GDPR, the EU legislation concerning handling and processing of citizens’ data, will impact advisers’ marketing to new and existing clients.
It introduces steeper fines and tougher rules around data security and permissions.
Gibraltar is expected to implement GDPR with parallel legislation in a similar way to the UK Government – regardless of the outcome of Brexit.
Outsourcing
Blacktower is one of the firms invited, via the Gibraltar Insurance Authority (GIA), to form part of a working group with the Gibraltar Regulatory Authority (GRA).
Robert Mancera, general manager and director of Blacktower, said: “The working group provides the industry with an opportunity to help mould the legislation in the best interests of local business.
“Blacktower believe it already has a robust process in place that may in fact only require minor tweaks – however, we are engaging with a number of software providers who appear to have taken the subject on the front foot and believe to offer an outsourced solution.”
Despite some predictions of a steep regulatory burden and stiffer fines for breaches come implementation of GDPR in 2018, Mancera said it was too early to understand the financial impact of GDPR on the industry.
