1. Rise Financial Pty Ltd abides by the Australian Privacy Principles established under the Privacy Act 1988 and Privacy Amendment (Privacy Enhancement) Act, 2012. A summary of the Australian Privacy Principles is available on the website of the Office of the Australian Information Commissioner, www.oaic.gov.au.
2. This policy applies to Rise Financial Pty Ltd, its employees and its representatives.
3. As a financial planning organisation we are subject to certain legislative and regulatory requirements, which necessitate us obtaining and holding detailed information, which personally identifies a client and/or contains information or an opinion about a client (“personal information”). In addition, our ability to provide clients with a comprehensive financial planning and advice service is dependent on us obtaining certain personal information about those clients, including:
(a) Employment details and employment history;
(b) Details of your financial needs and objectives;
(c) Details of your current financial circumstances, including your assets and liabilities (both actual and
potential), income, expenditure, insurance cover and superannuation;
(d) Details of your investment preferences and aversion or tolerance to risk;
(e) Information about your employment history, employment circumstances, family commitments and
social security eligibility; and
(f) Details of your personal, investment and business objectives in the near and longer terms.
4. When collecting personal information we may collect government identifiers such as tax file numbers or Medicare numbers. We will not use these to group, classify or identify a person. We will destroy or de- identify these numbers if they are not required for any authorised purpose.
5. Failure to provide the personal information referred to above may expose a client to higher risks in respect of the recommendations made to that client and may affect the adequacy or appropriateness of advice we give to that client.
6. As we are required pursuant to the:
• Corporations Act 2001,
• Australian Securities and Investment Commissions Act 2001,
• Anti Money Laundering and Counter Terrorism Financing Act,
• Taxation Administration Act 1953,
• Superannuation Guarantee (Administration) Act 1992, and
• Superannuation (Unclaimed Money and lost members) Act 1999,
(as those acts are amended and any associated regulations) to collect sufficient information to ensure
appropriate advice can be given in respect of recommendations made to our clients, if a client elects not
to provide us with the personal information referred to above, we may elect to terminate our retainer
with the client if we believe we are unable to provide the client with a complete service. From time to
time other acts may also require or authorise us to collect your personal information.
7. We will not collect any personal information about a client except when that client has knowingly provided, or authorised a third party to provide, that information to us. However there may be times where we may collect information about a client from a third party and the client will not be aware of it but the information will be necessary for us to provide the required financial service.
8. A client has the right to interact anonymously or under a pseudonym. This is not practical with financial services as the services are personal and a client’s id must be verified before any financial transaction is implemented. If a client is making a general enquiry about a product or service though the client does not need to tell us who they are.
9. Generally, collection of your personal information will be affected in either face-to-face interviews, over the telephone, or by way of written communication via mail, email or an online client engagement form. From time to time additional and/or updated personal information may be collected through one or more of those methods.
10. We will only collect, maintain and use Personal Information about a client if it is necessary for us to adequately provide the services that client has requested, including:
(a) The preparation of your Statement of Advice;
(b) The provision of financial services or credit assistance to you as requested by you or from time to
time as we believe appropriate;
(c) Making securities, life insurance, superannuation and investment recommendations;
(d) Reviewing your Statement of Advice;
(e) Reviewing securities, life insurance, superannuation and investment recommendations; and
(f) The potential dissemination of information to a new Financial Services Licensee in the event a representative changes to such a new licence in accordance to terms of his/her employment.
11. We may outsource some of the processes involved in providing financial services. Those entities may require access to a client’s personal information to carry out those processes on our behalf. We will conduct due diligence on those entities and they will be required to comply with the Australian Privacy Principles. Examples of the processes are paraplanning, compliance assessments, direct marketing or data storage. Some of these entities may reside overseas. If a country does not have the same requirements as Australia we will require an undertaking from the entity that it will comply with the Australian Privacy Principles.
