GDPR and financial advice: Accountability and governance

Accountability and governance is a key new area GDPR brings in. It is not enough to say you are compliant - you must be able to evidence it too. Furthermore, the FCA has explicitly stated it is looking for privacy and security by design and that it should be in entrenched in the work of every financial services firm. This follows similar guidance from the Information Commissioner's Office (ICO) in relation to GDPR. A risk-based approach should be adopted by firms and clear policies and procedures should be in place to ensure data security and accountability of the security of that data. ...