16pct of brokers and intermediaries, who responded to a recent UTB poll, expect their GDPR bill to exceed £5000. However, 15pct are yet to start their preparations for the General Data Protection Regulation (GDPR) which comes into force on 25th May.
The research, carried out amongst over 120 brokers operating in the fields of property and asset finance, revealed that 65pct of brokers are currently working towards ensuring their businesses are GDPR compliant whilst a further 14pct believe they already meet the data handling, storage and security requirements stipulated by the new regulations. With 15pct yet to start, the remaining 6pct didn’t know what GDPR was or didn’t think it would apply to them.
The survey also asked brokers to estimate a figure for the total cost of their GDPR preparations including the value of resources and time committed to it. Over a quarter (28pct) of respondents suggested they would spend between £1001 and £2500 in total whilst a further 22pct indicated that they would spend more than £2500.
9pct of brokers believed they would spend more than £10,000 preparing for GDPR.
Finally, brokers were asked how confident they were that they would be GDPR compliant by the May 25th deadline. 64pct were very confident, 32pct confident and the remaining 4pct were not at all confident.
Mark Heaphy, Head of Compliance at United Trust Bank, commented, “Data Protection Regulation has been around for a number of years and all businesses should be taking the regulation seriously. If you run a business or are self-employed in the financial services sector, or provide a service to a company or individual which is, there’s a good chance that GDPR will affect you.
“At UTB this has been on our radar for over a year and we’ve been preparing for just as long. Whilst we’re confident of being compliant by the May deadline, we’re not there yet and I would urge those 15pct of brokers who haven’t started preparing, and the 6pct who don’t know what GDPR is or think it doesn’t apply to them, to take a close look at what they’re expected to do.”
The Information Commissioner’s Office (ICO) is the UK’s independent authority created to uphold information rights in the public interest, promoting openness by public bodies and data privacy by individuals. They have created a frequently updated guide to the GDPR for those who have day-to-day responsibility for data protection. It’s a useful resource for anyone wishing to learn more.
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