Introduction
PennyWealth ("Penny") is a trading name of Search 6 Ltd, a company registered in England and Wales. Company number: 10923535. Registered office: Avondale House, 262 Uxbridge Road, Middlesex, Hatch End, England, HA5 4HS.

PennyWealth (“Penny”, “we”, “us”, or “our”) is committed to protecting the privacy and security of individuals who use our website, services, and financial insight tools. This Privacy Policy explains how we collect, use, store, and protect personal data when you interact with Penny, including when you visit our website, communicate with our AI assistant, or connect financial accounts through Open Banking technology.

Penny is designed to help people better understand their finances by analysing spending patterns, providing insights, and enabling clearer financial decision-making through AI-powered tools. In order to provide these services, we may process certain types of personal information, including financial data where users choose to connect their bank accounts.

This Privacy Policy explains what personal data we collect, how it is used, the legal basis for processing, how it is protected, and the rights available to you under applicable data protection laws, including the UK General Data Protection Regulation (“UK GDPR”).

By accessing or using Penny’s services, you acknowledge that your personal information may be processed in accordance with this Privacy Policy.

Who We Are

Penny Wealth operates the financial insights platform available at:

https://pennywealth.ai

For the purposes of applicable data protection law, Penny Wealth acts as a data controller with respect to personal data collected through our website and services. This means we determine the purposes for which personal data is processed and how that data is used.

If you have any questions regarding this Privacy Policy or how your personal data is handled, you may contact us via WhatsApp PennyWealth on +44 7700 169 285

Information We Collect

The information we collect depends on how you interact with Penny and which features you choose to use. In general, we collect information that users provide directly, information generated through the use of our services, and technical information collected automatically through interactions with our platform.

When you create an account or interact with Penny’s services, you may provide personal information such as your name, email address, phone number, and other contact details. We may also collect information you provide when communicating with our support team, responding to surveys, or interacting with Penny’s AI assistant. These interactions may include financial questions, requests for insights, or other prompts that allow the AI assistant to provide relevant responses.

If you choose to connect your bank accounts to Penny, we may retrieve financial information through secure Open Banking integrations provided by authorised third-party providers. This information may include account balances, transaction histories, merchant names, payment descriptions, transaction timestamps, and spending categories. This data allows Penny to analyse financial patterns and provide insights about spending behaviour, budgeting trends, and other financial indicators.

It is important to note that Penny does not collect or store your bank login credentials. Authentication with your bank takes place directly through secure Open Banking interfaces provided by authorised providers. Penny only receives financial data after you grant explicit permission through these secure channels.

In addition to information you provide directly, we may also collect certain technical and usage information when you access Penny’s services. This may include details such as your device type, operating system, browser type, IP address, session duration, pages visited, and feature interactions. This information helps us monitor system performance, detect technical issues, and improve the functionality of the platform.

When users interact with Penny’s AI assistant, we may record the questions or prompts submitted in order to generate responses and improve the quality of our services. Where possible, we aim to minimise the use of identifiable information when analysing system interactions for product improvement.

How We Use Your Information

We process personal information primarily to provide and improve Penny’s financial insights platform. This includes enabling users to connect financial accounts, analysing financial data in order to generate insights, responding to user queries through the AI assistant, and maintaining the overall functionality of the service.

Financial data retrieved through Open Banking connections allows Penny to analyse spending patterns and identify financial trends that may help users better understand their financial habits. For example, Penny may categorise transactions, detect recurring payments, highlight spending changes, or provide general insights about budgeting behaviour.

In addition to providing core functionality, we may also use personal data to improve our services. This may include analysing product usage patterns, monitoring feature performance, improving the accuracy of financial categorisation, and refining the quality of responses generated by the AI assistant. In many cases, this analysis may rely on aggregated or anonymised data in order to reduce the exposure of identifiable personal information.

Personal information may also be used to maintain the security and integrity of the platform. This includes detecting suspicious activity, preventing unauthorised access, monitoring system performance, and investigating potential security incidents.

We may also use contact information to communicate with users regarding service updates, account notifications, security alerts, and responses to customer support requests. From time to time, we may provide updates about new features or product changes, although users may opt out of marketing communications where applicable.

At no point does Penny sell personal financial data to third parties.

Legal Basis for Processing Personal Data

Under UK data protection law, organisations must have a lawful basis for processing personal data. Penny relies on several lawful bases depending on the nature of the data and the purpose for which it is processed.

In many cases, processing is necessary for the performance of a contract between Penny and the user. For example, when a user creates an account and connects financial data, we must process certain information in order to provide the requested service.

We may also process certain data based on our legitimate interests. These interests include maintaining the security of the platform, improving system performance, preventing fraud, and analysing product usage to improve features. When relying on legitimate interests, we consider the potential impact on user privacy and implement safeguards to protect personal data.

Where users choose to connect their financial accounts through Open Banking, processing may also be based on user consent. Users remain in control of these connections and may revoke access at any time through their bank or within the Penny platform.

In some situations, we may also process personal data in order to comply with legal obligations.

How We Share Information

Penny does not sell personal financial data or share personal information with third parties for advertising purposes. However, certain trusted service providers may process information on our behalf in order to operate the platform.

These service providers may include cloud infrastructure providers responsible for hosting our systems, Open Banking providers that facilitate secure connections to financial institutions, analytics providers used to monitor platform performance, and AI infrastructure providers that help power certain features of the service.

Where third parties are involved in processing personal data, we ensure that appropriate contractual protections are in place to safeguard user information and restrict the use of data to specific operational purposes.

In certain circumstances, we may also disclose personal information if required to comply with legal obligations, court orders, or regulatory requests.

