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What is GDPR and what does it mean for you?

Your data is valuable. It outlines your priorities, needs and money habits, and has the power to transform the way you manage your money. But, privacy, transparency and consent are also just as valuable to you.

That’s what a new regulation, called General Data Protection Regulation (GDPR), is all about. Coming in on 25 May 2018, the new EU regulation provides you with transparency and control over how companies use your data. The BBC have done a great video explaining what GDPR is.

It’s a huge piece of regulation that that all global companies will need to follow if they’re doing business with EU citizens.

Even if a company’s from outside the EU, like China or America, they’ll need to get consent to use a person’s data if they’re an EU citizen.

You’ve probably already seen a number of emails land in your inbox talking about GDPR. You might have seen one from us too.

What is GDPR?

The new regulation outlined by GDPR is focussed on consent, most notably on how individuals give companies, like Moneyfarm, consent to use their personal information.

We’re committed to managing and safeguarding the information you give us, to ensure you feel secure with Moneyfarm.

Whilst you have a right to privacy, at times we may not be able to share some information with you if it reveals information about someone else, or impacts another person’s rights negatively.

GDPR gives all EU citizens the right to:

  • Consent to specific communication channels
  • Withdraw this consent at any time
  • Access all the data we hold on you
  • Ask to change any information you believe to be incorrect
  • Delete the information we have on you (as long as it’s no longer needed for business purposes)

We’ve also got a responsibility to keep your data safe – something that’s ingrained in our philosophy. If anything is stolen, we’ll inform the right people within 72 hours.

How we use your data

We know how valuable your data is to you, but having access to it is also crucial in us being able to do our job and provide you with regulated investment advice.

We need to know your priorities and attitude for risk so we can ensure your investments are suitable for you and your family’s needs.

Here’s an overview of how we might use your data:

  • Create your investment portfolios and provide you with investment advice
  • Help you add money, trade and withdraw
  • Give you the latest financial news and analysis of the market trends that could be impacting your portfolio
  • Communicate information on pensions, ISAs and notify you of tax year deadlines
  • Send you offers and promotions related to Moneyfarm products
  • Help us prevent and detect fraud, protecting the Moneyfarm community
  • Meet our regulatory and legal obligations
  • Ensure our services are secure

GDPR at Moneyfarm

To support upcoming changes in European data law, known as GDPR, we’ve updated our Privacy Policy and Terms of Service.

Our new policies provide clear information on how we handle and protect your personal information.

You still have full control over your contact preferences and you’ll always receive information relating to the running of your account.

If you’ve got any questions, please book  a call with one of our Investment Consultants.