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Privacy Policy

##### Open Banking Privacy Notice

**Open Banking**

This is the Open Banking Privacy Notice and should be read in conjunction with the other clauses in our [Privacy Policy](/legal/privacy-policy).

**What is Open Banking?**

Open Banking is the secure way of providing access to your bank or building society account to providers who are registered for this purpose. Registered providers and participating banks and building societies are listed under the Open Banking Directory.

Open Banking was set up by the UK Government to encourage more competition and innovation in the financial services sector. 

As a forward thinking company, we support the use of Open Banking as it allows us to process customer applications efficiently, securely and in our consumer’s best interests. 

By permitting access to your bank or building society account information we are able to make better affordability checks as we shall be able to verify your income, outgoings and other matters in order to assess what terms would be suitable for you based upon what you can reasonably afford. 

Further information about Open Banking is available from www.openbanking.org.uk.  

**How will my personal data be shared and used for the purposes of Open Banking?**

By proceeding with your credit application via our website you expressly consent to us sharing your personal, contact and loan application details (“the Shared Personal Data”) with our registered Open Banking partner, Perfect Data Solutions Limited t/a LendingMetrics (“PDS”) who are also a credit reference agency.

During your credit application we shall safely and securely direct you to PDS’s secure portal (“the Portal”) for the purposes of granting PDS access to your bank or building society account information (“Transaction Information”).

As soon as your Transaction Information is received it shall be reported back to us in the form of a completed search in order that we may continue to process your credit application (“the Permitted Purpose”).

Further information about PDS including their registered provider and regulatory status is available from [www.lendingmetrics.com](https://www.lendingmetrics.com).  

**Is Open Banking secure?**

PDS is registered under the Open Banking Directory as an account information service provider and regulated by the Financial Conduct Authority as a payment services firm under number 802599. Any data you submit via the Portal will be encrypted and its usage tracked as part of set Open Banking data security standards.

We are responsible for the secure transmission of any Shared Personal Data to PDS, for safely directing you to the Portal and for the safe receipt and usage of your Transaction Information.

You will not be required to share your banking password or log in details with either us or PDS. Once you have given your explicit consent to share your bank account information on the Portal you will be directed to your own bank or building society’s login page where you will enter in your own login details directly.

Save as set out above or elsewhere in the Privacy Policy, we are not responsible for your direct data transmissions with PDS or with your own bank or building society.  

**How will my Shared Personal Data and Transaction Information be used?**

PDS shall, subject to their own terms and conditions and privacy policy, and, if your bank or building society is registered to provide access under the Open Banking Directory, obtain your Transaction Information and submit this back to us for the Permitted Purpose. By way of example, the Transaction Information that we shall receive is likely to include information relating to your income, outgoings and credit worthiness.

PDS shall be entitled to re-access your Transaction Information for up to 90 days from the date of your original search result in order to refresh the search results, obtain a snapshot of your data or gather additional data.

PDS shall hold the Shared Personal Data and the Transaction Information they receive and retain according to their own terms and conditions and privacy policy, available on the Portal, which you will be required to read and consent to once directed there via our website.

As PDS is also a credit reference agency they may also share and keep a record of your Shared Personal Data and Transaction Information.  

**Will you use my Transaction Information data for any other purpose?**

The Transaction Information we receive about you will only be used for the Permitted Purpose. We do not sell or share Transaction Information with any third party. 

Save as set out above the information contained in the rest of the Privacy Policy deals with how we collate, use, transfer, store, delete and other terms applicable to your personal data including Shared Personal Data and Transaction Information.  

**Do I have to provide you with my consent to proceed?**

Where your bank or building society have already permitted access to your Transaction Information you shall need to contact them directly in order to withdraw your consent under their particular Open Banking terms and conditions.  

**Are any of my other rights under the Privacy Policy affected?**

Your individual data protection and privacy rights including the right to access, correct, delete, object, restrict, withdraw consent, request transfer and/or make a complaint, continue to apply to relevant personal data we control or process and are dealt with elsewhere in the Privacy Policy. 

Under Open Banking as your personal data is shared by your bank or building society and accessed by PDS you may also be able to exercise your individual data protection and privacy rights against either of them pursuant to their own terms and conditions and privacy policies.