The EU General Data Protection Regulation (GDPR) will apply in the UK from 25 May 2018. It is an essential step forward in enhancing the privacy and security of personal data.
The GDPR will be regulated and enforced in the UK by the Information Commissioner's Office (ICO). Financial services firms will need to consider how the GDPR will apply to them and ensure that they are ready to comply with the regulations from May 2018.
This joint update from the FCA and the ICO notes that although ICO will regulate the GDPR, complying with the requirements will be considered by the FCA.
Both regulators are collaborating closely in preparation for 25 May.
The update can be viewed at bit.ly/2Eb0Fvj.
The CII has also built a hub of materials to support members to comply with GDPR, which can be viewed: www.cii.co.uk/47128