Catalyst Property Finance Privacy Statement

At Catalyst we take your privacy seriously and will only use your personal information to administer your account and to provide the products and services you have requested from us.

The personal data you provide in connection with your loan application will be held by us securely in the UK. Where we need to, and only with your prior consent, we share this information with third parties such as credit reference agencies; electronic identity verification systems; and lenders via their secured systems.

Some of our funding partners are global financial entities that are not located within the EU and occasionally we will need to share your personal information with these. However stringent data security protocols are in place as the General Data Protection Regulations extend to all who control data for an EU citizen regardless of the physical location of the data controller.

Your personal data will only be used for the purpose of your loan application and will not be shared with any third party not connected to the application. We have strict measures in place to safeguard against unauthorised or unlawful processing or accidental loss of your data.

We need your consent to share your information. However, this consent will be deemed to have lapsed on the earlier of the loan completion (redemption for Catalyst), your withdrawal of the application or the lender declining to lend (we are unable to lend for Catalyst). We will explain how your information is being used at key points through your application and you have the right to withdraw your consent at any time. You can notify us by telephone, email or in writing.

For bridging loans we will need to keep in touch through the life of the borrowing to ensure your repayment plans are working and, if not, ensure timely assistance to help you avoid penalty rates and/or defaults. You will be asked to consent to this once the bridging loan funds have been released.

Business introducers’ contact details will be held on an electronic database for marketing purposes. We update introducers on the latest products and exclusives from Catalyst Bridging and Positive Lending via email communication. Introducer data is held securely in the UK and you can opt out of emails at any time. Please note that if you choose to opt out we may not be able to reinstate this service at a later date.

You are entitled to request access to your personal data held by us. We will ask for proof of your identity before providing any information requested. If you have any questions concerning how your personal data is going to be used, or require a copy of information held please contact our Data Protection Manager, on 01202 112 900 or via enquiry@catalystpf.co.uk

If you feel that your personal information has not been used in the way you were led to expect you have the right to complain to the Information Commissioners Office (ICO). They can be contacted via their website address is –ico.org.uk/for the public, or by telephone 0303 123 1113.

Data Retention

We gather your personal information to process your loan application and need to retain this information to comply with our legal and regulatory responsibilities. We also need to retain the data so that we can respond to queries in the future.

All data held is held securely and controlled in the UK. We do not hold your information for marketing purposes but will pass this information to credit reference and fraud prevention agencies in line with our legal responsibilities. We will continue to monitor electronic identity systems and credit reference agencies during the course of your loan.

We will keep in touch with you during the course of your loan and keep you informed regarding the borrowing and to offer whatever help, support or guidance you may need.

If you would like more information about our data retention policy please contact our Data Protection Manager on 01202 112 900.

Credit Reference Agency Information Notice (CRAIN)

To review the above please click here

If you do have any further questions, please don’t hesitate to contact CAISConsultancy@uk.experian.com

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?

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.