Privacy Policy
BACKGROUND:
Property118 Ltd understands that your privacy is important to you and that you care about how your personal data is used and shared online. We respect and value the privacy of everyone who visits this website,
www.property118.com (“Our Site”) and will only collect and use personal data in ways that are described here, and in a manner that is consistent with Our obligations and your rights under the law.
Please read this Privacy Policy carefully and ensure that you understand it. Your acceptance of Our Privacy Policy is deemed to occur upon your first use of Our Site
. If you do not accept and agree with this Privacy Policy, you must stop using Our Site immediately.
- Definitions and Interpretation
In this Policy the following terms shall have the following meanings:
“Account” |
means an account required to access and/or use certain areas and features of Our Site; |
“Cookie” |
means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below; |
“Cookie Law” |
means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003; |
“personal data” |
means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and |
“We/Us/Our” |
Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. |
- Information About Us
- Our Site is owned and operated by Property118 Ltd, a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- Our VAT number is 990 0332 34.
- Our Data Protection Officer is Neil Patterson, and can be contacted by email at npatterson@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.
- What Does This Policy Cover?
This Privacy Policy applies only to your use of Our Site. Our Site may contain links to other websites. Please note that We have no control over how your data is collected, stored, or used by other websites and We advise you to check the privacy policies of any such websites before providing any data to them.
- Your Rights
- As a data subject, you have the following rights under the GDPR, which this Policy and Our use of personal data have been designed to uphold:
- The right to be informed about Our collection and use of personal data;
- The right of access to the personal data We hold about you (see section 12);
- The right to rectification if any personal data We hold about you is inaccurate or incomplete (please contact Us using the details in section 14);
- The right to be forgotten – i.e. the right to ask Us to delete any personal data We hold about you (We only hold your personal data for a limited time, as explained in section 6 but if you would like Us to delete it sooner, please contact Us using the details in section 14);
- The right to restrict (i.e. prevent) the processing of your personal data;
- The right to data portability (obtaining a copy of your personal data to re-use with another service or organisation);
- The right to object to Us using your personal data for particular purposes; and
- If you have any cause for complaint about Our use of your personal data, please contact Us using the details provided in section 14 and We will do Our best to solve the problem for you. If We are unable to help, you also have the right to lodge a complaint with the UK’s supervisory authority, the Information Commissioner’s Office.
- For further information about your rights, please contact the Information Commissioner’s Office or your local Citizens Advice Bureau.
- What Data Do We Collect?
Depending upon your use of Our Site, We may collect some or all of the following personal data (please also see section 13 on Our use of Cookies and similar technologies):
- Name;
- Date of birth;
- Address and post code;
- Business/company name and trading status;
- Number of properties owned;
- Accountants details;
- Contact information such as email addresses and telephone numbers;
- Proof of residence and ID;
- Financial information such as income and tax status;
- Landlords insurance renewal dates;
- Property Portfolio details such as value and mortgage outstanding;
- How Do We Use Your Data?
- All personal data is processed and stored securely, for no longer than is necessary in light of the reason(s) for which it was first collected. We will comply with Our obligations and safeguard your rights under the GDPR at all times. For more details on security see section 7, below.
- Our use of your personal data will always have a lawful basis, either because it is necessary for our performance of a contract with you, because you have consented to our use of your personal data (e.g. by subscribing to emails), or because it is in our legitimate interests. Specifically, we may use your data for the following purposes:
- Providing and managing your access to Our Site;
- Supplying our products and or services to you (please note that We require your personal data in order to enter into a contract with you);
- Personalising and tailoring our products and or services for you;
- Replying to emails from you;
- Supplying you with emails that you have opted into (you may unsubscribe or opt-out at any time by the unsubscribe link at the bottom of all emails;
- Analysing your use of our site and gathering feedback to enable us to continually improve our site and your user experience;
- Provide information to our partner service and product suppliers at your request.
