Fact sheet: General Data Protection Regulations (GDPR)

The Data (Use and Access) Bill was introduced to Parliament on 23 October 2024. It lays out the legal framework for Digital Verification Services (DVS) in the UK, which are long-awaited tools to speed up property purchases, reduce fraud and improve the experience of home buying and selling.

The Department for Business and Trade (DBT) has published in-depth advice for anti-money laundering (AML) regulated firms to explain the legal protections around sharing client data. The Economic Crime and Corporate Transparency (ECCT) Act 2023 introduced provisions that allow businesses to tackle AML by voluntarily sharing and receiving information, however, agents have raised concerns that they may be liable for breaches of confidentiality.

As technology continues to advance, the threat of cyber-attacks becomes increasingly prevalent. Investing in robust cyber defence measures can help property agents protect their sensitive data and systems — but what proportion of an IT budget should be set aside?

The Data Protection and Digital Information Bill (DPDI) passed its Second Reading in the House of Lords on 19 December 2023 and once introduced, it will support the development of secure digital identity services which promise to speed up property purchases, reduce fraud and revolutionise the customer experience.