Nucleus launches GDPR guide for advisers

The paper, launched in partnership with Zero Support's managing partner Phil Young, will provide advisers with information on getting their businesses compliant with the new regulation ahead of its introduction on 25th May.

Recent research from Nucleus found that 47% of advisers believe they have only an ‘average’ understanding of their GDPR requirements.

Barry Neilson, chief customer officer at Nucleus, said: “We are delighted to once again be partnering with Phil Young to provide this guide to the GDPR for advisers. This comprehensive white paper aims to help advisers make sense of the requirements and how they apply to their business and we hope they find it useful in their GDPR journey.

“GDPR might appear like a daunting piece of regulation, but advisers also need to remember it is a very important one and they simply cannot ignore it. The aim of the new rules is to ensure people have control of their data and how it is used. This gives advisers and business owners a great opportunity to gain a better understanding and deeper insight into how their business works, and whether their processes are as efficient as they could be.

“2018 has already seen a huge amount of regulatory upheaval with MiFID II and PRIIPS coming into force in January. Advisers need to consider how they are meeting their responsibilities around data protection and shouldn’t underestimate the work involved, especially as the fines for non-compliance can be large. Advisers must also remember that this is not a ‘one and done’ exercise, but an ongoing piece of work to make sure data processes are appropriate.”

Phil Young, author of the paper and managing partner of Zero Support, added: “The bad publicity surrounding Facebook and data breaches by the likes of Equifax brings the backdrop to the GDPR into sharp relief. The public will never be more aware of the risks posed by businesses holding personal information.

“Advisers are more than used to managing new regulation, and with the dust yet to settle on MiFID II, it’s time to take a deep breath and get stuck into the GDPR. It’s worth remembering the new rules are designed to give us all a bit more control over our data so advisers should benefit from this as well as their clients. At heart, the GDPR means understanding and explaining what data you have, what you do with it, and how you look after it.

“I wrote the guide specifically with financial planners in mind, and added some examples based on my own experience with advice firms. It includes a lot of practical help on the changes you need to make."