Just a quick update, I have been contacted by many people in the last few hours, it appears if you have a BBL you will be getting an email/letter shortly which is an update on changes to the BEIS and BBB privacy notices.
A copy of the email/letter is below, just letting you know so you do not get worried/alarmed/upset that you may be the only one getting it, as everyone with a Government backed loan will be receiving one.
| Dear Borrower,
Information about Data
As you will be aware the Bounce Back Loan Scheme, the Coronavirus Business Interruption Loan Scheme and the Coronavirus Large Business Interruption Loan Scheme (the “Covid-19 Loan Schemes”) are Government initiatives to support businesses which have been impacted by Covid-19. The Covid-19 Loan Schemes are managed by a subsidiary of the British Business Bank plc (“BBB”) on behalf of, and with the financial backing of, the Secretary of State for Business, Energy & Industrial Strategy (“BEIS”).
We are writing to let you know about changes to the BEIS and BBB privacy notices. In particular, these notices have been updated to clarify the ways customer data for the Covid-19 Loan Schemes is used and to highlight that the data will be used for data analytics; and also for meeting reporting obligations to the European Commission and the UK Government. Where required, certain information about loans granted under the Covid-19 Loan Schemes including customer data must be shared with the UK Government and the European Commission who may publish details on their respective transparency websites. Customer data is information which you provided to your lender for the purpose of obtaining your loan, as well as information about the loan.
For further information about how your data may be used, please refer to the BEIS Privacy Notice and the BBB Privacy Notice. The Privacy Notices can also be found on the BEIS website (see publications – COVID-19 loan schemes) and the BBB website.
Data Analytics
The COVID-19 Loan Schemes were delivered quickly to support businesses to access finance to meet their immediate cashflow needs in response to the pandemic. The scale, value and importance of the Schemes means it is essential to analyse the information held by BBB and BEIS in order to evaluate the take up and effectiveness of the schemes and to identify potential losses and fraud risks. The data analysis uses a subset of the loan application information such as company name, trading name, post code, and lender demand date, to help identify potential fraudulent behaviour, patterns and trends. BEIS is taking the lead on the data analytics programme and will work with other government departments and law enforcement agencies where appropriate.
For further information, please see the attached note from BEIS. Data Reporting to the European Commission and the UK Government Like some of the UK Government’s other Covid-19 business support measures, the Covid-19 Loan Schemes are considered to be financial assistance from the State (also known as State aid or a subsidy). To comply with State aid rules, where required, certain information about loans and facilities granted under the Covid-19 Loan Schemes (including the identity of individual borrowers and the amounts borrowed under the relevant Covid-19 Loan Scheme) must be shared with the UK Government and the European Commission who may publish details on their respective transparency websites.
This applies to all loan and facility types under the Covid-19 Loan Schemes (ie term loans, asset finance facilities, invoice finance facilities and revolving credit facilities).
For further information about data reporting to the European Commission and the UK Government please see the BEIS Q&As and the BBB Q&As.
If you have any questions on data analytics or data reporting to the European Commission and the UK Government which are not answered by reference to the Privacy Notices and the Q&As, please contact the BEIS at enquiries@beis.gov.uk. Further details and clarification will be made in due course so please keep checking the Privacy Notices and the Q&As mentioned above. |
| DEPARTMENT FOR BUSINESS, ENERGY AND INDUSTRIAL STRATEGY (BEIS):
DISCLOSURE OF INFORMATION TO COMBAT FRAUD AGAINST THE PUBLIC SECTOR
BEIS receives personal data provided in the loan application form from your lender and the British Business Bank (BBB) for analytical and administrative purposes. BEIS is a data controller of this personal data. Further details, including details of your data protection rights, can be found in our Covid-19 Loan privacy notice at https://www.gov.uk/government/publications/covid-19-loan-schemes-privacy-notice.
Data Analytics
As part of BEIS’ official functions as a Government department and guarantor of the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS), and the Coronavirus Large Business Interruption Loan Scheme (CLBILS) (the Covid-19 Loan Schemes), it has responsibility to take action against fraud. Data analytics help us to improve our ability to identify and reduce the risk of fraud against the public sector and recover public sector funds by:
Disclosure of information to combat fraud against the public sector Section 56 of the Digital Economy Act 2017 enables public authorities to share information in order to take action in connection with fraud against a public authority
We share loan data to match it with other government data sets. We will share your personal data where required with:
Where BEIS has entered into information sharing under this power, it has taken steps to ensure that information sharing arrangements are balanced and proportionate and come under an appropriate level of scrutiny. This includes ensuring that such arrangements are set out in appropriate information sharing agreements.
Data analytics results will be shared with BEIS, the BBB, accredited lender(s) and other government bodies and law enforcement agencies as appropriate. For full details of our data protection arrangements including the legal basis for processing your personal data, please see our privacy notice, which also contains details of your rights and the contact information for our Data Protection Officer. Further information is also available at the British Business Bank privacy notice webpage.
Thank you |
