The concept of big data is nothing new and it has been discussed in the financial services space for many years, being poured over at conferences as banks and intermediaries alike have grappled with all of the data that they house, how they can monetise it and how they can use it to improve their businesses. But, practically, what does it mean for your financial advice business and how can back office technology help?
Whilst awareness of the General Data Protection Regulation (GDPR) has certainly improved in early 2018 – how can it not have, given the coverage the regulation is receiving? – there is still work to be done for UK financial advice firms in getting ready for 25 May.
The General Data Protection Regulation is fast approaching, with a go-live date of 25 May. Of course, you already knew that, right?
Robert Walton, COO here at Intelliflo, discusses the impact of the General Data Protection Regulation (GDPR) for UK financial advice firms with Jenny Hammond from Asset TV. The below video explores the crucial need for employees of financial advice firms to become aware of the processes and procedures involved with GDPR, which comes into legislation on 25 May 2018.
It’s the season of regulatory merriment for financial advice firms at the moment, with MiFID II set for implementation on 3 January 2018 and GDPR closely following on 25 May. There is a lot for firms to consider and there have been countless articles, papers, webinars and blogs (such as this one), highlighting a multitude of perspectives, interpretations and concerns about both.
