In May 2018, the most significant piece of European data protection legislation in 20 years will come into force, when the European Union’s (EU) General Data Protection Regulation (GDPR) replaces the 1995 Data Protection Directive.
This will change the way that agents can store, process and collect data and how they can communicate with their database.
The financial maximum of potential fines has also been significantly increased, and a serious fundamental breach of the GDPR could result in fines of up to £20m, or 4% of worldwide turnover, whichever is the greater.
We know that preparing for this regulatory change is a priority for many of our customers. It is a priority for us, too. With teclet, you have various opt-in and upselling functionalities for the life-cycle of the tenancy and we are developing our fully automated lettings platform to further ensure that we’ll be ahead of schedule before the new changes come into effect in May 2018.
Will you be prepared?