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Opinion
Just one year until data- protection law change
I would like to take the opportunity to remind businesses that there is no time to delay in preparing for the biggest change to data-protection law for a generation, in the form of the General Data Protection Regulation (GDPR). I would call on businesses to see the
commercial benefits of sound data protection, and act now in order to ensure you are compliant by 25 May 2018. If your organisation is not able to
demonstrate that good data protection is a cornerstone of your business policy and practices, you are leaving your organisation open to enforcement action that can damage both public reputation and bank balance. But there is a carrot here as well as a stick:
get data protection right, and you can see a real business benefit. Also marking one year until GDPR is
implemented, an updated data-protection toolkit for SMEs has been made live on the Information Commissioner’s Office website, including a new element focussed on getting ready for GDPR. The checklist can help organisations assess their progress in preparing for GDPR. We are launching our Information Rights
Strategy, setting out our mission statement to increase public trust over the next four years. And we are relaunching our 12 steps to
take to prepare for GDPR, with updated guidance and increased focus on the need to act now to prepare for May 2018.
Elizabeth Denham Information commissioner
Advice concerns in mortgage market
The large amount of direct, non-advised product-transfer mortgages carried out by lenders has done great damage to the promotion of advice, according to an industry expert. Speaking at the FSE Manchester event
last month, Robert Sinclair, chief executive of
the Association of Mortgage
Intermediaries, said the large amount of product-transfer activity – believed to have reached £100bn in 2016 – undertaken directly by lenders was undermining the provision of advice. “Product transfers are the hidden bit of
the market – we think it accounted for £100bn of lending in 2016, of which 85% was done direct, non-advised by the lenders,” he said. “In that sense, the great work done by the MMR in order to promote the benefits of mortgage advice has actually been undone by some back-door manoeuvring by the lenders.” He echoed the words of participants
who had taken part in a panel debate earlier in the day, who suggested advisers should be looking to grow their share of the
product-transfer market, in order to deliver professional advice to those customers. Mr Sinclair also looked ahead to the
Mortgage Market Competition Study currently being undertaken by the FCA. He said: “I expect a conclusion that it believes the mortgage market is competitive but still expects them to play about in a few areas.” Areas where he anticipated action to be
taken included around comparison sites, sourcing systems, and panels. “On panels I expect them to ask, are they working in the customer’s interest,” he said. “Is all the money transparent? They will ask for clarity on how, for instance, these incentives work.” Meanwhile, Adrian Moloney sales
director of OneSavings Bank said that technological advances taking place in the mortgage market – particularly the growth in digital advice – would have a considerable impact in the ‘vanilla’ market. He said: “I do not see digital advice as
a major threat to advisers, but I can see it delivering real change to the execution-only, vanilla, prime, residential remortgage market.”
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www.CCRMagazine.co.uk
June 2017
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