Privacy Policy
Last updated: 22 March 2023
1. Introduction and who this Privacy Policy covers
This Privacy Policy sets out how FundAdminChain collects, stores, uses, discloses or otherwise processes information about you in the course of our business including providing services to our clients, through our website and when using our Platform, as well as sales and marketing activities.
It is important that you read this Privacy Policy together with any other privacy notice or fair processing policy we may provide on specific occasions when we are collecting or processing personal data about you so that you are fully aware of how and why we are using your data. This Privacy Policy supplements other notices and privacy policies and is not intended to override them.
We own and operate a digital platform (“Platform”) which can be accessed via a web-based application and which facilitates digital services supporting fund management and administration. Within the Platform, there are distinct environments hosted by FAC (“Portals”), through which the Portal owner (the “Landlord”) will invite various parties to access dedicated areas within the relevant Portal.
We respect your privacy and are committed to protecting your personal data. This Privacy Policy will inform you as to how we look after your personal data when you visit our Platform and each Portal; or where we provide you with services related to the Platform (the “Services”); or when you have other interactions with us. It does not cover any use of personal data by the Landlord and any related party in respect of the offering of or investment in any funds product or administration services which will be covered by separate terms and privacy policy.
This privacy policy covers how we collect personal data from the following categories of individual:
Business Contact: any individual employee of the Landlord or any fund manager, fund administrator or associate invited to be a user on the Portal;
Investor: any individual investor or employee of an investment entity we engage with in relation to our Platform; and User: any person accessing our Platform, whether as a Business Contact or an Investor.
2. Who we are
FundAdminChain Limited, a company incorporated in England with company number 11845957, and having a place of business at 6th Floor, 140 London Wall, London, EC2Y 5DN is the controller and responsible for your personal data (collectively referred to as “FundAdminChain”, “we”, “us” or “our” in this Privacy Policy).
We are a majority owned affiliate of Apex Group Limited and part of the international Apex Group, which operates in multiple jurisdictions. If you have any questions about us or our wider group, please contact us using the details set out in section 14 below.
3. Third-party links
This Site may include links to third-party websites, plug-ins and applications. Clicking on those links or enabling those connections may allow third parties to collect or share data about you. We do not control these third-party websites and are not responsible for their privacy statements. When you leave our Site, we encourage you to read the privacy policy of every website you visit.
4. The data we collect about you
Personal data, or personal information, means any information about an individual from which that person can be identified. It does not include data where the identity has been removed (anonymous data).
We may collect, use, store and transfer different kinds of personal data about you which we have grouped together as follows, this includes but is not limited to:
• Basic Personal Data: name, address, date of birth, gender, marital status, Tax Identification Number, National Insurance number
• Identity Data: passport, driving license, utility bill, birth certificate, marriage certificate
• Contact Data: address, email address and telephone numbers
• Technical Data: internet protocol (IP) address, your login data, browser type and version, time zone setting and location, browser plug-in types and versions, operating system and platform, and other technology on the devices you use to access the platform.
• Profile Data: your username and password, purchases or orders made by you, your interests, preferences, feedback and survey responses.
• Usage Data: information about how you use our Platform, products and services.
• Service recipient: Contact information, employer and job title.
• Marketing and Communications Data: your preferences in receiving marketing from us and our third parties and your communication preferences.
The exact personal data collected may vary depending on the region you are based and the type of User you are.
We also collect, use and share Aggregated Data such as statistical or demographic data for any purpose. Aggregated Data could be derived from your personal data but is not considered personal data in law as this data will not directly or indirectly reveal your identity. For example, we may aggregate your Usage Data to calculate the percentage of users accessing a specific website feature. However, if we combine or connect Aggregated Data with your personal data so that it can directly or indirectly identify you, we treat the combined data as personal data which will be used in accordance with this privacy policy.
We do not knowingly collect data relating to children.
Special Category Data
We may also collect, store and use certain types of special category data, which requires us to apply more protection because it is sensitive. We anticipate we will process minimal amounts of your special category data but may process biometric data for identification purposes in particular.
Criminal Background Data
We may also collect information relating to criminal convictions but only where the law allows us to do so. This is usually where that processing is necessary to carry out our obligations, under regulatory requirements and to prevent or detect unlawful acts/preventing fraud. We will only collect information about criminal convictions if it is appropriate to enable us to verify your identity and validate your suitability to access the Platform and any Services.
Keeping data up to date
It is important that the personal data we hold about you is accurate and current. Please keep us informed if your personal data changes during your relationship with us.
If you fail to provide personal data
Where we need to collect personal data by law, or under the terms of a contract we have with you, and you fail to provide that data when requested, we may not be able to perform the contract we have or are trying to enter into with you (for example, to provide you with goods or services). In this case, we may have to cancel a product or service you have with us, but we will notify you if this is the case at the time.
5. How is your personal data collected?
We collect personal data about you in a variety of ways. Sometimes we collect the personal data directly from you and at times we may receive personal data about you from other sources and third parties. We also collect personal data automatically when you interact with our Platform.
6. How we use your personal data
We will only use your personal data when the law allows us to. This includes UK data protection rules (under the UK GDPR and Data Protection Act 2018) and other applicable laws in countries where we collect and process information.
We will not collect and use your personal data without letting you know. Our use of your data will be based on one of the following circumstances:
• Where you have provided explicit consent (although this is generally not relied on except for marketing purposes).
• Where we need to perform the contract we are about to enter into or have entered into with you.
• Where it is necessary for our legitimate interests (or those of a third party) and your interests and fundamental rights do not override those interests.
• Where we need to comply with a legal obligation.
Principles of processing
We will not process personal data in a way that is incompatible with the purposes for which it has been collected or subsequently authorised by you. We also will not collect any personal data that is not needed for the mentioned purposes.
If we need to use your personal data for an unrelated purpose, we will notify you and we will explain the legal basis which allows us to do so.
Please note that we may process your personal data without your knowledge or consent, in compliance with the above rules, where this is required or permitted by law.
General
Where personal data is provided to us, it will be held and processed centrally within our Platform, with access to the relevant Portals (or any part therein). We will use your personal data within Portals where there is a relationship with the existing Landlord or Tenants. This may mean personal data is available within several Portals if the User has a relationship with multiple parties within our Platform. We will restrict access to personal data within a Portal if the relationship comes to an end and access to personal data is no longer required.
Purposes for which we will use your personal data
We have set out below, in a table format, a description of all the ways we plan to use your personal data, and which of the legal bases we rely on to do so. We have also identified what our legitimate interests are where appropriate.
Note that we may process your personal data for more than one lawful ground depending on the specific purpose for which we are using your data. Please contact us if you need details about the specific legal ground we are relying on to process your personal data where more than one ground has been set out in the tables below.
| Purpose/Activity | Type of Data | Lawful Basis for Processing (including basis of legitimate interest) |
|---|---|---|
| Providing access to the Platform and our Services (including confirming your identity, meeting our contractual and legal obligations, and exercising other rights we have under contract and providing customer support services) | (a) Basic (b) Identity (c) Contact (d) Profile | (a) Performance of a contract with you (b) Necessary to comply with a legal obligation (c) Legitimate interests (we need to be efficient about how we meet our obligations and want to provide good service to customers) (d) Consent (where required by law, particularly for special category data or criminal conviction data) |
| Protecting against fraud (We use personal data to check identity to protect against fraud, comply with financial crime laws, and validate suitability for our services) | (a) Basic (b) Identity (c) Contact | (a) Necessary to comply with a legal obligation (b) Necessary for our legitimate interests (to improve how we deal with financial crime and meet our legal responsibilities) (c) Consent (where required by law, particularly for special category data) |
| To administer and protect our business and the Platform (including troubleshooting, data analysis, testing, system maintenance, support, reporting, and hosting of data) | (a) Basic (b) Contact (c) Technical | (a) Necessary for our legitimate interests (for running our business, provision of administration and IT services, network security, to prevent fraud) (b) Performance of a contract with you |
| To use data analytics to improve our Platform, Services, marketing, customer relationships, and experiences | (a) Technical (b) Usage | Necessary for our legitimate interests (to keep our platform updated and relevant, to develop our business, and to inform our marketing strategy) |
| Preparing anonymous statistical datasets (for example, to understand how customers use the platform or for forecasting purposes) | (a) Technical (b) Usage | Necessary for our legitimate interests (to conduct research and analysis, including to produce statistical research and reports) |
| To liaise with you if you are a Business Contact or Investor in relation to our Platform, Services, or wider business | (a) Identity (b) Contact | Necessary for our legitimate interest (to develop our Platform, Services, and grow our business) |
| To manage our relationship with you, which will include: (a) Notifying you about changes to our terms or this Privacy Policy; (b) Asking you to leave a review or take a survey; (c) Responding to a request for support or information | (a) Identity (b) Contact (c) Account (d) Usage (e) Marketing and Communications | (a) Performance of a contract with you (b) Necessary to comply with a legal obligation (c) Necessary for our legitimate interests (to keep our records updated and to study how you use our Services) |
Where you opt out of receiving these marketing messages, this will not apply to personal data provided to us as a result of us providing services to you or the company that you work for.
8. Disclosures of your personal data
It may be necessary to share your personal data with the parties set out below for the purposes set out in section 6 above:
| Category | Details |
|---|---|
| Platform Users | Personal data provided will be held centrally and processed within the Platform by FAC. It will be shared within the relevant Portal which you have been invited to access and will be available to the Landlord and any fund manager, fund administrator or associates within that Portal. Any personal data shared with other Platform users will only be to the extent necessary to facilitate relationships under the relevant Portal and subject to strict access and use controls (i.e. only to be used within the relevant Portal and not shared elsewhere). The use of your personal data by other Platform users may also be subject to their own specific privacy policy which should also be reviewed. |
| Service Providers | Where we appoint third parties to provide services on our behalf, like IT providers, cloud services providers, marketing, or for identity verification and validation to assist in providing the Services (like criminal background checks, sanction checks and PEP checks). |
| Professional Advisers | Including lawyers, bankers, auditors and insurers who provide banking, legal, insurance and accounting services. |
| Authorities | Including but not limited to Financial Conduct Authority, ICO, HM Revenue & Customs within the UK and any equivalent in alternative jurisdictions, fraud prevention organisation or law enforcement bodies who require reporting of processing activities in certain circumstances, especially in the prevention of money laundering and fraud and credit risk reduction. |
| Corporate Partners | Includes third parties to whom we may choose to sell, transfer, or merge parts of our business or our assets. If a change happens to our business, then the new owners may use your personal data in the same way as set out in this Privacy Policy. |
We require all third parties to respect the security of your personal data and to treat it in accordance with the law. We do not allow our third-party service providers to use your personal data for their own purposes and only permit them to process your personal data for specified purposes and in accordance with our instructions.
As we provide an international service, we may need to transfer your personal data outside the United Kingdom or European Economic Area (EEA) to enable us to provide our services.
Whenever we transfer your personal data out of the UK, we ensure a similar degree of protection is afforded to it by ensuring at least one of the following safeguards is implemented:
• We will only transfer your personal data to countries that have been deemed to provide an adequate level
of protection for personal data by the ICO; or
• Where we use certain service providers, we may use specific contracts approved for use in the UK which
give personal data the same protection it has in the UK (like the International Data Transfer Agreement
approved by the ICO).
Please contact us if you want further information on the specific mechanism used by us when transferring your personal data out of the UK.
10. Data Security
We know that it is incredibly important to protect and manage personal data appropriately. We have put in place appropriate security measures to prevent your personal data from being accidentally lost, used or accessed in an unauthorised way, altered or disclosed. In addition, we limit access to your personal data to those employees, agents, contractors and other third parties who have a business need to know. They will only process your personal data on our instructions, and they are subject to a duty of confidentiality.
We have put in place procedures to deal with any suspected personal data breach and will notify you and any applicable regulator of a breach where we are legally required to do so.
11. Data retention
We will only retain your personal data for as long as reasonably necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, regulatory, tax, accounting or reporting requirements. This means we will generally keep your personal data for six years after the end of your use of the Platform but exact details can be checked in our data retention policy. We may keep your personal data for a longer period in the event of a complaint or if we reasonably believe there is a prospect of litigation in respect to our relationship with you.
To determine the appropriate retention period for personal data, we consider the amount, nature and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal, regulatory, tax, accounting or other requirements.
In some circumstances you can ask us to delete your data. In some circumstances we will anonymise your personal data (so that it can no longer be associated with you) for research or statistical purposes, in which case we may use this information indefinitely without further notice to you.
12. Your legal rights
You have a number of legal rights in relation to the personal information we hold about depending on the country in which you are based, and you can exercise those right by contacting us using the details set out in section 14 below.
Depending on applicable law, these rights may include:
| Right | What it means |
|---|---|
| Right of access | If you ask, we will confirm how we process your personal data and, in certain cases, provide you with a copy of the personal data we hold about you. There are some exemptions where we do not need to provide copies (like communications we have had with our legal advisers), and we can’t give you any personal data about other people or personal data which is linked to ongoing investigations, and we are prevented by law from sharing. |
| Right to rectification | You can have incomplete or inaccurate personal data corrected. Before we update your file, we may need to check the accuracy of the new personal data you have provided, and we will restrict processing while we verify the accuracy. |
| Right to erasure | You are able to request we erase your personal information in certain circumstances, such as if we do not have a reason for holding your personal data and continuing to use it, if you gave us consent and have now withdrawn that consent, you have objected to us using your personal data or we are using it unlawfully. We might not be able to do this in all circumstances, and we may need to retain information for regulatory purposes. We will always confirm if we cannot delete entirely. |
| Right to restrict processing | You can ask us to suspend the processing of your personal data in the following scenarios:
|
| Right to object to processing | You have the right to object to us processing your personal data under certain conditions. If you object to direct marketing, we must stop using your personal data for that reason. If we are using legitimate interest, you can object to us using your personal data. But if there is an overriding reason why we need to use your personal data, we do not need to accept your request to stop and can continue to use your personal data. If you object to us using personal data which we need in order to provide our services, we may need to close your account as we won’t be able to provide the services. |
| Right to data portability | In some circumstances you may be able to ask us to transfer your personal data to you or another company. Note that this right only applies to automated information which you initially provided consent for us to use or where we used the information to perform a contract with you. |
You will not have to pay a fee to access your personal data (or to exercise any of the other rights). However, we may charge a reasonable fee if your request is clearly unfounded, repetitive or excessive. Alternatively, we could refuse to comply with your request in these circumstances.
What we may need from you
We may need to request specific information from you to help us confirm your identity and ensure your right to access your personal data (or to exercise any of your other rights). This is a security measure to ensure that personal data is not disclosed to any person who has no right to receive it. We may also contact you to ask you for further information in relation to your request to speed up our response.
Time limit to respond
We try to respond to all legitimate requests within one month. Occasionally it could take us longer than a month if your request is particularly complex or you have made several requests. In this case, we will notify you and keep you updated.
13. Complaints
You can lodge a complaint with the relevant data protection authority if you think that any of your rights have been infringed by us. The relevant authority in the UK is the Information Commissioner’s Office (www.ico.org.uk). If you do have a complaint, we would appreciate the chance to deal with your concerns before you approach the ICO, so please do contact us using the details set out in section 13 in the first instance if possible.
If you are based in another jurisdiction, you may have additional rights or ability to refer matters to an alternative supervisory body.
14. How to contact us
If you have any concerns or questions about this Privacy Policy or would like to exercise your rights as a data subject, you can contact our data protection officer:
Email: privacy@tocan.io
Post: Fundadminchain Limited, 6th Floor, 140 London Wall, London, EC2Y 5DN
15. Updates