Data protection law
The General Data Protection Regulations describe how organisations, including Wattsford Commercial Finance, must collect, handle and store personal information. These rules apply regardless of whether data is stored electronically or otherwise.
To comply with the law, personal information must be:
A range of information must be detailed in our internal records of processing activities. Such areas include:
Wattsford Commercial Finance ensures that records of these activities are kept and are updated accordingly. Individuals’ data is kept on file for 6 years in line with the Financial Conduct Authorities record keeping rules. After which point, personal data is retracted to the point it is unidentifiable and used for statistical purposes only.
Lawful Basis for Processing Data
Under GDPR, it is a requirement that Wattsford Commercial Finance has a valid lawful basis to process personal data, this should be documented. Most lawful bases require that processing is ‘necessary’.
The lawful bases for processing are set out in Article 6 of the GDPR. At least one of these must apply whenever Wattsford Commercial Finance process personal data:
Processing is lawful under GDPR as:
(a) Consent: the individual has given clear consent for you to process their personal data for a specific purpose;
(b) Contract: the processing is necessary for a contract you have with the individual, or because they have asked you to take specific steps before entering into a contract;
(c) Legal obligation: the processing is necessary for you to comply with the law (not including contractual obligations);
(d) Vital interests: the processing is necessary to protect someone’s life;
(e) Public task: the processing is necessary for you to perform a task in the public interest or for your official functions, and the task or function has a clear basis in law;
(f) Legitimate interests: the processing is necessary for your legitimate interests or the legitimate interests of a third party unless there is a good reason to protect the individual’s personal data which overrides those legitimate interests.
Wattsford Commercial Finance has chosen this basis for processing data as it is requested from the individuals that we capture data before entering into a contract (e.g. provide a quote for finance).
Special categories of data may be captured by Wattsford Commercial Finance for example, information about an individual’s:
You need to identify both a lawful basis for general processing and an additional condition for processing this type of data.
If you are processing criminal conviction data or data about offences, you need to identify both a lawful basis for general processing and an additional condition for processing this type of data.
Wattsford Commercial Finance acts as a data Controller and data Processor. All staff are responsible for ensuring that the highest data standards and best practices are met on a continual basis.
Although a Data Protection Officer (DPO) has not been appointed as [Your Company Name] does not fall within the scope, the Directors and Owners of the Business are accountable and responsible for compliance with GDPR and will take on the tasks appointed to them as if they were a DPO.
Data Protection Impact Assessments (DPIA)
Wattsford Commercial Finance has a general obligation to implement technical and organisational measures to demonstrate that data protection is integrated into our processing activities. A Data Protection Impact Assessment is conducted each time [Your Company Name] consider implementing using new technologies.
The DPIA will pertain at least:
Individuals now have more rights under GDPR, Wattsford Commercial Finance, these are:
Wattsford Commercial Finance provide every customer with a Privacy Notice at the point data is captured.
The information supplied in this notice demonstrates how Wattsford Commercial Finance is transparent over our data processing. The notice is:
We include details of (but not limited to):
The Data Controller, the lawful reason for processing data, if any third parties have legitimate interests, categories of personal data, categories of recipients such as banks and credit unions, the data retention periods;
The individuals’ rights; including the right to withdraw, where the individual can complain about how the data is processed with a supervisory authority, source of data when it comes from a third party and where personal data is part of a contractual requirement or obligation.
Individuals are entitled to have personal data rectified if it is inaccurate or incomplete. If [Your Company Name] has disclosed the personal data in question to third parties, then we will inform them of the rectification where possible.
Wattsford Commercial Finance will respond to this request within one month or extended by two months where the request for rectification is complex.
Individuals have a right to have personal data erased and to prevent processing in specific circumstances:
Wattsford Commercial Finance may refuse to comply with a request for erasure where the personal data is processed for the following reasons:
If Wattsford Commercial Finance has disclosed the personal data in question to third parties, a notification will be sent, informing them about the erasure of the personal data, unless it is impossible or involves disproportionate effort to do so.
