Privacy Policy
As a result of Data Protection legislation and associated regulation, you are entitled to be assured that your personal data is collected, processed and stored for specific purposes and that this is done so securely and confidentially. We have the responsibilities under Data Protection laws to inform you of the data we collect, why we collect it, how we process it and with whom it will be shared. This is set out in this Privacy Policy.
Should you require any further details or wish to inquire about the details we hold on you please contact us the via the following:
Email: [email protected]
Post: Monopoly Finance Ltd, 43 Berkeley Square, London, W1J 5AP
Tel: 0207 101 3333
Who we are
Monopoly Finance are a Bridging Loan advisor and broker. We provide you with advice on the most suitable loan available based on your financial circumstances or, where your advisor provides this recommendation and your agreement to proceed, we will package your application for submission to the chosen lender.
Where we provide advice to you, we will need to collect details on you and your property, details of any loans or mortgage you have outstanding, this data will be passed to the chosen lender.
What data we collect
We will only collect such data that is needed to underwrite your loan application. This includes:
• Your name
• Your current and previous address(es)
• Your date of birth
• Details on your financial profile including your income and expenditures
• Your identification documents (e.g. copies of passport or drivers licence)
• Other relevant details required to establish your identity
• Other relevant information pertinent to the application for a loan as may be required by the lender
Details that we will never require from you include:
• Your religious views
• Your political views
• Your sexual orientation
• Your medical history
• Your trade union memberships
Why we collect your data
Under Data Protection laws we must have a legal basis for the collection of your data. This means that there must be a specific reason for us to request your data. Monopoly Finance collects data for the maintenance of a contract for a loan application and for the preparation of entry into this contract. The information is used and processed in order for us to provide you with advice and to submit to lenders for their underwriting of your application.
Sources of information
All initial data that we gather about you will be provided by your financial advisor or broker acting under your instruction.
Using that data, we will obtain further data from those external companies who maintain data on your credit history (i.e. CRAs) and Fraud Prevention Agencies as well as the Land Registry.
With whom do we share your data
Your data will be shared with other, external data processors to assist us in providing you with finance. These include:
• Mortgage Lenders
• Credit Reference Agencies (CRAs)
• Fraud Prevention Agencies
• Private Lenders
• Specialist Lenders
• Statutory Bodies on their lawful request, e.g. NCA, police forces
Specialist Lenders
In order to provide you with finance, Monopoly Finance will pass your details to specialist lenders in order that they can underwrite and assess your application to provide the loan funds. The chosen lender who commences the underwriting of your application will act as Data Controller and will provide you with a copy of their Privacy Policy detailing how they use your data. They may also require further information to process the application which they will ask us to gather and submit to them.
CRAs
CRAs maintain credit profile data on consumers within the United Kingdom. As part of the application process, your details will be shared with the CRA in order that we can view your credit history and profile. This provides details on loans, credit accounts, personal finance and utilities that you maintain or have maintained displaying how you have managed their repayments. While this informs our decision on providing you with finance, this is not the sole criteria for our decision.
Your Rights
Data Protection legislation provides you with express rights which include:
Your right to object or request erasure of the data we hold.
You may object to Monopoly Finance holding or processing your personal data and/or request that we remove this data from our storage. Please be advised, however, that should you request that this takes place before a loan completes then we will be unable to provide you with advice or complete the loan application. Please contact us for further details or to exercise your rights.
Your right to correct your data
Where you or we become aware of an error in the data that Monopoly Finance processes or holds, you have a right to have that data corrected. You can inform us about the errors that need to be corrected.
Your right to a copy of your data
You also have the right to request either the details of the data we hold on you or to request a copy of this. We are obliged to provide this to you within 30 days of receipt of your request. Please contact Monopoly Finance to request this.
Your Right to Data Portability
You have the right to request that data which we hold is passed to another Data Controller for their use on your behalf. This can be requested from Monopoly Finance.
Your Right to Complain
You have a right to complain, in regards to how and why we process, or any errors we have made in the processing of, your data. Your complaint can also be made to the Financial Ombudsman:
Post: Financial Ombudsman Scheme Exchange Tower, Harbour Exchange Square, London E14 9SR
Data Retention
Monopoly finance will only retain your data for as long as is necessary. In all cases, this will be for a period of 7 years from the drawdown of your loan facility and where your loan does not complete, from the time when the decision is made to refuse credit by the lender or where you decide not to proceed. We are obliged to retain your data for this period in order to meet our regulatory and legislative obligations.
Data Storage
All Data that Monopoly Finance collects is controlled and stored within the UK. We do not transfer data to any entity outside of the UK.
‘COOKIES’
A ‘cookie’ is a piece of data that a website transfers to the internet browser on your computer’s hard disk, which lets the website “remember” who you are. It will usually contain a unique, randomly generated, number. Major commercial and business websites generally employ cookies. They cannot be used by themselves to identify you, and we will not attempt to use them for this purpose. You can delete cookies manually – if you wish to do so, please consult your browser help manual. (There are also websites that help you do this.) “Session cookies” stay in your browser only until you close it. “Persistent cookies” stay in your browser for longer – how long depends on the “lifetime” of the relevant cookie.
Use of ‘COOKIES’
We use session cookies to allow you to carry information across pages and avoid you having to re-type it. We may use persistent cookies so we can recognise your number (but not identify you further) when you return to our website, and, potentially, to enable us to note your interests, and arrange or edit content to match your interests, or those of borrowers generally, in a better way. Third parties may also serve cookies through this website. They may be used to put together statistics to help understand how people use the site, or to check whether, and how often, particular content is being viewed.
Analytics
We use Google Analytics for tracking visitors and aggregating information about the traffic to our websites. The Google Analytics privacy policy can be found on their website.
Marketing Campaigns
We use email marketing to communicate with customers and potential customers from time to time. All email lists and campaigns are “opt-in” meaning we will not send you these sorts of emails unless you indicated that you wish to receive them during signup or other interactions on our website All marketing emails sent by us will include an unsubscribe link in the footer of the email. Emails sent to you may also include standard tracking, including open and click activities. We use WP Newsletter for all scheduled newsletter emails.
Website Platform and Hosting
Our core website is built on the WordPress platform. We also use several plugins to create the website. Website hosting is managed by our in-house team and the data centre of 34SP located in Manchester England. This includes website hosting, backups, web database, file storage, APIs, and log files.
How we Protect Your Data
The security and reliability of our service is our number one priority. We invest heavily in the training of our staff and our infrastructure to ensure that best practices are followed. All staff only have access to parts of the systems that are directly required to complete their work.
Data Breach Procedures We Have in Place
Should any event occur where customer data has been lost, stolen, or potentially compromised, our policy is to alert our customers via email beginning no later than 48 hours of our team becoming aware of the event. We will also report such incident to any required data protection authority.
Privacy Policy Changes
Although most changes are likely to be minor, we may change this Privacy Policy from time to time without notification.