NM Finance Data Protection Policy
From 25th May 2018 the EU General Data Protection Regulation (GDPR) will come into force which, in effect, replaces The Data Protection Act 1998 (DP). Although some of the UK DP law remains unchanged, there are significant enhancements designed to help strengthen and unify data protection for individuals across the European Economic Area.
For further information and the full General Data Protection Regulation, go to the Information Commissioner’s Office (ICO) website using https://ico.org.uk.
The information contained within this data protection policy sets out how we use the information you provide us. This policy also provides information regarding your privacy rights and how the law protects you.
How the law protects you
Data Protection law stipulates that we are allowed to use personal information but only if we meet one of the following lawful conditions:
- To fulfil a contract, we have with you;
- When it is our legal duty – where it is necessary for compliance with a legal obligation;
- When we have a legitimate interest;
- If we need to act in your vital interests; or
- When you have provided us consent to process it.
We will use the legitimate interest condition when we have a business or commercial reason to use your information but only if its use does not override your interests, fundamental rights or your freedoms.
Who is collecting your personal information
New Mortgage Finance Limited, trading as NM Finance, Portal House 7b Alkmaar Way, Norwich International Business Park, Norwich, NR6 6BF.
Why we collect your personal information
We collect personal information provided by you to enable us to create a contract with you which we then fulfil in accordance with the terms and conditions of the contract and our Data Protection Policy. This will arise from any contracts entered into between us which includes our obligations to provide you with the information, products and services that you have requested.
We also need to collect your personal information to meet the legal and compliance obligations placed upon us.
We will only collect the personal information necessary to provide you with a service/product you have requested and to manage our relationship with you.
How is it collected
The way in which we collect personal information from you is determined by the way you engage with us. This could be through conversations with staff, communication via emails, letters, completed application form or health questionnaires, via our website contact form, registering for competitions and/or during financial reviews before the end of the fixed period of your product.
When obtaining a Decision in Principle (DIP), also referred to as an Agreement in Principle (AIP), we submit your information via the Lender’s online automated decision-making process. We do not use any in-house automated processing mechanisms.
Where else may we obtain information about you
We may also obtain personal information about you from third parties such as credit reference agencies who we check with in relation to the product or service you’re enquiring about or applying for. We will obtain your authority first before conducting any credit checks.
Who will it be shared with
We share your personal data with the appropriate:
- Credit reference agencies to carry out our checks. A record of these checks is kept by the credit reference agency and may impact your ability to obtain credit elsewhere for a short time.
- Banks, Mortgage Lenders & Insurance Companies in the course of processing, and submission of, your application.
- Fraud prevention agencies to check if false or inaccurate information has been provided to us. Where the possibility of fraud is identified, the same information may be accessed by law enforcement to prevent fraud and money laundering.
- UK regulators and authorities in order that we comply with our legal obligations to organisations such as the Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority.
- Appointees who are instructed to act on your behalf such as a solicitor, a valuer, an accountant, an insurance company and/or an estate agent.
Your information may be used for other purposes for which you have either given your specific permission or, in very limited circumstances, when required by law or where permitted under the General Data Protection Regulation.
Keeping in touch
We will always ask you if you are happy (i.e. seek your consent) to receive communications about NM Finance news, events, products and competitions when you apply for a product/service, and before any such information is sent. If you decline at that time or you alter your preferences any time thereafter, we will act upon your instruction immediately. If appropriate, we will remove your details from the appropriate mailing list and add them to our company suppression list.
Security of your personal information
We promise to take all reasonable technical and procedural precautions to prevent the loss, misuse or alteration of your personal information.
NM Finance Ltd do not operate internationally; our business services are limited to the United Kingdom.
Retention of your personal information
We will retain your information for as long as it is needed to provide you with our services and manage our relationship and also to comply with our legal obligations, resolve disputes and enforce our agreements. In practice this could be throughout your lifetime, but this does not prejudice your right to request that your personal data is no longer processed by us (The Right to Object).
Information on your rights
The GDPR puts much greater emphasis on transparency of processing and accountability by all parties involved in handling personal data and also extends your rights in respect of your personal data. It should be noted that these are qualified in so much that they do not necessarily apply in all situations. For ease of visibility, the ‘rights’ are listed directly below.
- Right to be informed (to be told how we process your data)
- The right to access (to see what information we hold about you)
- Right to rectification (to have your personal data updated if you notify us of changes)
- Right to erasure (to have the data we hold about you deleted or destroyed)
- Right to restrict processing (under certain circumstances you can ask us to postpone processing)
- Right to data portability (to be provided with your personal data in a useful electronic format)
- Right to object (to stop us from processing your data for example, for direct marketing)
- Rights related to automated decision making and profiling (where a decision is based solely on automated processing)
In addition, you are entitled to complain to the ICO about the way we handle your personal data. You may also seek judicial remedies against us or any of the third parties we interact with on your behalf, for damages (both material and non-material) arising from breaches of the GDPR. For further details on when and how these rights might apply, please refer to the ICO website.
If you do have cause for concern, we do ask that you contact us in the first instance in order to resolve any issues at the earliest possible time and with the least inconvenience to yourselves.
Exercising your rights and access to your personal information
If you wish to exercise your right to access to your personal data, please write to the address below and specify in your letter the information you require. We will then contact you to check your identity and may request documents to prove it. For this and all other queries regarding your personal data and the exercising of your rights, please contact the Data Privacy Manager in the first instance using the address shown below.
N M Finance Ltd
7b Alkmaar Way
Norwich International Business Park
About our Website
We may collect information using cookies. Cookies are small files placed on your computer’s hard drive or in your browser memory when you visit a website although no personally identifiable information is obtained.
Analytics & SEO
We use analytics and search engine providers to assist us in improving and optimising our website. For example, Google Analytics helps us to track which website pages are accessed and allows us to understand how popular it is and record visitor trends over time. No personally identifiable information is shared but IP addresses may be used to help determine where in the world you are accessing the site from and to track pages you visit within the website.
A paper copy of the NM Finance Data Protection Policy can be provided if requested in writing to:
N M Finance Ltd
7b Alkmaar Way
Norwich International Business Park
April 2018 v.2