Wattsford Commercial Finance will restrict the processing of personal data in the following circumstances:
if any data has been disclosed to third parties, Wattsford Commercial Finance will notify them about the restriction on the processing of the personal data, unless it is impossible or involves disproportionate effort to do so.
For personal data an individual has provided to a controller; where the processing is based on the individual’s consent or for the performance of a contract; and when processing is carried out by automated means, Wattsford Commercial Finance must provide the personal data in a structured, commonly used and machine-readable form. Open formats include CSV files. Machine readable means that the information is structured so that software can extract specific elements of the data. This enables other organisations to use the data.
Wattsford Commercial Finance must provide this service free of charge.
If the individual requests it, we may be required to transmit the data directly to another organisation if this is technically feasible. Wattsford Commercial Finance will respond without undue delay, and within one month or extended by two months where the request is complex or receive many requests.
If an individual has objected to processing data or direct marketing, Wattsford Commercial Finance will cease to process the data.
Individuals must have an objection on “grounds relating to his or her particular situation”.
Wattsford Commercial Finance stop processing the personal data unless:
This is brought to the attention of the data subject at the first point of communication and in our privacy notice. This is separated out from any other information.
Direct marketing purposes
As soon as an objection is received, Wattsford Commercial Finance will stop processing personal data for direct marketing purposes. This will be actioned at any stage and is free of charge.
Automated decision making including profiling
Wattsford Commercial Finance understand that any form of automated processing of personal data intended to evaluate certain personal aspects relating to a natural person, or to analyse, or predict that person’s performance at work, economic situation, location, health, personal preferences, reliability, or behaviour falls under this right. Where this is conducted, the rules and guidance of the ICO will be adhered to and followed. To date, Wattsford Commercial Finance does not conduct automated decision making including profiling.
Subject Access Requests (SAR)
Individuals who are the subject of personal data held by Wattsford Commercial Finance are entitled to:
Individuals contacting the company requesting this information, this is called a Subject Access Request.
Wattsford Commercial Finance will provide a copy of the information free of charge. However, a ‘reasonable fee’ may be charged when a request is manifestly unfounded or excessive, particularly if it is repetitive.
A reasonable fee may also be charged to comply with requests for further copies of the same information. The fee is based on the administrative cost of providing the information only.
Once the identity of the person making the request has been verified, the information will be provided within 1 month, this will be extended to 2 months if the request is complex. Notification will be made to the individual if this is the case.
It is made clear that data subjects who wish to complain about how their personal data has been processed can raise this with Wattsford Commercial Finance complaints procedure. If the data subject is still not happy, then the complaint can be referred to the Information Commissioners Office.
Data Security and Storage
When data is stored on paper, it should be kept in a secure place where unauthorised people cannot see or have access to it. These guidelines also apply to data that is usually stored electronically but has been printed out for some reason:
When data is stored electronically, it must be protected from unauthorised access, accidental deletion and malicious hacking attempts:
The point that personal data is accessed is when it can be at greatest risk of loss, corruption, theft, unlawful access, Wattsford Commercial Finance will:
Wattsford Commercial Finance needs to gather and use certain information about individuals.
This can include customers, suppliers, business contacts, employees and other people the organisation has a relationship with or may need to contact.
This policy describes how this personal data must be collected, handled and stored to meet the company’s data protection standards — and to comply with the law.
Why this policy exists
This data protection policy ensures Wattsford Commercial Finance:
Wattsford Commercial Finance is a trading style of Andrew Wattsford (FRN:794560) who are Credit Brokers and are Appointed Representatives of White Rose Finance Group Ltd (FRN: 630772)
Authorised and Regulated by the Financial Conduct Authority.
PLEASE MAKE BORROWING DECISIONS CAREFULLY, PROPERTY OR OTHER ASSETS OFFERED AS SECURITY MAY BE
AT RISK IF YOU CANNOT KEEP UP WITH REPAYMENTS. © COPYRIGHT WATTSFORD COMMERCIAL FINANCE 2018