GDPR (The General Data Protection Regulation) This is due to be implemented in May 2018, which replaces the Data Protection Act.
The GDPR seeks to create a harmonised data protection law framework across the EU and aims to give citizens back the control of their personal data, whilst imposing strict rules on those hosting and 'processing' this data, anywhere in the world. The Regulation also introduces rules relating to the free movement of personal data within and outside the EU. It’s a complex piece of legislation, and firms will have to demonstrate greater responsibility over how they handle client data.
One of the principles of the GDPR is that you should only hold personal data that is necessary for the intended purpose. Processing includes collection, recording, storage, alteration or use of personal data.
Forth Scol Administration Services Ltd are not regulated by the FCA. We do however, support firms that are regulated and so we do take into account the principles of the FCA when dealing with Data Security.
As Forth Scol Admin Services Ltd are an outsourced administration service the responsibility of any regulated company that outsources its firms work, shall be responsible for the business outsourced and therefore must be compliant with FCA rules and access to relevant information is available to their auditors and the FCA.
Forth Scol Administration Services Ltd have insurance cover in place this is as follows: