Equip Financial Planning provides financial advice to clients and holds personal, and sometimes health, information about them.
Equip Financial Planning has an obligation to comply with all relevant state and federal privacy legislation including the Privacy Act (Cth) 1988, Privacy Amendment (Privacy Enhancement) Act 2012 and, in some cases, the Health Records Act (Vic) 2001.
Purpose of collecting personal information
Personal information about a client is collected to:
- establish and verify the person as a client of Equip Financial Planning;
- establish the identity of the client;
- provide advice to the client about investments and strategies;
- prepare a financial plan for the client;
- assist in implementing investment recommendations for the client;
- manage and resolve complaints relating to the client; and
- conduct research regarding Equip Financial Planning clients generally.
The types of personal information that may be collected
Information held by Equip Financial Planning may include a client’s:
- personal particulars (name, date of birth, gender, etc);
- tax file number;
- proof of identity (for example, certified copies of a valid drivers licence, birth certificate or passport);
- contact details (including addresses, email and phone numbers);
- details of assets and liabilities of all types;
- Centrelink and other government agency information;
- details of estate planning, including wills and nominated beneficiaries;
- bank details;
- superannuation membership and contribution history;
- occupation and salary details;
- family details;
- level of insured death and disablement cover; and
- level of general insurance held.
Equip Financial Planning may also hold sensitive information about a client if he or she has sought insurance cover through Equip, personally through an insurance company, or lodged a claim for an insurance benefit with Equip or an insurer. The sensitive information which Equip Financial Planning holds will usually be health information about the client.
Consequences if information is not provided
If any required information is not provided, or is incomplete or inaccurate, it may:
- delay the provision of financial advice or services;
- result in the provision of inappropriate financial advice or services;
- result in the client paying more tax than might otherwise apply;
- prevent Equip Financial Planning from being able to contact the client; and
- prevent Equip Financial Planning from assisting the client to implement any financial plans.
Organisations to which information may be disclosed
Equip Financial Planning uses a client’s personal information for the purposes outlined above and this information may, therefore, be disclosed by Equip Financial Planning to third parties such as:
- insurers, medical consultants, professional advisers, financial institutions, lawyers, mailing houses, auditors and external service providers who are contracted to Equip Financial Planning for the purpose of providing the services;
- dispute resolution bodies such as the Financial Ombudsman Service (FOS) Limited;
- Equip, because it provides business services to Equip Financial Planning;
- International government agencies where expressly required by law; and
- government agencies such as Centrelink, the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), Australian Taxation Office (ATO), Australian Transaction and Reports and Analysis Centre (AUSTRAC) and other bodies where authorised by law.
Whenever Equip Financial Planning discloses a client’s personal information to a third party, Equip Financial Planning ensures that the client’s privacy is protected.
Sometimes we need to provide personal information to or get personal information about you from persons located overseas. For example we may outsource a function involved in the financial planning business to someone based overseas. Nevertheless, we will always disclose and collect your personal information in accordance with Privacy Principles.
Although in certain circumstances we are required to collect government identifiers such as tax file numbers, Medicare number or pension card number, we do not use or disclose this information other than when required or authorised by law or unless you have voluntarily consented to disclose this information to any third party.
Access to personal information
A client will, with limited exceptions, be able to access the personal, sensitive and health information that Equip Financial Planning holds by either making an appointment to come to Equip’s office to view it personally, or by calling to request a copy of the information Equip Financial Planning holds.
Currently, Equip Financial Planning does not impose a charge on clients for accessing their personal information.
Clients have certain rights with respect to their personal information, including access to that information, the right to correct their personal information and the right to complain about breaches of the privacy legislation.
Equip Financial Planning can be contacted in relation to any client rights as follows:
Equip Financial Planning
Level 12, 330 Collins Street
Melbourne Victoria 3000
Phone: 1800 065 753
Fax: 03 9248 5990