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Motor brokers in driving seat over GDPR

British motor finance brokers say they are ready for GDPR with only weeks to go until the legislation deadline, a new survey by Paragon Bank reveals.

A staggering 97% confirmed they had a plan in place to ensure their business was compliant with the General Data Protection Regulations(GDPR), in a poll of around 40 key vehicle finance brokers operating in the UK.

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 wide range of brokers including those who arrange business for car dealers and specialist vehicle retailers, along with brokers who arrange finance with customers directly.

16 May 2018

Paragon Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered in England number 05390593. Registered office 51 Homer Road, Solihull, West Midlands B91 3QJ. Paragon Bank PLC is registered on the Financial Services Register under the firm reference number 604551