12. We will not use or disclose Personal Information collected by us for any purpose other than:
(a) The purposes for which it was provided or secondary related purposes in circumstances where the client would reasonably expect such use or disclosure;
(b) Where the client has consented to such disclosure; or
(c) Where the Australian Privacy Principles authorise use or disclosure where required or authorised under law, in circumstances relating to public health and safety and in connection with certain operations by or on behalf of an enforcement body.
13. If one of our representatives is a member of a Professional Industry Body that Body may inspect the representative’s files to assess that representative’s compliance with the Rules of Professional Standards of that Body. This may involve the disclosure of your personal information. We are also obliged pursuant to the Corporations Act to maintain specified records and make those records available for inspection by the Australian Securities and Investments Commission.
14. We may use the personal information collected from a client for the purpose of providing that client with direct marketing material such as articles that may be of interest to the client, however the client may, by contacting us (by phone, email or in a face to face meeting), request not to receive such information and we will give effect to that request. We will action a client’s request promptly.
15. We may disclose a client’s Personal Information to superannuation fund trustees, insurance providers, platform operators, credit providers and product issuers for the purpose of giving effect to a loan application or the Statement of Advice and the recommendations made by us.
17. In the event that we propose to sell our business we may disclose a client’s personal information to potential purchasers for the purpose of them conducting due diligence investigations. Any such disclosure will be made in confidence and it will be a condition of that disclosure that no personal information will be used or disclosed by them. In the event that a sale of our business is affected, we may transfer clients’ personal information to the purchaser of the business. Each client’s authority, which may be negative consent, will be sought for any such transfer.
18. A client’s personal information is generally held in that client’s file. Information may also be held in a computer database.
19. We will at all times seek to ensure that the personal information collected and held by us is protected from misuse, loss, unauthorised access, modification or disclosure. At all times a client’s personal information is treated as confidential and any sensitive information is treated as highly confidential. All paper files are stored in lockable cabinets, which are locked out of hours. Access to our premises is controlled. All computer-based information is protected through the use of access passwords on each computer and screen saver passwords. Data is backed up each evening and stored securely, which may include off site.
20. In the event that a client ceases to be a client of this organisation, any personal information which we hold about that client will be maintained in a secure storage facility (which maybe off-site) for a period of 7 years in order to comply with legislative and professional requirements, following which time the information will be destroyed.
21. A client may at any time, by contacting us, request access to their personal information and we will reasonably provide access to that information for the client either by providing him or her with copies of the information requested, allowing him or her to inspect the information requested or providing him or her with an accurate summary of the information held.
22. We will endeavour to ensure that at all times the personal information we hold about a client is up to date and accurate. In the event that you become aware, or believe, that any Personal Information which we hold about you is inaccurate, incomplete or out-dated, you may contact us by email at firstname.lastname@example.org or at 25 Michell Street Monash ACT 2904 and provide to us evidence of the inaccuracy or incompleteness or out-datedness and we will, if we agree that the information requires correcting, take all reasonable steps to correct the information. We must retain historical information to
support the services we provided at a point in time.
23. If we do not agree that that client’s personal information requires correcting, we must, if that client requests, take reasonable steps to ensure that whenever that client’s personal information is accessed or handled in the future, it is apparent that the client is not satisfied as to the accuracy or completeness of that information.
24. We will endeavour to respond to any request for access within 14-30 days depending on the complexity of the information and/or the request. If a client’s request is urgent this needs to be indicated clearly to us.
26. Some personal information we hold is ‘sensitive’ and subject to greater restrictions. Sensitive information relates to a person’s racial or ethnic origin, political opinions or membership of political bodies, religious beliefs or affiliations, philosophical beliefs, membership of a professional or trade association or trade union, sexual preferences or activities, criminal record, state of health and medical history. Some sensitive information is usually needed for applications for death, sickness and disability insurance and to manage claims on those products. It may also be relevant for applications and management of credit as well as for other applications relating to the provision and operation of a financial service or product.
27. It is our policy that sensitive information will be used and disclosed only for the purposes for which it was provided, unless the customer agrees otherwise or the use or disclosure of this information is allowed by law. Documents asking for sensitive information will explain this.