The scale of preparing for the regulation has meant many small firms have opted for third-party guidance, he added.
Watson agreed that preparation is key, as is understanding exactly what the new rules will mean for the likes of holding client data.
The ‘right to be forgotten’, for example, does not apply when the client’s data is held for discretionary wealth management or stock-broking purposes but does apply for other areas such as marketing.
Watson said: “Many firms are confused by this and see it as a contradiction – it’s not.”
GDPR is due to come into force on 25 May 2018 and replaces the 1995 Data Protection Directive.
