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UK motor finance gears up for GDPR changes

UK motor finance brokers say they are ready for GDPR with less than two weeks to go until the legislation deadline.

The majority, 97%, said they had a plan in place to ensure their business was compliant with the General Data Protection Regulations (GDPR), according to a new survey by Paragon Bank of 40 UK motor finance brokers.

In terms of how well they understand GDPR, 5% admitted their knowledge of the topic was poor, while over half (52%) were confident of their understanding and a further 44% described it as fair.

Julian Rance, director of Motor Finance at Paragon, said: “With the clock ticking on GDPR compliance, consumers can have confidence that brokers in the car industry are addressing data privacy and understand the changes taking place.”

New GDPR rules come into force on 25 May and are being introduced by the European Commission to strengthen and unify data protection for people across Europe.

GDPR aims to give people more control over how organisations use their data with penalties for organisations that fail to comply or suffer data breaches.

The Paragon survey was sent to a range of brokers, including those who arrange finance for car dealers and specialist vehicle retailers, along with brokers who arrange finance with customers directly.

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