Data Protection for Finance & Insurance

The GDPR adds additional complexity to the already heavily regulated Financial Services and Insurance sector. Many of the GDPR’s requirements are complementary to existing legislation, but special attention must be made when processing personal data, especially sensitive special category data.

Finance and insurance companies often process large amounts of personal data, often of a sensitive nature, especially when complying with KYC and AML requirements. Particular attention must be paid to ensure the data collected is used only for the intended purpose, that it is only shared in a controlled way and that it is retained and disposed of appropriately and in a timely fashion.

The use of data for profiling and automated decision making is also strictly legislated under the UK and EU GDPR.

The DPO Centre’s experts have extensive experience working with finance and insurance companies and can therefore provide data protection compliance solutions tailored to your organisation.

This page explains what data protection legislation means for finance & insurance organisations and the key areas they need to consider when managing personal data.

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We offer a range of data protection services geared toward helping your finance or insurance company overcome obstacles related to data protection. Our consultancy services, outsourced DPOs, UK and EU GDPR Representatives, staff training sessions, and Advice Line are all designed to help your organisation better understand and manage the personal data you process.

Outsourced Data Protection Officers

If your finance or insurance company processes a high volume of personal data, especially if it is special category personal data, then you will be required to appoint a Data Protection Officer (DPO). Our highly experienced outsourced DPOs can work alongside your team, either on-site or remotely, helping you manage your personal data processing risks and compliance framework. 

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GDPR Representative

If your finance or insurance company processes personal data on EU and UK clients, but you don’t have a physical presence in these territories, then you will be required under Article 27 of the UK and EU GDPR to appoint a Representative. Our EU/UK representation service helps you construct your Records of Processing Activities and establish local details such as a phone number answered in the local language and address and contact details to communicate with your data subjects.

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Data Protection Consultancy

Your company needs guidance tailored to the specific requirements of the financial services and insurance sectors. Our consultancy services cover a wide range of issues and situations, that will help your organisation to better understand the personal data you process and to implement and manage your compliance framework. 

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Data Protection Training

Finance and insurance is a heavily regulated sector. Every member of your organisation is under an obligation to understand the basics of data protection and best practices for enhancing data security. Our training and awareness sessions will not only help your staff members to understand data protection law and how it applies to the financial services and insurance sector, but also to demonstrate an understanding of the responsibilities related to their specific roles. Data protection training supports your organisation to demonstrate compliance and accountability with data protection law.

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Data Protection Advice Line

When your financial services or insurance company needs immediate assistance with a data protection matter, you can contact our Advice Line. This helpline is part of our outsourced DPO and EU and UK representation services and is staffed by our large team of experienced DPOs. You can also use the data protection Advice Line as a standalone service, to provide advice and guidance to your existing in-house team.

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Like all other organisations, finance & insurance organisations must:

Be transparent in the way they process personal data and accountable for doing so
Be able to detect, manage, report and respond to data breaches including, if necessary, liaising with the Information Commissioner’s Office (ICO)
Understand the data they have, where it is stored and who has access to it
Implement robust processes and procedures to protect personal data
Allow users, data subjects and staff to:

  • Access the data stored on them
  • Ensure the data is correct and modify it as necessary
  • Have it deleted (unless needed for legitimate reasons)

Appoint a designated data protection officer if they:

  • Are a public body
  • Process data on a large scale
  • Use the data for profiling or automated decision making



Finance and insurance organisations must protect personal data in a wide range of their operations.  Some major considerations include:

Complementary Regulations

  • Financial Conduct Authority (FCA) regulations
  • PCI Credit card regulations
  • Banking regulations
  • Anti-money laundering regulations
  • Understanding audit and inspection requirements

Handling sensitive and special category data

  • PCI Credit card regulations
  • Banking regulations
  • Anti-money laundering

Managing sensitive and special category

  • Data Protection Impact Assessments
  • Personal data, financial data, medical data, records of criminal convictions especially for Insurance

Multiple and legacy systems

  • Duplicated data held on multiple systems and data minimisation
  • Data retention and disposal
  • Mechanisms for handling DSARs


  • Email systems
  • Staff payroll, pension and HR records
  • Visitors’ book, access and CCTV

Data Security

  • Maintaining network and server security
  • Data encryption
  • Cyber security

Policies and agreements

  • Privacy, retention, cookie and data protection policies
  • Staff handbooks

Sharing data with others

  • Transfers with 3rd parties
  • Data transfers outside the EU
  • Data processing and data sharing agreements

Handling large quantities of data

  • Appointing a designated DPO
  • Profiling and automated decision making


The DPO Centre team has a deep knowledge and experience of data protection practices in the financial services and insurance sectors. As such, we deliver far greater value to your organisation than an independent data protection contractor or small data protection team could, and far more cost-effectively than from a large consultancy or law firm. Having worked with a variety of platforms, tools, software, and vendors, our expert consultants can tailor their advice and solutions to the specific requirements of your company.

Highly cost effective
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Experience and shared best practice gained from working with over 850 clients
Designated Data Protection Officer working on site with your team
Pre-existing model documentation tested and validated across varied industry sectors
Pragmatic, straightforward, solution-driven advice
UK and Pan-European expertise

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Chloe Steele
Operations Director

360 Dotnet

“Our DPO and the overall service has been a brilliant addition to our business. Their expertise has been invaluable in ensuring that we are up to speed with our general data protection obligations as well as those specific to the financial services sector. Having grown our customer base rapidly, our DPO was also able to assist us in ensuring that our internal systems developed to reflect this growth. The work our DPO has done for us means that we are confident in our internal as well as external data handling practices.”


James Yates
Chief Risk Officer

Shard Capital

“We are really pleased with our DPO from The DPO Centre, who understood our needs and was able to translate them into a workable plan that has greatly assisted our business’s compliance journey. Shard Capital is growing at a remarkable speed, requiring us to constantly develop new ways of working whilst still maintaining our commitment to data protection. The DPO Centre’s advice and support has assisted us in ensuring that our compliance level has remained high despite the challenges that rapid growth presents.”