Specialist lender Arkle Finance provides practical support to small asset finance broking businesses having to prepare for General Data Protection Regulation (“GDPR”).
Arkle says it has developed the toolkit “specifically for the leasing market to overcome information overload.” It says the toolkit offers “step-by-step guidance that helps brokers to get compliant quickly and affordably,” and describes brokers as having to deal with the biggest overhaul of data protection law for two decades.
The European Commission’s new rules come into force in the UK on 25th May, making sweeping changes to the existing rules laid down by the Data Protection Act of 1998. As the implementation deadline approaches, many brokers are suffering from information overload as many guides to GDPR raise more questions than they answer. In response, Arkle Finance has teamed up with Asset Finance Policy (“AFP”), an industry regulatory specialist, to offer its brokers a practical solution - AFP’s GDPR toolkit.
The author of the toolkit is Julian Rose, who has worked with dozens of asset finance brokers since starting AFP in 2014 after six years as Head of Asset Finance at the Finance and Leasing Association.
Daniel Bailey, managing director of Arkle Finance, commented, “Complying with the new rules is of critical importance for everyone in both the broker and lender communities - but the good news is that the changes required are unlikely to be substantial for most brokers. GDPR shouldn’t become an obstacle to a broker’s normal business. There’s no shortage of information about GDPR out there, but there’s nothing as practical and specific to asset finance brokers as this toolkit."
We'll have a more detailed explanation of what the toolkit comprises in April's issue of BrokerWorld.
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