The NACFB Compliance team have put together a guide for Brokers examining the changes that the General Data Protection Regulation (GDPR) has on your business practices. This downloadable guide sets out the new definitions and requirements that will impact on the Client/Broker/Lender relationship in respect of the Commercial Finance Deal.
Data protection is not a new concept – you are already registered with the Information Commissioner’s Office, the organisation that regulates Data Protection and will already be complying with Data Protection Act requirements.
However, times have changed, and due mainly to the digital world in which we live in financial crime levels have escalated enormously. The relevant bodies have determined that the protection of peoples’ information needs to be increased to match the threats presented.
The new guidance provided will allow your firm to better understand the new regulations and focuses on these three main areas:
This downloadable guide includes a schematic of the Commercial Finance Deal, the aim of which is to encourage uniformity in the industry and provide clarity around the responsibilities of both Brokers and Lender, this should be used for reference only. Please download this guide here.