How does Spark Finance protect my personal data and business information
When you apply for business finance with Spark Finance, protecting your personal and business data is our top priority. We understand that sharing financial information is a big step, so we've built strong safeguards into every part of our process. This guide explains exactly how we keep your information safe and what happens to it.
Why data protection matters for your business
Your business information is sensitive. It includes details about your finances, trading history, personal circumstances, and sometimes confidential business plans. If this information fell into the wrong hands, it could damage your business or put you at personal risk. That's why data protection isn't optional - it's a legal requirement under UK law, and it's something we take seriously every single day.
- UK Data Protection Act 2018 sets strict rules for how organisations like Spark Finance must handle your data
- GDPR (General Data Protection Regulation) applies to UK businesses and adds extra protections for personal information
- Your rights include knowing what data we hold, why we hold it, and who can access it
- Legitimate reasons to collect data - we only ask for information we genuinely need to process your finance application
These laws exist to protect you, and our systems are designed to comply with them fully.
FCA authorisation and what it means for you
Spark Finance is authorised and regulated by the Financial Conduct Authority (FCA), registration number 958123. This isn't just a badge on our website - it means we've been assessed, approved, and are regularly monitored by the UK's financial regulator. FCA authorisation comes with strict data protection and consumer protection rules that we must follow.
- Regular audits - the FCA checks our systems and processes to ensure we're protecting data properly
- Consumer protection - if something goes wrong, you have access to the Financial Ombudsman Service
- Complaints handling - we must respond to data protection complaints within strict timeframes
- Transparency requirements - we must be clear about what data we collect and how we use it
Being FCA-authorised means we're held to a higher standard than unregulated brokers, and that directly benefits you.
How we collect and use your information
When you start an application with Spark Finance, you'll share various pieces of information. Understanding why we need each piece of data helps explain why we collect it and how we protect it.
- Application form data - your name, contact details, business type, and trading history. We need this to understand your business and assess which lenders might suit you
- Financial information - bank statements, accounts, tax returns. These help lenders understand your trading performance and repayment ability
- Personal details - employment history, personal credit information (though we don't run a credit check at the eligibility stage). This helps lenders make lending decisions
- Purposes we use your data for - matching you with suitable lenders, completing loan applications, keeping you updated on progress, and meeting our legal obligations
We're transparent about data use because we believe you should always know who has your information and why.
Eligibility checks - no credit check at this stage
One thing that worries many business owners is whether applying will damage their credit score. We're transparent about this: when you do our no-obligation eligibility check, we don't run a hard credit check. This means there's no impact on your personal credit file. We ask questions and verify basic information, but this won't show up on your credit report.
Sharing data with lenders
Once we've matched you with potential lenders, we'll share your application data with them. Lenders need this information to decide whether to lend to you. Each lender has their own data protection obligations, and we only share data with lenders who meet strict standards. You'll see clearly which lenders we're sending your details to, and you can ask questions at any point.
Technical security - how we protect your data
Behind the scenes, we use several layers of technical security to protect your data from theft, hacking, or loss. These systems are industry-standard protections that financial services firms across the UK use.
- Encryption - your data is encrypted when it travels to our systems and when it's stored. This scrambling makes it unreadable to anyone who shouldn't have access
- Secure servers - we store data on secure servers in protected data centres, not on individual computers or unsecured cloud storage
- Access controls - only staff members who need to see your data can access it. Everyone with access has passwords and must follow strict rules
- Regular security testing - we regularly test our systems for weaknesses to find and fix problems before criminals can exploit them
- Data backups - we keep backup copies of your information so we can recover it if something goes wrong
These technical measures mean your data is protected 24 hours a day, whether you're applying online or we're processing your application.
How long we keep your data
We don't keep your information forever. UK law requires us to keep business and lending records for a minimum period, but we delete data when we no longer need it. Here's how it works in practice.
- During your application - we keep all data while we're helping you find finance
- After completion - if you successfully get a loan, we keep records for 6 years. This is a legal requirement for lending records
- If you don't proceed - we typically keep your data for 3 years in case you come back to us, then securely delete it
- Your request to delete - you can ask us to delete your data at any time, and we'll do this unless we have a legal reason to keep it
- Secure deletion - when we delete data, we use secure methods so it can't be recovered
You're in control: if you want us to delete your information, just ask.
Your data protection rights
UK law gives you specific rights over your personal data. We support all of these rights, and you can exercise them at any time without affecting your application or any loan you've received.
- Right to access - you can ask to see all the data we hold about you and your business. We'll provide this within 30 days
- Right to rectification - if any information is wrong, we'll correct it quickly
- Right to erasure - you can ask us to delete your data (subject to legal obligations)
- Right to restrict processing - you can ask us to limit how we use your data
- Right to data portability - you can ask for your data in a machine-readable format so you can move it elsewhere
- Right to object - you can object to how we use your data for certain purposes
- Right to lodge a complaint - if you're unhappy, you can complain to the Information Commissioner's Office (ICO)
These rights exist to put you in control of your information.
Making a data access request
If you want to see what data Spark Finance holds about you, contact us with 'Data Access Request' in the subject line. We'll verify your identity and send you everything within 30 days. This is free, and you don't need a reason to ask.
How Spark Finance can help
Choosing the right finance broker means choosing a partner you can trust with sensitive information. Spark Finance is FCA-authorised, meaning we're regulated and monitored by the UK's financial watchdog. We work with over 100 lenders across the UK, so we can match you with the finance that suits your business.
- No-obligation eligibility check - see which lenders might suit you without any impact on your credit file
- No credit check at this stage - our initial assessment doesn't trigger a hard credit check, so your credit score stays protected
- Transparent process - we explain clearly where your data goes and who sees it
- Experienced team - our brokers understand business finance and data protection, so you get expert guidance
- Supportive throughout - we keep you updated and answer questions about data protection at every stage
When you work with Spark Finance, you're working with a regulated, transparent, and secure partner.
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Frequently asked questions
Will applying for finance with Spark Finance damage my credit score?
No. Our initial no-obligation eligibility check doesn't run a hard credit check, so there's no impact on your personal credit file. Only when lenders formally assess you will they run a credit check, and by then you'll have decided if you want to proceed. This is a standard, low-risk way to explore your options.
Who can see my business financial information?
Only the lenders we match you with will see your detailed financial information, and only with your knowledge. We're transparent about which lenders we're sending your data to. Each lender has their own data protection obligations, and we only work with lenders who meet strict UK standards. You can see the process before data is shared.
What happens to my data after I get a loan?
If you successfully get a loan, we keep your records for 6 years - this is a legal requirement for lending records. After 6 years, we securely delete your data. If you don't proceed, we typically keep your information for 3 years in case you return, then delete it securely. You can ask us to delete your data anytime, and we'll do so unless we have a legal reason to keep it.
How do I know Spark Finance is trustworthy with my data?
Spark Finance is FCA-authorised (registration number 958123), which means we're regulated and regularly audited by the UK's financial watchdog. We use industry-standard encryption and secure servers to protect your information, and we follow UK data protection law strictly. If you're unhappy with how we handle your data, you can complain to the Information Commissioner's Office.
Important information: Spark Finance Limited is authorised and regulated by the Financial Conduct Authority (FRN 958123). We are a credit broker, not a lender. This guide is for informational purposes only and does not constitute financial advice. Think carefully before securing debts against property or assets. Your business may be at risk if you do not keep up repayments on a debt or other commitment entered into in relation to it.