- With your permission and/or where permitted by law, We may also use your data for marketing purposes which may include contacting you by email and or telephone with information, news and offers on our products and or We will not, however, send you any unsolicited marketing or spam and will take all reasonable steps to ensure that We fully protect your rights and comply with Our obligations under the GDPR and the Privacy and Electronic Communications (EC Directive) Regulations 2003.
- You have the right to withdraw your consent to us using your personal data at any time, and to request that we delete it.
- We do not keep your personal data for any longer than is necessary in light of the reason(s) for which it was first collected. Data will therefore be retained for the following periods (or its retention will be determined on the following bases):
- Member profile information is collected with your consent and can be amended or deleted at any time by you;
- Anti-Money Laundering information and tax consultancy records are to be kept as required by law for up to seven years.
- How and Where Do We Store Your Data?
- We only keep your personal data for as long as We need to in order to use it as described above in section 6, and/or for as long as We have your permission to keep it.
- Some or all of your data may be stored outside of the European Economic Area (“the EEA”) (The EEA consists of all EU member states, plus Norway, Iceland, and Liechtenstein). You are deemed to accept and agree to this by using our site and submitting information to Us. If we do store data outside the EEA, we will take all reasonable steps to ensure that your data is treated as safely and securely as it would be within the UK and under the GDPR
- Data security is very important to Us, and to protect your data We have taken suitable measures to safeguard and secure data collected through Our Site.
- Do We Share Your Data?
- We may share your data with other partner companies in for the purpose of supplying products or services you have requested.
- We may sometimes contract with third parties to supply products and services to you on Our behalf. Where any of your data is required for such a purpose, We will take all reasonable steps to ensure that your data will be handled safely, securely, and in accordance with your rights, Our obligations, and the obligations of the third party under the law.
- We may compile statistics about the use of Our Site including data on traffic, usage patterns, user numbers, sales, and other information. All such data will be anonymised and will not include any personally identifying data, or any anonymised data that can be combined with other data and used to identify you. We may from time to time share such data with third parties such as prospective investors, affiliates, partners, and advertisers. Data will only be shared and used within the bounds of the law.
- In certain circumstances, We may be legally required to share certain data held by Us, which may include your personal data, for example, where We are involved in legal proceedings, where We are complying with legal requirements, a court order, or a governmental authority.
- What Happens If Our Business Changes Hands?
- We may, from time to time, expand or reduce Our business and this may involve the sale and/or the transfer of control of all or part of Our business. Any personal data that you have provided will, where it is relevant to any part of Our business that is being transferred, be transferred along with that part and the new owner or newly controlling party will, under the terms of this Privacy Policy, be permitted to use that data only for the same purposes for which it was originally collected by Us.
- How Can You Control Your Data?
- In addition to your rights under the GDPR, set out in section 4, we aim to give you strong controls on Our use of your data for direct marketing purposes including the ability to opt-out of receiving emails from Us which you may do by unsubscribing using the links provided in Our emails.
- Your Right to Withhold Information
- You may access certain areas of Our Site without providing any data at all. However, to use all features and functions available on Our Site you may be required to submit or allow for the collection of certain data.
- You may restrict Our use of Cookies. For more information, see section 13.
- How Can You Access Your Data?
You have the right to ask for a copy of any of your personal data held by Us (where such data is held). Under the GDPR, no fee is payable and We will provide any and all information in response to your request free of charge. Please contact Us for more details at info@property118.com, or using the contact details below in section 14.
- Our Use of Cookies
- Our Site may place and access certain first party Cookies on your computer or device. First party Cookies are those placed directly by Us and are used only by Us. We use Cookies to facilitate and improve your experience of Our Site and to provide and improve Our products AND/OR We have carefully chosen these Cookies and have taken steps to ensure that your privacy and personal data is protected and respected at all times.
- All Cookies used by and on Our Site are used in accordance with current Cookie Law.
- Before Cookies are placed on your computer or device, you will be shown a cookie prompt requesting your consent to set those Cookies. By giving your consent to the placing of Cookies you are enabling Us to provide the best possible experience and service to you. You may, if you wish, deny consent to the placing of Cookies; however certain features of Our Site may not function fully or as intended. You will be given the opportunity to allow only first party Cookies and block third party Cookies.
- Certain features of Our Site depend on Cookies to function. Cookie Law deems these Cookies to be “strictly necessary”. These Cookies are shown below in section 13.5. Your consent will not be sought to place these Cookies, but it is still important that you are aware of them. You may still block these Cookies by changing your internet browser’s settings as detailed below in section 13.9, but please be aware that Our Site may not work properly if you do so. We have taken great care to ensure that your privacy is not at risk by allowing them.
- The following first party Cookies may be placed on your computer or device:
Name of Cookie |
Purpose |
Strictly Necessary |
JSESSIONID |
Used only to collect performance data, with any identifiable data obfuscated |
No |
__cfduid |
This cookie is strictly necessary for Cloudflare's security features and cannot be turned off. |
Yes |
- Our Site uses analytics services provided by Google Analytics and Facebook. Website analytics refers to a set of tools used to collect and analyse anonymous usage information, enabling Us to better understand how Our Site is used. This, in turn, enables Us to improve Our Site and the products AND/OR services offered through it. You do not have to allow Us to use these Cookies, however whilst Our use of them does not pose any risk to your privacy or your safe use of Our Site, it does enable Us to continually improve Our Site, making it a better and more useful experience for you.
- The analytics service(s) used by Our Site use(s) Cookies to gather the required information.
- The analytics service(s) used by Our Site use(s) the following Cookies:
Name of Cookie |
First / Third Party |
Provider |
Purpose |
__utma, __utmb, __utmc, __utmt, __utmz |
First |
Google |
Helps to understand how their visitors engage with our website |
_fbp |
First |
Facebook |
Helps to understand how their visitors engage with our website |
- In addition to the controls that We provide, you can choose to enable or disable Cookies in your internet browser. Most internet browsers also enable you to choose whether you wish to disable all cookies or only third party cookies. By default, most internet browsers accept Cookies but this can be changed. For further details, please consult the help menu in your internet browser or the documentation that came with your device.
- You can choose to delete Cookies on your computer or device at any time, however you may lose any information that enables you to access Our Site more quickly and efficiently including, but not limited to, login and personalisation settings.
- It is recommended that you keep your internet browser and operating system up-to-date and that you consult the help and guidance provided by the developer of your internet browser and manufacturer of your computer or device if you are unsure about adjusting your privacy settings.
- Contacting Us
If you have any questions about Our Site or this Privacy Policy, please contact Us by email at info@property118.com, by telephone on 01603 489118, or by post at 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB. Please ensure that your query is clear, particularly if it is a request for information about the data We hold about you (as under section 12, above).
- Changes to Our Privacy Policy
We may change this Privacy Policy from time to time (for example, if the law changes). Any changes will be immediately posted on Our Site and you will be deemed to have accepted the terms of the Privacy Policy on your first use of Our Site following the alterations. We recommend that you check this page regularly to keep up-to-date.
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Sign Up13:39 PM, 24th June 2013, About 11 years ago
Dan,
Do you see the banks non-disclosure of the IRHP's liabilities, both MTM (market break cost)and Contingency (Additional credit underwriting) as the main breach of COBS under the FCA review scheme ?
If so, how would you best illustrate this in the FCA Review and/or Litigation ?
Mark Alexander - Founder of Property118
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Sign Up13:46 PM, 24th June 2013, About 11 years ago
Hi Daniel
Earlier this year we published an article written by a property developer called Jon Wellesby who had been mis-sold an IRSA and subsequently went bankrupt as a result. See >>> http://www.property118.com/irhp-interest-rate-hedging-protection-mis-selling-advice/37408/
Jon also contributed this article which talks about Bully Banks - a group set up to fight the banks >>> http://www.property118.com/the-mis-selling-of-irhp-interest-rate-hedging-products/37442/
I have invited Jon and the members of Bully banks to take a look at this thread.
As I understand it, whilst the FSA have ruled that many of these products were indeed mis-sold, I also understand that no cases have been brought to court for compensation claims yet.
Therefore, my initial questions are as follows:_
1) Is Seneca Banking Consultants underwriting the cases you take on?
2) Would I be right in thinking that private landlords are more likely to have been affected if they had very large debt exposures to mainstream lenders and if so what is typical?
3) How might a claim impact upon an ongoing banking relationship?
4) Would people know whether they had an IRSA or IRHP?
5) How might these products have affected a business?
6) What are the likely time and cost implications of initiating a claim?
7) How will you arrive at Quantum? In Jon's case he lost a thriving businesses, the spin of personal implications of that are also huge!
Daniel Fallows
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Sign Up14:54 PM, 24th June 2013, About 11 years ago
@Jon
Whilst the non-disclosure of the interest rate hedging product liabilities, including mark to market break costs, contingent liabilities and day one profit are often clear breaches of the COB and COBS regulations they are often not the only breaches. It is important to consider the whole of the pre-execution correspondence and information on a case by case basis to identify the full range and impact of any COB and COBS breaches. For all of our clients we undertake a thorough review of all of the available documents and where there has been a breach to document this with documentary evidence, or at times the lack of such evidence
do you have any other comments?
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Sign Up15:49 PM, 24th June 2013, About 11 years ago
I understand what you say and other COBS are breached, it is good that you cover them all, but the fact that the bank knew the MTM would fluctuate based on the initial contracts BPV or PVO1 value should have been clearly disclosed. It would not have been hard to do and most people would have understood.
Example - if your £4m IRHP was based on rates of 0.5% BoE then it would cost £1m to redeem early if it still had ten years to run = easy
I bet they would not have sold many !
So when rates went down the liability became significant to the bank customer, yet if they never disclosed it then the very contract is questionable. The company, its auditors and/or their advisers should have been told. It is simply is wrong.
Under BASEL III the banks can account for the likely hood of default as Statistical Provision in their P&L and can also off-set some Holding Costs in their balance sheet yet they omit to tell their customers that they hold the liability - a toxic product
Should it have been accounted for or notes made in Customer Accounts ?
Company creditors, inc other lenders, would say they should have been. They would want to know. Yet the companies (bank customers) were never told so could not have accounted for it - how wrong is that ?
This is not a breach of COBS just at point of sale, it is a breach of COBS, Trust and Code of Conduct throughout the lifetime of the IRHP contract in some cases
For a trading company, this will include most property companies who buy and sell, and all development companies, it was essential that lending was made available and remained available within pre-agreed parameters or told that it had been withdrawn because of an IRHP
Borrowing and security communicated clearly ?
I think the breach of COBS was not just at point of sale but throughout the IRHP relationship in most of the cases I have witnessed
simon Bruce
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Sign Up7:46 AM, 25th June 2013, About 11 years ago
Hi Daniel
How do you see the FCA redress scheme working? it's a year since the scheme was announced in June 2012 but yet I'm not aware that anyone has seen redress from the scheme.
The results of the pilot scheme that were announced at the end of January 2013 said that 90% of the IRSA's examined were non compliant. Do you know whether any of the pilot cases have been offered redress?
Daniel Fallows
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Sign Up11:32 AM, 25th June 2013, About 11 years ago
@Mark sorry for the late reply see comments below
1) Is Seneca Banking Consultants underwriting the cases you take on?
Seneca Banking Consultants are a Ministry of Justice regulated claims Management Company. We have the expertise both financially and legally to manage and provide advice to our clients from identification of their claim through to calculating and reclaiming their losses. Within the team at SBC we have senior bankers, financial experts, lawyer and accountants.
2) Would I be right in thinking that private landlords are more likely to have been affected if they had very large debt exposures to mainstream lenders and if so what is typical?
Private landlords may have been sold a number of interest rate hedging products from collars to swaps to caps. Generally speaking the larger the underlying debt exposure the more likely it is that an interest rate hedging product was entered into. We are finding that swaps, collars and caps have been mis-sold to individuals on loans and mortgages as low as £100,000
3) How might a claim impact upon an ongoing banking relationship?
