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What is GDPR and what does it stand for?

What is GDPR and what does it stand for image

GDPR stands for General Data Protection Regulation and its introduction on May 25th means that the way in which companies process your data and your rights in managing your own data is changing.

How does GDPR impact me?

UK companies currently follow the 1998 Data Protection Act, which ensures that individual’s data is safely processed.

That’s a whole 20 years ago, pre-Millennium, before smart phones and social media even existed – when the Money Guru was still just ‘G,’ an awkward looking teenager from Macclesfield.

It’s fair to say that things were very different back then – both in the way we share data as individuals, and how businesses use data to improve and personalise the customer’s experience.

That’s where the new General Data Protection Regulation (GDPR) comes in, it’s essentially an up to date view on how to best protect you and your data. The Money Guru and his crew have been working hard to ensure we’re in tip top shape to protect our customers.

So, from May 25th 2018 we’ll be rolling out helpful new ways for you to update your contact preferences, as well as changing the way we capture your consent to hold and process your data.

GDPR is nothing to be afraid of. It’s been introduced to further protect you, the customer, in an age where data usage is part of our everyday lives.

We shop online, carry our banking transactions, book holiday and use social media. All this involves the use of your data.

How does GDPR protect me?

GDPR aims to protect any personal data a company holds about you – this includes your:

  • Name
  • Email address
  • Images
  • Social networking accounts
  • Your IP address

GDPR also protects usage of sensitive data such as your medical information, sexual orientation, your genetics, your political views or any trade union memberships.

Please read our Privacy Policy here which details how we use and protect your information.

If you need our help with your preferences, then you can contact us on [email protected]