Every day, you create data and give it away. Businesses need data to do business. But what happens to your data once you’ve given it to a business? Data security is becoming increasingly important as we enter an age defined by the way data moves between people and organisations.
What is the GDPR?
The General Data Protection Regulation (GDPR) is a new EU regulation that is designed to give you transparency and control over how your personally identifiable information (PII) is processed and who can process it.
You may have seen a range of emails from different retailers and providers you have used in the past, asking you for permission to continue holding and using your data.
Retailers, utility companies, finance firms, recruiters, social media platforms – the list goes on. Many companies you’ve shared your data with will need to get your consent to continue marketing to you under the new EU rules.
The government is currently bringing the GDPR into UK law, proposing a new Data Protection Bill to replace the Data Protection Act 1998. The new rules come into force on 25th May 2018. This is not simply a rewrite – it’s designed to build a stronger system for controlling how companies collect and process personal data.
But aren’t we leaving the EU?
The UK government is currently in the process of agreeing the new Data Protection Bill which incorporates GDPR into UK law. Brexit is unlikely to require the UK to revisit this legislation, as the standards proposed in the Data Protection Bill have been designed to not only meet GDPR, but in some circumstances go beyond the requirements.
What does the GDPR mean for you?
At Nutmeg, we take our responsibility for protecting your personal data very seriously. To make sure we are putting the security of your data at the heart of our business, we have taken a full review of the personal data we hold, how we collect process and store it. We want you to feel safe in the knowledge that your personally identifiable information (PII) is secure and is only used for the purpose it was collected for.
Remaining in control
We only want to communicate with you in the way you want us to, about the matters that interest you. Over the coming weeks, we will be contacting all our customers to ask them to choose the type of things they want to receive.
What happens now?
Changes due on May 25
If you don’t update your preferences before May 25, we’ll stop sending all but the most essential account information to you. This way, we can be sure you are no longer receiving communications you don’t want.
After May 25, you can change your preferences at any time using the preference centre, although you will continue to receive the essential communications about your account.
Feel free to get in touch
You can go ahead and update your preferences now, or keep an eye out for emails from us on this.
If you have any questions about the way we’re managing your data, or about your account in general, please get in touch.
As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest.