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UK GDPR

UK GDPR is the United Kingdom's General Data Protection Regulation, the retained version of the EU GDPR that applies in the UK alongside the Data Protection Act 2018. It sets the rules for how organisations collect, use, store and share personal data, and gives individuals rights over the data held about them. A lender handling information about directors, owners and applicants must comply with it.

What it governs: The processing of personal data — collection, use, storage, sharing and deletion.
Who it protects: Individuals, including directors and owners of a business borrower.
Regulator: The Information Commissioner's Office (ICO).

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Core principles

UK GDPR requires that personal data is processed lawfully, fairly and transparently; collected for specified purposes; limited to what is necessary; kept accurate; held no longer than needed; and handled securely. Organisations must be able to show how they meet these principles, and must have a lawful basis for each use of personal data.

ICO The ICO is the UK's independent data-protection regulator, responsible for upholding information rights and enforcing UK GDPR and the Data Protection Act… KYC Know your customer (KYC) is the process of identifying and verifying who a lender is dealing with — the business, its directors and its ultimate owners… Due diligence Due diligence is the set of checks a lender carries out before and during a lending relationship — confirming the borrower is genuine, understanding its… AML Anti-money laundering (AML) is the set of laws and checks that require lenders to verify who they are dealing with and to report suspicious activity… Our vulnerable-customers page How Credicorp, a UK business lender, supports customers going through a difficult time — vulnerability policy and support routes. FSMA RAO (Regulated Activities Order) The FSMA Regulated Activities Order defines which financial activities are regulated in the UK. Articles 60B and 60L set the consumer-credit perimeter and… Business loan A business loan is borrowing taken out in the name of a company or LLP rather than an individual, repaid over an agreed term. Short-term business loans… Vulnerable customer A vulnerable customer is someone whose circumstances make them less able to manage a financial relationship or more at risk of harm. Good lenders identify… What is APR? UK annual percentage rate explained What is APR in the UK? Annual percentage rate expresses the yearly cost of borrowing as a single percentage, combining the interest rate with any… Companies House Companies House is the UK's registrar of companies. It incorporates and dissolves limited companies and LLPs, and maintains the public register of company… Revolving credit facility A revolving credit facility is a pre-agreed credit limit a business can draw down, repay and redraw as often as it needs. Interest is charged only on the…

Individual rights

UK GDPR gives individuals rights including access to their data, correction of inaccuracies, erasure in certain circumstances, and the right to object to some processing. A lender must have processes to handle these requests. For a business borrower, the data concerned is typically the personal data of its directors and owners rather than the company's own (non-personal) information.

UK GDPR and Credicorp

Credicorp handles personal data — for example the details of directors and owners of borrowing businesses — in line with UK GDPR, and is registered with the Information Commissioner's Office under ICO ZC157682. How we use data is set out in our privacy information. Credicorp is an independent UK lender, not affiliated with Credicorp Inc of Peru, Credit Corp of Australia, or any other Credicorp entity outside the United Kingdom (Company No. 16093826).

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