We generate data more than ever and it is important that this is used for the right reasons and protected securely. New EU regulation introduced aims to uphold this and companies should be ready for this by 25th May 2018. We take a look at what the General Data Protection Regulation (GDPR) means for you.
1. Data protection is enhanced
We take protecting your data very seriously and it is important for us to get this right. GDPR broadens the definition of personal data and companies will make it clear what data they hold about you and why.
There should be strict processes in place to protect your personal data and companies should act promptly if something goes wrong. If these processes aren’t followed, companies will be heavily fined – this is designed so that companies take data protection seriously.
2.You decide who and how we contact you
Companies who send you communications will need to explicitly ask for your consent to send you information such as a new offer on their products. These can no longer be automatically ‘opted in’ and hidden away in the small print.
This is to ensure that you know exactly what communications you are expecting from a company.
3. Giving you more control
Data held about you should be more transparent. It will now be easier to access what personal data a company holds about you, so that you can review if the information is up to date and change it with ease.
4.Change your options at anytime
Rest assured, if you want to stop or resume any communications received, you can change your mind at any time.
What happens next?
As a Willis Owen customer, we'll be asking you to choose which types of message you'd like to receive from us. We want every communication you open from us to be something of benefit to you. That's why we've giving you the power to control what you receive. Whether it is an account servicing message specific to your investments, a personal investing insight regarding market conditions, or simply keeping abreast of tax changes, the choice is yours.
We'll always go the extra mile to protect your personal data and as part of this, we regularly review our procedures so that you can see how we use your data and what your options are. Take a look at our Data Security page to find out more. Please be aware that further changes relating to GDPR may be made to our website in the future.