With your permission we would like to add information held by the Financial Conduct Authority (FCA) to your survey answers.

What information would be added?

The Financial Conduct Authority (FCA) is the regulator of financial services.

It has an objective of protecting consumers. It is an independent public body, accountable to the Treasury, which is responsible for the UK’s financial system, and to Parliament. For more information, go to the FCA website: fca.org.uk

We would like to link your survey and credit history data. This information is from companies that the FCA regulates as part of its duty to help protect consumers. Selected data from your credit files, aggregated by type of credit product, matched to survey responses will be included in the anonymised dataset that is provided to researchers for research purposes only.

Your personal details will stay private. Your name and address will not be in the data researchers can access.

How can linking my data help?

Only researchers will use the combined data, for research and statistics, and to help the FCA protect consumers.

Linking your survey answers to selected data from your credit files will allow researchers to examine important questions, such as the effect of taking out different types of loans on the financial and personal well-being of different groups in society.

The FCA will use the credit files and other data matched to survey responses to research consumer interactions with financial service products. This research will inform the FCA in delivering its objectives of promoting effective competition in the interests of consumers, ensuring consumers are appropriately protected when using financial products and the UK financial services market has integrity and is protected.

What will happen if I give permission?

The linking process will protect your personal data.

First, we would pass the information which identifies you to a credit reference agency (CRA). This information will not include your answers to the survey.

Second, we would pass the survey results to the FCA, but the information which identifies you will be removed. The CRA will then provide an anonymous extract from your credit file to the FCA who will match this data using anonymised, numerical identifiers with your survey data.

The FCA will also match other data it holds on consumer use of financial products. This other data includes information the FCA regularly collects, for example data on mortgage originations, as well as data the FCA collects on ad hoc basis, for example data on payday loan applications. This other data will never contain sensitive information such as your name, address or contact details.

This match of survey responses to this other data will be carried out using numerical identifiers, postcode and date of birth. After completing this match the variables used for matching are redacted from the matched data.

Sharing your data will not change the way you deal with any financial services providers.

How long does my consent last?

We would like to add information relating to your present, past and future circumstances. We are not putting an expiry date to this consent, as we do not know exactly when we will obtain and add this information.

We will remind you regularly of the permissions you have given, and you are free to withdraw your consent at any time. If you do choose to withdraw your consent, we will no longer link your FCA records to your survey responses going forward. However, we will retain data which has been previously linked if you gave us permission.

What about data security?

Your survey answers and FCA records will be anonymised and will only be used for research and statistics. We are extremely security conscious and all our systems are password protected and only accessed by a small number of authorised staff.

The information we need to exchange with the FCA will be sent via secure transfer systems. We follow the most up-to-date security protocols and procedures and are compliant with the standards of the ISO 27001 data security protocols and procedures. Your personal details, such as your name, contact details and date of birth, will be secure at all times.

Are there any risks involved in giving permission?

There are no risks associated with linking your economic records to your survey responses.

Do I have to link my data?

No, linking your data is completely voluntary.

What if I change my mind?

If you wish to withdraw your permission at any point in the future, please write to us:

FREEPOST RRXX-KEKJ-JGKS

Understanding Society, University of Essex

Wivenhoe Park, Colchester, CO4 3SQ

Please sign and date your letter.

What if I have concerns?

If you have any concerns about any aspect of the study, or you have a complaint, in the first instance please contact us on Freephone 0800 252 853 or by email contact@understandingsociety.ac.uk. They will pass the information onto the principal investigator of the project, Professor Michaela Benzeval.

If are still concerned, or if you think your complaint has not been addressed to your satisfaction, or you feel that you cannot approach the principal investigator, please contact the departmental Director of Research in the department responsible for this project, Professor Paul Clarke, pclarke@essex.ac.uk.  

If you are still not satisfied, please contact the University’s Research Governance and Planning Manager , Mantalena Sotiriadou, ms21994@essex.ac.uk.