Introduction

Penny is designed to help people better understand their financial behaviour through data analysis and AI-powered insights. While Penny can help provide clarity around spending patterns and financial habits, it is important that users understand the limitations of the platform and the potential risks associated with relying on automated insights.

This Risk Disclosure explains the nature of Penny’s services, the limitations of the information provided through the platform, and the responsibilities users retain when making financial decisions.

By using Penny, you acknowledge and accept the risks described in this disclosure.

Informational Financial Insights Only

Penny provides financial insights intended to help users better understand their financial behaviour and spending patterns.

The platform analyses financial data and generates insights that may highlight trends, categorise spending, or summarise financial activity. These insights are designed to support financial awareness and education.

However, Penny does not provide financial advice, investment advice, tax advice, or regulated financial services.

Any information or insights generated by Penny should be considered informational only and should not be interpreted as recommendations or professional advice.

Users remain fully responsible for any financial decisions they make.

Artificial Intelligence Limitations

Penny uses artificial intelligence and automated systems to analyse financial data and generate responses to user questions.

While these systems are designed to provide helpful insights, they rely on algorithms and automated analysis that may occasionally produce incomplete, inaccurate, or outdated information.

AI-generated responses may not always reflect a user’s full financial circumstances and may not account for factors such as long-term financial goals, tax implications, investment risk tolerance, or personal financial obligations.

Users should not rely solely on AI-generated insights when making financial decisions.

Financial Data Accuracy

Penny relies on financial data retrieved from banks and financial institutions through Open Banking providers.

Although Open Banking connections are designed to provide accurate and secure access to financial information, Penny cannot guarantee the completeness or accuracy of data received from external financial institutions.

Occasionally, financial data may be delayed, incomplete, incorrectly categorised, or unavailable due to technical issues with banks or third-party providers.

Users should independently verify important financial information before making decisions based on the data presented in Penny.

Open Banking Data Access

When users connect bank accounts to Penny, financial information is retrieved through secure Open Banking connections provided by authorised third-party providers.

Penny’s access to bank data is limited to read-only information, meaning Penny cannot move funds, initiate payments, or make changes to a user’s bank account.

Users remain responsible for reviewing and managing their bank accounts directly through their financial institutions.

Financial Decision Responsibility

Penny is designed to provide tools that help users better understand financial information, but the platform does not replace professional financial guidance.

Users remain solely responsible for their financial decisions, including spending choices, saving strategies, investment decisions, and financial planning.

Before making significant financial decisions, users may wish to consult a qualified financial adviser or other professional who can provide personalised advice based on their individual circumstances.

No Guarantee of Financial Outcomes

Penny does not guarantee that users will improve their financial situation, reduce spending, increase savings, or achieve specific financial goals through use of the platform.

Financial outcomes depend on a wide range of factors, including personal circumstances, economic conditions, and financial behaviour.

The insights provided by Penny are intended to assist users in understanding financial information but do not guarantee any specific results.

Service Availability

Penny’s services rely on internet connectivity, third-party providers, and external financial systems.

As a result, there may be occasions where certain features are temporarily unavailable due to maintenance, technical issues, or service disruptions.

Penny does not guarantee uninterrupted access to the platform.

Regulatory Status

Penny provides financial insights and data analysis tools designed to improve financial awareness.

Penny does not provide regulated financial services and is not authorised or regulated by the UK Financial Conduct Authority (FCA).

The platform does not offer financial advice, investment products, or financial transaction services.

Users seeking regulated financial services or personalised financial advice should consult an authorised financial professional.

How Penny Uses Artificial Intelligence

Penny uses artificial intelligence and machine learning technologies to analyse financial data and generate insights that help users better understand their financial behaviour.

These systems process financial transaction data retrieved through Open Banking connections as well as questions or prompts submitted by users when interacting with Penny’s assistant. The purpose of this analysis is to identify patterns in financial activity and generate responses that provide clearer explanations of spending habits and financial trends.

Artificial intelligence systems operate based on algorithms and statistical models. While these systems are designed to provide helpful insights, they may occasionally generate incomplete or imperfect responses. AI-generated insights should therefore be considered informational and should not be relied upon as personalised financial advice.

Penny’s AI systems are designed to support financial awareness and understanding rather than replace professional financial guidance. Users remain responsible for interpreting the information provided and for making their own financial decisions.

Where possible, Penny implements safeguards to minimise the exposure of sensitive personal financial data when processing information through AI systems.

Acceptance of Risk

By using Penny, users acknowledge that:

• the platform provides informational financial insights only

• AI-generated insights may contain limitations or inaccuracies

• financial data retrieved from banks may occasionally be incomplete or delayed

• users remain responsible for their financial decisions

Users accept these risks when choosing to use the Penny platform.