1. Introduction and Summary
At ILOCX, we are committed to protecting the personal data of the companies and buyers who use our platform.
2. How and when do we collect your information and what do we collect?
If you engage with us in any way, we may collect the following information about you through the methods of contact you choose to use at the point of engagement:
From time to time we obtain information from outside sources to help us carry out our business functions. This information, which often contains personal data, includes:
If you wish to become a member of our marketplace you will need to provide us with the following information, which we sometimes also collect from third parties:
In addition to the personal and financial information you submit or we collect as described above, we will also collect information about your computer (including, where available, your IP address, operating system and browser type), your interaction with our marketplace and website, and email performance data.
We also collect and retain:
We generally do not seek to collect sensitive personal data (also known as ‘special categories of data’). However, we are occasionally given sensitive personal data of officers of companies (such as criminal records) as part of our KYC investigations.
If you provide information about other people (for example, if you represent a company and you provide information about directors, partners, members, shareholders or beneficial owners other than yourself) then you must:
3. Using your information
We collect, store and use your personal data:
Where relevant, we will hold and process your sensitive personal data to allow us to make decisions about you and your accounts with us or with which you are connected. This may involve us sharing your sensitive personal data with your Agents. We will process sensitive personal data only in accordance with our legal rights and obligations. If this processing is carried out with your consent, at the point of collection you will be informed of your right to withdraw that consent at any time, and the process for doing so.
We continually review the legal basis for us using your personal data in the ways described above. In most instances it is in our legitimate interests to use your information in the manner described above to provide you with the services we offer as an online lending marketplace. We consider this data processing to be proportionate and not prejudicial or detrimental to you. In some, specific circumstances, the processing is necessary for the performance of a contract to which you are a party, necessary for compliance with a legal obligation to which we are subject, or necessary in order to protect your vital interests or the vital interests of other small business owners or ILO buyers. We sometimes rely on consent, and in those instances we have processes in place to ensure that we obtain your freely-given and informed consent to use your personal data for agreed, specific purposes.
We use the information we collect about your computer for: (i) our legitimate purposes; (ii) marketing; marketplace administration; and (iii) service improvement. Our Cookies Policy describes these processes in more detail and explains how we respect your right to privacy when collecting these types of data and do not seek to bypass browser settings set to ‘do not track’ or similar.
4. Sharing and disclosing your information
We may disclose your personal data to other registered members of our marketplace, including:
If you, as a registered member of our marketplace, receive information about another registered member, then you must only use that information to communicate with us about your licence contract with that member. You acknowledge that we are not responsible for misuse of transactional or other information by other members but you must inform us promptly if you are the victim of any misuse of that information.
We may disclose your personal data:
Third parties who process your personal data on our behalf are only permitted to process your personal data in accordance with our instructions and we take steps to ensure that the transfer and any on-going processing by those third parties is carried out securely and in accordance with applicable privacy laws.
Save as expressly provided above, or otherwise without your consent, we will not share your personal data with any third party.
5. Data Retention
We will not keep your personal data for longer than is necessary for the purposes for which it was collected and is processed and for the purposes of satisfying our legal, accounting or regulatory reporting requirements. These requirements generally permit us to retain our company and ILO buyer files for a period of six years after the end of the licence relationship (i.e. the date on which we no longer provide services to you as a company or ILO buyer). We may retain data for longer than this in certain circumstances, for example in the event of an ongoing dispute.
6. Overseas Transfers
We are part of a global group of companies and, in order to support our business in the most efficient manner possible, we share infrastructure and functions across our business internationally. This means that we may transfer your personal data to, or your personal data may be accessible in, any location in which we do business. If your information is transferred to or accessible in a country which is not considered by the European Union to adequately protect of personal data (such as the USA), we will always take steps to ensure that your information is protected and that those transfers comply with applicable privacy laws.
We may transfer your information to other countries, including those outside the European Economic Area, either for storage purposes or if we engage suppliers, sub-contractors or third party data processors who are based or have operations overseas. We will always take steps to ensure that your information is protected and that those transfers comply with applicable privacy laws.
7. Credit Reference Agencies (“CRAs”)
From time to time we undertake credit reference checks against companies and ILO buyers (and against directors, partners, members, shareholders and beneficial owners of companies and ILO buyers), guarantors and Agents:
In order to do this, we will supply your personal information to CRAs and they will give us information about you, such as about your financial history. When CRAs receive a search request from us they will:
We will give details of all licences taken through our marketplace and how they are managed to the CRAs. If you enter into a licence and do not pay royalties in full and on time, the CRAs will record the outstanding debt and, in some cases, the length of time that the debt remains outstanding; other organisations may see these updates and this affect your ability to obtain credit in the future.
We will also continue to exchange information about you with CRAs on an ongoing basis about your settled accounts and any debts not fully repaid on time. CRAs will share this information with other organisations.
Any records shared with CRAs will remain on file for six years after your account is closed, whether any outstanding sums have been settled by you or following a default. You can contact the CRAs currently operating in the UK. The information they hold may not be the same so you may consider contacting them all. They will charge you a small statutory fee.
8. False information and Fraud Prevention Agencies (“FPAs”)
If we suspect or identify fraud we may record this and may also pass this information to FPAs (such as CIFAS) and other organisations involved in crime and fraud prevention including law enforcement agencies. We and fraud prevention agencies may also enable law enforcement agencies to access and use your personal data to detect, investigate and prevent crime.
We and fraud prevention agencies process your personal data on the basis that we have a legitimate interest in preventing fraud and money laundering, and to verify your identity in order to comply with our legal and regulatory obligations and to protect us and users of our marketplace and services. Such processing is a legal requirement if you request to sell or buy through our marketplace.
We and other organisations may access and use this information in order to prevent fraud, money laundering or other criminal activity (for example, by checking details on credit applications, for managing credit and recovering debt). We also use FPAs to screen job applicants and employees.
Fraud prevention agencies can hold your personal data for different periods of time, and if you are considered to pose a fraud or money laundering risk, your data can be held for up to six years.
If we, or a fraud prevention agency, determine that you pose a fraud or money laundering risk, we may refuse to provide the services you have requested, or we may stop providing existing services to you.
A record of any fraud or money laundering risk will be retained by the fraud prevention agencies, and may result in others refusing to provide services, financing or employment to you.
Whenever fraud prevention agencies transfer your personal data outside the European Economic Area, they impose contractual obligations on the recipients of that data to protect your personal data to the standard required in the European Economic Area. They may also require the recipient to subscribe to “international frameworks” intended to enable data sharing.
9. Your rights
You may, at any time:
When you contact us, we will need you to provide us with adequate information to identify yourself to enable us to assist you in fulfilling your request. We will deal with your request as soon as possible.
You may also request that the CRAs we use provide you with information that they hold about you. You must contact them directly to do this.
10. Security and other Third Parties
ILOCX takes appropriate technical and organisational measures to safeguard the personal data that you provide to us, but we accept no liability if communications are intercepted by third parties or incorrectly delivered or not delivered.
If we transfer your information to third parties we will take steps to ensure that the transfer and any on-going processing by those third parties is carried out securely and in accordance with applicable privacy laws.
You also have a responsibility to ensure that your information is kept secure. If you are a member of our marketplace, you must:
11. Contact Details
12. About ILOCX
ILOCX Limited is a company incorporated in England and Wales, with registered number 11077776 and registered office at 23 Northumberland Avenue, London, WC2N 5AP. ILOCX Limited is registered with the Information Commissioner with registration number ZA496521.