It can be tricky to get your head around the data protection rules and what they mean for you. Use our handy guide to find out what you need to know
Why was it needed?
Research done by the EU Commission found that the public had lost trust in how organisations were using their information. The Commission was unhappy with organisations that were building profiles of people, using their personal information, without making it clear. So, the new law was designed to improve confidence by making companies more transparent about their use of customers’ information, as well as giving customers some extra rights.
How does it affect you?
Organisations must make clear what they will use your information for and why. They also need to provide lots of other information, such as who your data is shared with and what your rights are. That’s why you’ve probably been receiving lots of emails around marketing and privacy notices.
You also have more rights now, and other rights have changed. For example, in most cases, the £10 fee to access your information has been removed. You also have a new right to have your information deleted if the organisation doesn’t have a good reason for keeping it.
What information does the GDPR apply to?
The GDPR applies to your ‘personal data’. This is any information that identifies you, or could identify you. It includes things like your name, your National Insurance number, your email address, your location information and online identifiers like your IP address (your computer’s internet address).
Who needs to comply?
Any organisation, in any country, which holds information on an EU citizen must comply with the new law.
How does Royal London use your information?
We take our data protection responsibilities extremely seriously, and work hard to make sure we keep your data safe. We use your information to set up and manage any products you have with us, and to improve the service we provide. You should have already received a short privacy notice when we contacted you about this year’s Annual General Meeting (AGM). To get a full understanding on how we use your information you can see our privacy notices online.
As a member, you’re one of the owners of our business. We use your data to let you know about important information to do with being a member, such as inviting you to vote in our AGM and telling you about ProfitShare. If you haven’t opted out and we have your email address, we’ll also send you our quarterly members’ newsletter.
What should you look out for online?
Some online companies, especially free services such as Facebook and Google, build up a profile on you. They do this so they can show you advertising that is tailored to you and people with similar interests. Because of the GDPR, they now provide you with extra choices over what information they record and the kinds of adverts you see, it’s a good idea to have a look at your options on these websites and review the information they collect.
Find out more
If you want to know more about how we use your information, then please get in touch at GDPR@royallondon.com.
More news and insights
Royal London confirms offer of talks to give LV= members a mutual future
We are delighted to announce that we have offered to enter into exclusive discussions with LV= on a mutual merger that will offer LV= customers the opportunity to have their life savings protected and invested by a mutual.
Can you invest without risk?
Moving your money out of savings may seem tempting in a low interest rate environment, but can you invest without putting your nest egg at risk?
Should you save or invest?
While savings accounts may seem like a safe place to keep your hard-earned cash, low interest rates mean it is not always the best option.
Investing for uncertain times
Knowing how to make the most of stock market growth, while protecting yourself from any changes, can help your investments to perform well.
Where to get information about your finances
It’s a good idea to seek professional advice when making important financial decisions, but did you know there’s also plenty of other help available?