up by the IT provider in July after it found 67% of advisers don’t yet have a plan they are working to, and 9% said they were not even aware of the EU’s General Data Protection Regulation (GDPR) ahead of its enforcement in May 2018.
The working group comprises representatives from 11 major networks and advice firm customers to identify and solve challenges for financial advice firms.
It aims to establish common understanding of the implications of the rules and to allow firms to share information about how they will look to meet the requirements of the regulation.
Best practice and potential pitfalls
The first consultation paper, entitled ‘GDPR and the Financial Advice Industry: Intelliflo Customer Working Group – 1st Consultation Paper’ has been produced and made available to all Intelliflo customers for review and to provide feedback.
It considers best practice and potential pitfalls in – right of erasure, data accuracy, data subject consent and breach reporting.
As well as advisers including
Members include Mazars Financial Planning Ltd, Openwork Ltd and Simply Biz; experts on GDPR from NCC Group and DAC Beachcroft are also involved. The NCC Group already works with Intelliflo as a cyber security specialist and is also assisting UK firms in readiness and implementation of the GDPR.
Legal firm DAC Beachcroft also works with Intelliflo and is recognised as UK legal experts in the field of data protection regulation.
Reaching a common understanding of GDPR
Going forward the Intelliflo GDPR Customer Working Group will meet regularly to discuss how firms interpret the key articles of the GDPR regulation and how they plan to meet the requirements. After each working group, a consultation paper will be produced that is shared with all Intelliflo customers for feedback.
The aim of the initiative is to, during the first quarter of 2018, reach a common interpretation of the impact of the GDPR regulation on financial service firms and a best practise approach of implementation that will assist all Intelliflo customers in meeting the challenges of this new regulation.
“It is clear there is a significant lack of understanding of the GDPR,” said Rob Walton, chief operating officer at Intelliflo. “As such, we have decided to seek engagement and feedback from our client community as to their plans and interpretations of the GDPR to map out a clear path and strategy for all firms to achieve compliance with this regulation.”
The next working group is scheduled to be held in late October, when further recommendations will be made and documented to share with the wider industry. The group comprises both advice and mortgage firms and networks and attendance is by invitation only.