The FCA (previously the FSA) has requested that any claim against the Banks not impact the ongoing client relationship but there will always be some risk that it may impact the client – Bank relationship and that is something that the client will need to consider. As many clients retain ongoing facilities with the Bank it is crucial that the claim is handled diligently by experts who are experienced in dealing with the Banks.
4) Would people know whether they had an IRSA or IRHP?
The majority of interest rate hedging products (IRHP’s) or interest rate swaps agreements (IRSA’s), whether caps, collars or swaps, were sold as separate agreements and so would have been entered into alongside the underlying loan. However, in some cases the clients do not know that they were entered into a hedging product. If you took out a loan between 2001 and 2012 it is likely that you were also sold an interest rate hedging product. We would be happy to advise if people are however unsure.
5) How might these products have affected a business?
Entry into an interest rate hedging product can affect a business in many ways. From being over charged an initial premium, to paying for an interest rate in excess of current interest rates for an unreasonable length of time. Many of our clients have been sold interest rate hedging products for amounts and periods that do not match the underlying loan. A number of businesses were simply unable to keep up repayments, some times for loans they had repaid but were tied into the interest rate hedging product, and so have been forced to sell assets or enter in administration/liquidation.
6) What are the likely time and cost implications of initiating a claim?
For our clients, where a claim falls within the Review we charge a small review or commitment fee which is only payable at the point of sending off the claim, together with a detailed financial report, to the Bank. We also charge a contingency fee payable upon the client receiving redress or compensation from the Bank. Our fees are dependent upon the success of the clients claim. Where the client wishes to litigation (bring a claim through the courts) then we have a nominated solicitors we refer claims to who charge a reduced, preferential rate.
7) How will you arrive at Quantum?
In Jon’s case he lost a thriving businesses, the spin of personal implications of that are also huge! Quantum is calculation of both direct and indirect (consequential) losses. Direct losses will include payments made to the Bank above those that would have been paid with a more suitable alternative product. It may also include break costs (calculated at market rates) and sometimes first day profits. Consequential losses, where they can be evidenced can be loss of business opportunities, loss of profits, additional lending and banking charges. Consequential losses can be complicated and so we look at all losses before claiming them from the Bank.
Daniel Fallows
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Sign Up12:04 PM, 25th June 2013, About 11 years ago
Hi Simon
There have been some reported offers of redress under the initial review carried out by the FCA however the numbers are at present modest. The Banks appear to be moving slowly on reviewing files and subsequently their offers of redress, due in part to a lack of guidance and pressure from the FCA but also there is an ongoing judicial review as to the scope of the review.
Whilst the Banks may be moving slowly at the present they are contacting a number of their clients for fact find meetings and will then make ‘fair and reasonable’ offers of redress. It is unclear whether their offers will include all of the clients direct losses or any of their consequential losses. We ensure that our clients’ claim is fully documented and evidences so when an offer of redress is made our clients are able to consider its true value.
does that help?
Mark Alexander - Founder of Property118
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Sign Up12:07 PM, 25th June 2013, About 11 years ago
@Daniel - thank you for the comprehensive response. I have to admit that the exchange between you and Jon went straight over my head due to the complex legal terminology so the more down to earth responses to my questions gave me a far better insight into what you do. I've spoken to a few commercial landlords over the years who have been very unhappy with interest rate hedging arrangements they've entered into so I suspect you may be very busy as a result of starting this thread.
I am also looking forward to reading more Q&A's and your response to the question raised by Simon Bruce which I think you have already answered, at least in part, in your response to my questions.
Thanks and good luck! 🙂
Mark Alexander - Founder of Property118
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Sign Up12:11 PM, 25th June 2013, About 11 years ago
@Daniel - you must have been typing your response to Simon as I was typing my response to you LOL
Daniel Fallows
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Sign Up12:14 PM, 25th June 2013, About 11 years ago
@Mark
Yes it did get a bit technical but I am happy to answer any questions from experts in the subject or anyone who has been affected, no comment or question is too small just ask away. Have a nice day Mark