LifeQuote details adviser GDPR policy
17 April 2018
LifeQuote has announced its GDPR policy for the time it will hold advisers’ electronic data and physical documents.
The firm said data held will be based on three categories of adviser clients: quotation only but no application, which will be held for one year; application made but no policy completed, which will be held for six years or longer if requested by regulator; and policy in force, which will be held for 50 years from the date it went on risk.
The GDPR policy also includes separate controls for the handling of sensitive, personal and normal data.
Neil McCarthy, sales and marketing director, LifeQuote (pictured), said: “We have already completed a process to ensure our current data storage policies comply with the GDPR. This involved destroying and anonymising some historic records as we have always had strict data storage provisions meaning we retained almost all information in order to support advisers or insurers in the future.
“Our already stringent security protocols will remain unchanged. For this reason, we also anticipate that some advisers may prefer to outsource their protection administration in order to reduce their GDPR and other data compliance risks.”
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