Why GDPR Is Critical for Financial Planners
Financial planners collect income, assets, debts, health data, family circumstances, and retirement goals — a complete picture of a client's financial life requiring rigorous data protection.
Special Category Data
Health information for protection planning is special category data. Obtain explicit consent before processing. Document the Article 9 condition used.
Retention
FCA minimums: 5 years for investment/pension advice, 3 years for protection. Pension transfer records may warrant indefinite retention. Add limitation period buffer.
Subject Access Requests
Financial planning SARs are increasingly used in complaint contexts. Be thorough — include fact-finds, suitability reports, correspondence, and call recordings.
Data Security
DPA with all software providers. 2FA everywhere. Encrypted email or secure client portal for sensitive documents.
How Custodia Helps
Custodia automates GDPR compliance for financial planners — privacy policies, DSARs, monitoring. Start your free trial.
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