Asset finance specialist Arkle Finance has launched a toolkit to provide brokers with a step-by-step guide to preparing for new European regulations that come into force in May.
The EU General Data Protection Regulation makes sweeping changes to existing data protection rules and has a wide-ranging impact on the way companies operate.
The toolkit provides a clear and concise checklist, helping brokers to complete the key steps needed without having to study the finer details of the regulation.
It includes model documents that brokers can adapt and use such as a consent request, privacy notice and data rights forms.
The toolkit is authored by respected industry expert Julian Rose, director of consultancy at Asset Finance Policy.
He has worked with dozens of asset finance brokers since starting AFP in 2014 after six years as head of asset finance at the Finance and Leasing Association.
Daniel Bailey, managing director of Arkle Finance, said: “Complying with the new rules is of critical importance for everyone in both the broker and lender communities, but the good news is that the changes required are unlikely to be substantial for most brokers. GDPR shouldn’t become an obstacle to a broker’s normal business.
“There’s no shortage of information about GDPR out there, but there’s nothing as practical and specific to asset finance brokers as this toolkit. It should be particularly useful for small firms without in-house compliance experts or external advisers.
“Trust and mutual support are a key part of Arkle’s relationship with brokers and their clients, and we hope our toolkit will give them some vital assistance as they prepare for the arrival of GDPR.”