News

Understanding GDPR Consent

The General Data Protection Regulation (GDPR), or the Data Protection Bill, will come into force on 25 May 2018. Despite there being less than a year for UK organisations to become compliant, the Information Commissioner’s Office (ICO) has yet to finalise its consent guidance, which it plans to release in December. As the specifics surrounding consent requirements under the GDPR are still subject to change, it can be a challenge to know what proactive measures your organisation can take now.

Nevertheless, it’s expected that the central components of what is currently known about GDPR compliance will remain relatively unchanged when the official guidance is published by the ICO. For that reason, your organisation should review how it obtains customer consent to ensure that it meets the following GDPR requirements: (more…)

What the GDPR Means for Your Personal Data and Social Media Accounts

In less than one year, the EU General Data Protection Regulation (GDPR) will come into force and significantly impact how companies are allowed to handle your personal information. Beginning on 25 May 2018, companies will be required to explicitly ask for your consent to collect and use your personal information. What’s more, if your information has been hacked, companies are required to inform you of the incident.

Additionally, the GDPR will afford you the ‘right to be forgotten’, which means that you can have your personal data erased from a database if there is no legitimate ground for the company to retain it. Legitimate grounds, as defined by the GDPR, include freedom of expression and scientific research. (more…)

Insurance Premium Tax Hike Effective 1st October

On 16th March 2016, the government announced that the Insurance Premium Tax (IPT) will be subject to another hike. Yet, it will only increase by 0.5 per cent and all the revenue generated from it will fund national flood defences and resilience.

This hike comes just after a previous 3.5 per cent increase on 1st November 2015—resulting in a tax increase of 66.6 per cent since then. While this hike is considerably smaller than the previous one, you should nevertheless familiarise yourself with the increase and its potential repercussions.

Understanding the Tax Hike

The standard IPT will be increased by 0.5 per cent—raising it from 9.5 per cent to 10 per cent—and will apply to insurance premiums starting on 1st October 2016. The government estimates that the hike will generate an extra £80 million in its first year and then an annual average of £205 million in subsequent years.

This annual revenue boost will come from all households and businesses that pay IPT on their insurance. However, there are several policies that are exempt from the IPT, including the following.

  • Life insurance
  • Insurance for commercial ships and aircraft
  • Insurance for commercial goods in international transit
  • Premiums for risks located outside the United Kingdom
  • Export finance

Potential Repercussions

Despite the rise in costs, the government is confident that there will only be negligible impacts to the public and private sectors. These include one-off costs for insurers to update their systems to include the new tax rate. (more…)