At 5 Financial, we recognise that your privacy is very important to you. We handle personal information about our clients every day, and consequently we take our obligations under the Privacy Act 1988 and the Privacy Amendment Act 2012 very seriously. The following statement summarises these obligations and should address any potential concerns you have in relation to how your personal information may be collected, stored, used and disclosed by us. If you would like further information about how we manage the personal information we gather from you, please contact either Matthew Farrell (Managing Director) or Jason Petersen (Head of Wealth Management) by phone (02 9739 6555) or email (email@example.com or firstname.lastname@example.org).
In the course of our business activities as financial planners and advisers, we collect and hold personal information about our clients such as current and previous names and contact details; date of birth; marital, housing and residency status; dependents; employment details; income and expenses; tax information; bank, superannuation and insurance details; assets and liabilities; benefits received, and estate plans. In addition, we retain a copy of identity documents such as a drivers’ licence, passport, birth certificate etc. Most of this information is required by us in order to develop a comprehensive and appropriate financial strategy to progress our clients from their current financial situation to where they’d like to be within a given time frame and to ensure our advice is in our clients’ best interests. Much of it is also required to meet our legal obligations under the Corporations Act 2001, FOFA legislation and Anti-Money Laundering and Counter-Terrorism (AML/CTF) laws. We will only collect information from you that is necessary for us to perform our business activities and comply with regulations. Due to the nature of our business, it is not possible to offer personal financial advice to clients without establishing their identity and collecting relevant personal information.
We will only collect information from you by lawful and fair means, without being unreasonably intrusive. This may be by questionnaire, email or in a face to face meeting. Before collecting that information from you, we will endeavour to explain why we are collecting the information, how it will be used, to whom it might be disclosed and the constraints on our service if you do not provide the personal information requested or if the information you provide is inaccurate.
We will primarily collect personal information about you from you. However, in some cases, it may be necessary to collect personal information about you from third parties such as superannuation funds, your accountant or tax adviser, your employer, your investment broker and/or your mortgage or credit lender. We will always seek your consent before gathering personal information about you from third parties.
If you provide personal information to us about someone else, you must ensure that you are entitled to disclose that information to us and that we may collect, use, store and disclose such information in accordance with the provisions of this statement.
Storage, Use and Disclosure
We take all reasonable steps to protect your personal information from misuse, interference and loss, as well as unauthorised access, modification or disclosure.
Our client data is stored on our proprietary CRM program, hosted by a third party data storage provider. Your personal information is accessible to any members of the 5 Financial team engaged by you (wealth managers, accounting and tax specialists, estate planners), all of whom are based at our Head Office in Rhodes. Access to all computers and our CRM program is password protected. We have satisfied ourselves that our database management company adheres to strict procedures to maintain your privacy, as required by current Australian privacy legislation.
We will only use your personal information for the main purpose we stated when collecting the data, except when you instruct or consent to us using that personal information for another purpose, where the other purpose is related to the main purpose and you would reasonably expect us to use the information held for that other purpose. An example might be the provision of personal information to your tax accountant for completion of your tax return, or to Centrelink for the calculation of benefits. We will always obtain your instructions and/or consent before supplying such personal information to a third party, unless we are required by law to disclose such information to, for example, Courts, Tribunals or law enforcement agencies. If we are required to use or disclose personal information in accordance with an enforcement related activity, we will keep a record of the date of the use or disclosure, details of the information that was used or disclosed and the body conducting the enforcement related activity.
In order to conduct our business activities, we may provide access to your personal information to third parties with whom we have a business relationship, for example, database managers, para-planners, credit providers, platform providers, brokers and insurance companies. If you make a complaint about our services which we are unable to resolve to your satisfaction, and the matter proceeds to external dispute resolution, we may disclose your personal information to lawyers and /or the financial ombudsman service of which we are a member to facilitate the investigation and settlement of the complaint. By referring the matter to an external resolution scheme, you are consenting to your personal information being used in such circumstances.
We do not disclose clients’ personal information to any overseas recipients.
Access and correction
If you ask, we will advise you of the personal information we hold about you. We will facilitate access to your information by allowing a personal inspection or by providing copies or a summary of relevant documents, depending upon what is most appropriate in the circumstances. Unless impracticable, we will endeavour to provide access to your personal information within 30 days of your request. Any charge we make for providing access to our records will be reasonable and we will advise you of the likely charge in advance.
We take all reasonable steps to ensure that the personal information we collect and hold about you is accurate, up-to-date, complete, relevant and not misleading. We will review your personal information with you on a regular basis. We may also obtain updated information about you from third parties. If you (or a third party) provide evidence that the personal information we hold about you is inaccurate, out of date or incomplete, we will take steps to correct it before using the information.
We will destroy or permanently de-identify personal information we no longer need once the period during which we are required by law to retain records (7 years) is exceeded.
We do not disclose our clients’ personal information to third parties for the purpose of research or marketing. We may however use your personal information to guide our own marketing communications. In relation to direct marketing, where practicable we will seek your consent before we use your personal information for this purpose. You may tell us at any time that you do not wish to receive any further direct marketing materials, whereupon we will stop sending you such materials. In accordance with the Spam Act, should you wish to unsubscribe from commercial electronic messages from 5 Financial, you may do so at any time through the “unsubscribe” facility on that type of electronic message. If you do not unsubscribe, 5 Financial will continue to send you information by electronic message and may also use messaging methods other than email.
We are committed to providing a fair and responsible system for handling client complaints relating to privacy issues. If at any time you have any concerns or complaints in relation to privacy and the way your personal information is being gathered, stored, used or disclosed, please contact Matthew Farrell, Managing Director, on 02 9739 6555 or email@example.com. We will seek to address any concerns you have through our internal complaints handling process, but if you wish to take matters further, you may refer your concerns to our external disputes resolution scheme (FOS) or the Office of the Australian Information Commissioner (www.oaic.gov.au).
We are constantly reviewing our statements and policies in order to keep up to date with relevant legislation and client expectations. Consequently, this policy may be amended from time to time as the need arises. The latest version will always be available on our website (www.5financial.com.au), and upon request.