Data Security

Protecting financial data and personal information is a fundamental priority for Penny. We implement a range of technical and organisational security measures designed to protect personal data from unauthorised access, loss, misuse, or disclosure.

These security measures include encryption of data transmitted between systems, secure cloud infrastructure, strict access controls, and monitoring systems designed to detect suspicious activity. Access to sensitive information is restricted to authorised personnel who require it to perform operational responsibilities.

Although we take significant steps to protect personal information, no digital platform can guarantee absolute security. Users are encouraged to maintain strong passwords and protect access to their personal devices and accounts.

International Data Transfers

Some service providers used by Penny may operate outside the United Kingdom or the European Economic Area. When personal data is transferred internationally, we take steps to ensure appropriate safeguards are in place to protect user information.

These safeguards may include the use of standard contractual clauses approved for international data transfers or the use of service providers located in jurisdictions that provide adequate data protection protections.

Data Retention

Penny retains personal data only for as long as necessary to provide services, comply with legal obligations, resolve disputes, and maintain system security.

The length of time data is retained may depend on factors such as whether a user account remains active, whether data is required for fraud prevention purposes, or whether applicable laws require retention for certain periods.

When personal data is no longer required for these purposes, it will be securely deleted or anonymised.

Your Rights

Under UK data protection law, individuals have several rights in relation to their personal data. These rights may include the ability to request access to personal information held about you, request correction of inaccurate information, request deletion of personal data, restrict certain types of processing, or object to processing carried out on the basis of legitimate interests.

Users may also request a copy of their personal data in a structured format where applicable.

Requests relating to personal data can be submitted via WhatsApp PennyWealth on +44 7700 169 285

Users also have the right to lodge a complaint with the UK Information Commissioner’s Office (ICO) if they believe their data protection rights have been violated.

Automated Processing and AI

Penny uses artificial intelligence and machine learning technologies to analyse financial information and generate insights intended to help users better understand their financial habits.

These insights are generated automatically based on patterns detected within financial data and user interactions with the platform. While these systems may assist users in interpreting financial information, they do not constitute regulated financial advice.

Users remain fully responsible for their financial decisions and should seek independent financial advice where appropriate.

Financial Regulation Disclosure

Penny provides financial insights and analytical tools designed to help individuals better understand their financial behaviour and spending patterns.

Penny does not provide regulated financial services, investment management, or financial advice. Penny does not hold client funds, execute financial transactions, or recommend specific financial products.

Because Penny’s services are informational and analytical in nature, the company is not authorised or regulated by the UK Financial Conduct Authority (FCA).

Users should seek guidance from a qualified financial adviser if they require personalised financial advice or regulated financial services.

Children’s Privacy

Penny’s services are not intended for individuals under the age of 18. We do not knowingly collect personal data from children. If we become aware that personal information from a minor has been collected, we will take steps to delete that information promptly.

Changes to This Policy

We may update this Privacy Policy from time to time to reflect changes to our services, technology, or legal requirements. When updates are made, the revised policy will be published on our website with the updated effective date.

AI Processing and Model Improvement

Penny uses artificial intelligence and machine learning technologies to generate financial insights, answer questions, and help users better understand their financial behaviour. These systems analyse financial transaction data, account information retrieved through Open Banking connections, and user prompts submitted through Penny’s interface.

When a user asks Penny a question or requests financial insights, certain data may be processed by AI systems in order to generate a response. This may include transaction history, account balances, spending categories, and the content of user queries. The purpose of this processing is to interpret financial data, detect patterns, and generate responses that help users understand their finances more clearly.

In some cases, interaction data may also be analysed to improve the performance, accuracy, and reliability of Penny’s AI systems. This may include analysing how users interact with the assistant, identifying areas where responses can be improved, and refining financial categorisation models. Where possible, we take steps to minimise the use of personally identifiable information when analysing system performance, including through aggregation, anonymisation, or pseudonymisation techniques.

Data used for model improvement is handled with strict safeguards and is not used to identify individual users or build personal behavioural profiles unrelated to the operation of Penny’s services.

Penny does not use personal financial data to train general-purpose artificial intelligence models unrelated to the Penny platform. Any analysis or improvement processes are focused solely on enhancing the functionality and accuracy of the Penny service.

Users remain responsible for the financial decisions they make based on information generated by Penny’s AI systems. The insights provided by Penny are intended to assist users in understanding financial information and should not be interpreted as personalised financial advice.

Third-Party AI Providers and Technical Infrastructure

In order to operate Penny’s services, we may rely on certain trusted third-party technology providers that support infrastructure, artificial intelligence processing, and system functionality.

These providers may include cloud infrastructure platforms that host Penny’s systems, artificial intelligence service providers that enable natural language processing or conversational AI features, analytics providers used to monitor platform performance, and Open Banking providers that securely retrieve financial data from financial institutions.

When third-party service providers are used, they may process limited amounts of information on Penny’s behalf strictly for the purpose of delivering the services required to operate the platform. These providers are required to comply with strict contractual data protection obligations and may only process data in accordance with our instructions.

Where AI processing services are provided by third-party infrastructure providers, Penny takes steps to minimise the amount of personal financial data shared with external systems wherever possible. Sensitive financial data may be anonymised, pseudonymised, or processed in a way that reduces the exposure of personally identifiable information.

We do not permit third-party providers to use personal financial data obtained through Penny for their own purposes, including training unrelated artificial intelligence models or commercial data products.

All providers used by Penny are assessed to ensure that appropriate security and data protection measures are in place. This may include contractual safeguards, data protection agreements, and technical security standards designed to protect user information.

Contact

If you have questions about this Privacy Policy or how Penny handles personal data, please contact PennyWealth via WhatsApp on +44 7700 169 285