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Privacy Notice

Privacy Notice

Respecting your Privacy

Smart Money Cymru is committed to protecting our members’ privacy, as your credit union there are things we need to know about you – from your name and address to the payments in and out of your account.

Section 1

Why do we need your information?

We require information marked as mandatory for membership to either meet legal obligations or to enable us to perform our contract with you. Where you are not able to provide us with this information, we may not be able to open an account for you. Where we request further information about you not required for these reasons, we will ask you for your consent.

Section 2

How do we get information about you?

Some information comes directly from you when you fill in forms or speak to us; some comes from credit reference agencies or our partners. We also gather information from managing your account such as where deposits come from.

How we use your personal information

Smart Money Cymru Credit Union may process, transfer and/or share personal information in the following ways:

 For legal reasons

 confirm your identity

 For performance of our contract with you

 For our legitimate interests

 With your consent

 Section 3

Who do we share your information with?

We share some of your information with banks or our partners to enable us to accept payments to your credit union account and to enable us to make payments as requested by you. We also share some information with our regulators, credit reference agencies and other official bodies.

Sharing your personal information

We will disclose information outside the credit union:

Credit rating agencies

In order to process credit applications you make we will supply your personal information to credit reference agencies (CRAs) and they will give us information about you, such as about your financial history. We do this to assess creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and prevent criminal activity.

We will also continue to exchange information about you with CRAs on an ongoing basis, including about your settled accounts and any debts not fully repaid on time. CRAs will share your information with other organisations. Your data will also be linked to the data of your spouse, any joint applicants or other financial associates. This may affect your ability to get credit.

The identities of the CRAs, and their information notice about how they use your personal information, are explained in more detail on:

Where we send your information

While countries in the European Economic Area all ensure rigorous data protection laws, there are parts of the world that may not be quite so rigorous and do not provide the same quality of legal protection and rights when it comes to your personal information.

Smart Money Cymru Credit Union does not directly send information to any country outside of the European Economic Area, however, any party receiving personal data may also process, transfer and share it for the purposes set out above and in limited circumstances this may involve sending your information to countries where data protection laws do not provide the same level of data protection as the UK.

For example, when complying with international tax regulations we may be required to report personal information to the HM Revenue and Customs which may transfer than information to tax authorities in countries where you or a connected person may be tax resident.

Section 4

How long do we keep your information?

Retaining your information

We will need to hold your information for various lengths of time depending on what we use your data for. In many cases we will hold this information for a period of time after you have left Smart Money Cymru Credit Union.

We will not retain your personal information for longer than is necessary for the maintenance of your account, or for as long as regulations or the law says we have to, if that’s longer.

Section 5

How can you see it?

Your Rights

Your rights under data protection regulations are:

(a)     The right to access

(b)     The right of rectification 

(c)     The right to erasure 

(d)     The right to restrict processing 

(e)     The right to data portability 

(f)       The right to object to data processing

(g)     Rights related to automating decision-making and profiling

(h)     Right to withdraw consent

(i)       The right to complain to the Information Commissioner’s Office

Your rights explained

Right to Access

You have the right to access your personal data and details of the purposes of the processing, the categories of personal data concerned and the recipients of the personal data. Providing the rights and freedoms of others are not affected, we will supply to you a copy of your personal data upon request with notice.

The right to rectification

You have the right to have any inaccurate personal data about you corrected and, taking into account the purposes of the processing, to have any incomplete personal data about you completed.

The right to erasure

In some circumstances you have the right to the erasure of your personal data without undue delay.

Those circumstances include:

However, you may not erase this data where we need it to meet a legal obligation or where it necessary for the establishment, exercise or defence of legal claims.

The right to restrict processing

In some circumstances you have the right to restrict the processing of your personal data.

 Those circumstances are:

We will only otherwise process it:

The right to object to processing

You have the right to object to our processing of your personal data on grounds relating to your particular situation, but only to the extent that the legal basis for the processing is that the data is necessary for the purposes of the legitimate interests pursued by us or by a third party.

If you make such an objection, we will cease to process the personal information unless we can demonstrate compelling legitimate grounds for the processing which override your interests, rights and freedoms, or the processing is for the establishment, exercise or defence of legal claims.

You have the right to object to our processing of your personal data for direct marketing purposes (including profiling for direct marketing purposes). If you make such an objection, we will cease to process your personal data for this purpose.

 The right to data portability

To the extent that the legal basis for our processing of your personal data is:

(a)     consent; or

(b)     that the processing is necessary for the performance of our contract with you

You have the right to receive your personal data from us in a commonly used and machine-readable format or instruct us to send this data to another organisation.This right does not apply where it would adversely affect the rights and freedoms of others.

Rights related to automatic processing

This credit union uses an automated decision making process for processing members’ loan applications to make sure that our decisions are quick, fair, efficient, and correct based on what we know.

The automated lending decision system looks at your credit score alongside information such as:

and makes a decision based on either:

Members have the right to have the decision reviewed by a member of staff, express their point of view, and obtain an explanation of the decision and challenge it.

Right to withdraw consent

To the extent that the legal basis for our processing of your personal information is your consent, you have the right to withdraw that consent at any time. Withdrawal will not affect the lawfulness of processing before the withdrawal.

The right to complain to the Information Commissioner’s Office

If you consider that our processing of your personal information infringes data protection laws, you have a legal right to lodge a complaint with the Information Commissioner’s Office which is responsible for data protection in the UK.You can contact them by:

  1. Going to their website at: https://ico.org.uk
  2. Phone on 0303 123 1113
  3. Post to Information Commissioner’s Office, Wycliffe House, Water Lane, Wilmslow, SK9 5AF

Contact us about your rights

For more information about how your rights apply to your membership of the credit union or to make a request under your rights you can contact us info@smartmoneycymru.co.uk or 029 2088 3751. We will aim to respond to your request or query within one month or provide an explanation of the reason for our delay.

Section 6

Open Banking

                        
This section of our Privacy Policy relates to Open Banking and should be read in conjunction with the other clauses in our Privacy Policy.  In the event of conflict with any other clauses, this clause shall prevail.  
                         

                          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 lender, we support the use of Open Banking as it allows us to process loan 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 a better lending decision as we shall be able to verify your income, outgoings and other matters in order to assess what loan terms would be suitable for you based upon what you can reasonably afford to repay.    
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 loan 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 (“PDS”) who are also a credit reference agency.  During your loan 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 loan application (“the Permitted Purpose”).  
Further information about PDS including their registered provider and regulatory status is available from www.lendingmetrics.com.      
                         

                          Is Open Banking secure?

PDS are registered under the Open Banking Directory as an account information service provider and are also 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 this 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 their via our website.   
As PDS are 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 this 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?


(Client to define policy on options to consent)
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 this 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 this 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.


   
Contact details

Membership Team     

64-66 Cardiff Road

Caerphilly

CF83 1JQ

029 2088 3751

info@smartmoneycymru.co.uk

Changes to our privacy notice and privacy policy

We can update this Privacy Notice and the online Privacy Policy at any time and ideally you should check them regularly for updates. We won’t alert you for every small change, but if there are any important changes to either Policy or how we use your information we will let you know and where appropriate ask for your consent.

 


Smart Money Cymru Credit Union, 64-66 Cardiff Road Caerphilly CF83 1JQ Telephone 029 2088 3751
Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority 213370

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