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With one week to go until the GDPR deadline comes into effect, it is essential that franchised retailers now have a solid compliance strategy in place. To continue to support our members we have worked with the Finance & Leasing Association (FLA) to produce a guidance document on GDPR compliance with finance bodies.
The deadline of 25 May 2018 for all organisations to comply with the new General Data Protection Regulation (GDPR) is fast approaching.
The GDPR applies to all organisations that hold and process personal data. Failure to comply with GDPR can result in fines of up to €20 million or 4% of annual turnover for the most serious contraventions.
The Information Commissioner’s Office (ICO) has stated that this is an “evolutionary process for organisations” and these “will be expected to continue to identify and address emerging privacy and security risks in the weeks, months and years beyond May 2018”.
The NFDA will continue to offer assistance to its members.
NFDA has been in regular contact with manufacturers and finance houses to ensure a co-ordinated industry approach towards GDPR compliance.
Going forward, organisations need to embrace a culture of transparency as to how they use personal data. Projects involving personal data should be automatically assessed and it is important that all staff is trained and knows how to deal with any issues that may arise.
NFDA members must continue to take GDPR very seriously and contact us if they need any assistance.
If you need any assistance and to require our guidance document, please contact 01788 538 304.