United Trust Bank

15% of brokers yet to start GDPR preparations

Some 15% of brokers and intermediaries have not yet started their preparations for General Data Protection Regulation (GDPR), according to a new study.

Research by United Trust Bank has revealed that 65% of brokers are currently ensuring their businesses are GDPR-compliant, while 14% believed that they already meet the requirements, which come into force on 25th May 2018.

A further 6% didn’t know what GDPR was or didn’t think it would apply to them.

When asked for an estimate of the total cost of their GDPR preparations, 28% of brokers said between £1,001 and £2,500, while 22% believed that they would spend more than £2,500.

Mark Heaphy, head of compliance at United Trust Bank (pictured above), said: “Data protection regulation has been around for a number of years and all businesses should be taking the regulation seriously.

“From 26th May this year, companies will have to be able to demonstrate compliance or face potentially heavy fines – up to €20m for the biggest companies.

“While we’re confident of being compliant by the May deadline, we’re not there yet and I would urge those 15% of brokers who haven’t started preparing – and the 6% 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.

“There’s little more than two months in which to get houses in order and if you can’t prove you’re ready, you may be in trouble with the information commissioner’s office and find that other businesses will refuse to trade with you until you are.”

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