GDPR: What’s it all about?

If your inbox is anything like mine, you have probably been receiving loads of emails recently from companies asking you to “opt back in” to receiving their emails. You might be wondering why this is.

 

On 25 May 2018, the General Data Protection Regulation (GDPR) is coming into effect. This is a new EU regulation covering data protection and privacy for all individuals within the European Union.

 

The legislation aims to give control to EU citizens and residents over their personal data, and to simplify the regulatory environment for international business by unifying the regulations within the EU.

 

How does GDPR affect individuals?

 

GDPR includes the following rights for individuals:

 

  • to be informed about what data companies hold about you
  • to access your data
  • to rectify your data
  • to have your data erased
  • to restrict processing of your data
  • to move, copy and transfer your data
  • to object to automated decision-making and profiling

 

You may have also seen the term “Personal Data” being used a lot lately. This means data which can identify an individual, such as their name, address, telephone number etc.

 

There is also the term “Sensitive Personal Data”. This is personal data which consists of, for example, health records, religious beliefs and political opinions.

 

There has already been a two-year transition period and the Act becomes enforceable on 25th May. In summary, GDPR may seem as though it’s a nuisance, but we think it’s a good thing to protect people’s privacy.

 

Obviously, as financial advisers, we have access to a lot of information about our clients. As a responsible business, we will of course ensure we comply with GDPR and all other relevant legislation.

 

At Monetary Solutions Ltd, you can book a free initial consultation about any financial matters, so please call us on 020 8655 8488.

Allowances, limits and thresholds correct at the time of writing, but are subject to change in the future. Please confirm the current position before taking any action

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