GDPR – which will be introduced in the UK by the European Union on 25th May – will make significant changes to the existing rules covered by the Data Protection Act of 1998.
The new regulation will give individuals more authority over what companies can record on their systems and will help individuals get data about them updated or deleted.
In response to the new regulation, Arkle Finance has partnered with industry regulatory specialist Asset Finance Policy (AFP) to provide its brokers with a practical solution: AFP’s GDPR toolkit.
The toolkit will offer brokers a clear and concise checklist to help them complete the key steps needed for GDPR.
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It will include model documents that brokers can adapt and use, such as consent request, privacy notice and data rights forms.
“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,” said Daniel Bailey, managing director at Arkle Finance (pictured above).
“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.
“It should be particularly useful for small firms without in-house compliance experts or external advisers.
“Trust and mutual support are a key part of Arkle’s relationship with brokers and their clients, and we hope our toolkit will give them some vital assistance as they prepare for the arrival of GDPR.”