Industry faces ongoing compliance challenge to limit GDPR costs

Avoiding financial penalties

Asset and wealth managers have begun work on staying General Data Protection Regulation (GDPR)-compliant in efforts to avoid financial penalties and prevent costs from soaring "significantly" as the regulation comes into force.

GDPR, which came into effect on 25 May, aims to modernise data law and give consumers the right to know much more about how their information is used and stored. Henry Cazalet: Eight GDPR myths busted The introduction of GDPR means all firms will have to implement more stringent practices, ensuring data is better stored with adequate checks and processes in place to protect it. Recent research carried out by law firm Wedlake Bell found GDPR was ranked as the most significant piece of regulation in terms of drivers for change in the asset and wealth management sector this year, a...