The Financial Conduct Authority (FCA) will have spent around £4m by the end of this financial year to ensure it is compliant with the General Data Protection Regulation (GDPR), Insurance Age can reveal.
A Freedom of Information (FOI) request showed that as of 1 May 2018 the regulator had already spent £1,842,401.40 getting ready for the new rules that came into force on 25 May.
A breakdown of the figures showed that IT system changes cost the watchdog £264,000 while staff training
- Nick Milton to develop Pen Underwriting’s broker strategy replacing Simon Taylor
- Experts urge brokers to look over remuneration after FCA warning on GI distribution failings
- Wonga's Tara Waite (formerly Kneafsey) returns to insurance with Ageas role
- PIB seeking to raise £100m - £200m to fund growth
- Tokio Marine Kiln’s Blundell joins Biba
- Arch buys Obelisk Underwriting
- FCA warns brokers to be ready for SM&CR