General Data Protection Regulation (GDPR)

Fri 25th May 2018

General Data Protection Regulation (GDPR)

What is General Data Protection Regulation (GDPR)?

  • Updated Data Protection Legislation implemented by The European Commission.

  • Came into force on Friday 25 May 2018.

  • Gives both new and enhanced rights for individuals in relation to their personal information.

  • The government has confirmed that the UK’s decision to leave the EU will not affect the commencement of the GDPR.

  • Introduces the ability for data protection authorities across the EU to fine organisations up to 4% of annual worldwide turnover for non-compliance, or 20 million Euros in turnover, whichever is the greater (Current UK regime maximum fine £500,000).

  • Applies to ‘controllers’ and ‘processors’.

  • The ICO (Information Commissioner's Office) is committed to assisting businesses and public bodies to prepare to meet the requirements of the GDPR from Friday 25 May 2018 and beyond.

What has Furness for Intermediaries done to comply with the new GDP Regulation?

We have developed new documentation has been produced to enable customers to understand what data we hold about them and what we do with it.

These documents are:

  1. The Privacy Notice

  2. Key Facts About Your Personal Information and What We Do With It (Short Form Privacy Notice)

  3. The CRAIN (Credit Reference Agency Information Notice)

  4. The Identification Verification and Fraud Prevention checks leaflet

As a result, mortgage introducers need to give any customers who they place with Furness for Intermediaries a copy of our Short Form Privacy Notice, which can be accessed here.

The Furness for Intermediaries website and mortgage application process have been updated with a new privacy page which has a link to all our GDPR documentation.

Customer consent preferences with regard marketing on our mortgage application has been updated and must be completed when submitting a mortgage application.

Key third parties who process personal data on our behalf have been engaged to make sure they comply with the new GDP Regulation.

How does this affect you and mortgages via Furness for Intermediaries

As outlined above, we have created new documentation with regard GDPR and mortgage introducers will need to provide any customers they place with the Furness for Intermediaries with a copy of our Short Form Privacy Notice. When submitting a mortgage application via Furness for Intermediaries, mortgage introducers will need to make sure the box has been ticked to confirm that you have provided the customer with a copy of our Short Term Privacy Notice.

In addition the customer marketing consent will need to be completed if the customer wants to receive marketing from the Society as well.

 

The above information is only to be used by Mortgage Intermediaries.

 

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