1. Our Commitment to Protect Your Privacy
At GPS Wealth Ltd (‘GPS Wealth’,’we’,’our’,’us’), we recognise that your privacy is extremely important. GPS Wealth, including all our financial planning, insurance, broking, finance, accounting, technological, superannuation and fund management affiliates, takes it responsibilities in protecting your privacy very seriously.
We are bound by, and committed to supporting the Australian Privacy Principles (APP). The information set out below is largely a summary of our obligations under the APP.
2. Collection of Personal Information
At times it may be necessary for us to collect personal or sensitive information from you. The purpose of collecting personal information is to facilitate financial planning, provision of financial products or services, insurance policies or related services, and to update our records.
In collecting this information, we will take reasonable steps to inform individuals as to:
3. Use and Disclosure
We are subject to certain legislative and regulatory requirements that necessitate us obtaining and holding detailed information that personally identifies you and/or contains information or an opinion about you. In addition, our ability to provide you with a comprehensive financial planning and advice service is dependent on us obtaining certain personal information about you, including:
Generally, we require that organisations outside GPS Wealth who handle or obtain personal information as service providers to GPS Wealth acknowledge the confidentiality of this information, undertake to respect any individual’s right to privacy and comply with the privacy law.
Any personal information provided to us may be transferred to, and stored at, a destination outside Australia, including but not limited to New Zealand, Sri Lanka, Singapore, United Kingdom, Philippines, India and the United States of America. Details of the countries we disclose to you may change from time to time. You can contact us for details. Personal information may also be processed by staff or by other third parties operating outside Australia who work for us or for one of our suppliers, agents, partners or related companies.
When we send information overseas, in some cases we may not be able to take reasonable steps to ensure that overseas providers do not breach the Privacy Act and they may not be subject to the same level of protection or obligations that are offered by the Act. By proceeding to acquire our services and products you agree that you cannot seek redress under the Act or against us (to the extent permitted by law) and may not be able to seek redress overseas. If you do not agree to the transfer of your personal information outside Australia, please contact us.
4. Collecting Data is Necessary
Pursuant to the Corporations Act and Life Insurance Code of Practice, we are required to collect sufficient information to ensure appropriate advice can be given in respect of recommendations made to our clients. If you elect not to provide us with the personal information you may be exposed to higher risks in respect of the recommendations made to you and this may affect the adequacy or appropriateness of advice given to you.
5. Protecting Your information
We take reasonable steps to protect the information we retain from misuse, loss and from unauthorised access, modification or disclosure. We will not retain any of your information for any longer than it is required by us, except to satisfy legal requirements. We will destroy or de-identify your personal information when it is no longer required.
We also ensure data security and privacy by:
We may use and disclose personal information for the purposes for which it was provided or secondary purposes in circumstances where you would reasonably expect such use or disclosure.
The information we collect from you may also be disclosed to third parties if the disclosure is required by or permitted by law or in accordance with the rules and policies of the Association of Financial Planners.
In the event that we propose to sell our business we may disclose your 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 your personal information to the purchaser of the business. As a client you will be advised of any such transfer.
7. Access and Correction
You may have the right to access and request corrections of the personal information held by us. You may access the personal information we retain and request corrections. This right of access is subject to some exceptions allowed by law.
We will not provide you access to personal information which would reveal any confidential formulae or the detail of any in-house evaluative decision making process, but may instead provide you with the result of the formulae or process or an explanation of that result.
GPS Wealth Ltd reserves the right to charge a fee for searching for and providing access to your personal information. In the event we refuse you access to your personal information, we will provide you with an explanation for that refusal.
We will endeavour to ensure that at all times the personal information about you that we hold is up to date and accurate. The accuracy of the personal information is dependant to a large degree on the information you provide and you should advise us if there are any errors in your personal information.
In some circumstances we are required to collect government identifiers, for example, your Tax File Number (TFN). We will not use or disclose this information other than when required to do so by law or, when consented to by you.
We require that after collection TFN’s are kept appropriately and safely. It is permissible under section 17 of the TFN Guidelines to retain TFNs where there is an on-going requirement on condition that:
You may deal with us anonymously where it is lawful, practicable and reasonable to do so.
10. Sensitive Information: Subject to Greater Restrictions
Some personal information we hold is ‘sensitive’. Sensitive information typically relates to a person’s racial or ethnic origin, membership of political associations or trade unions, religious affiliations, sexual orientation or practices, criminal record, health information, medical and genetic history.
Sensitive information is usually needed for applications for personal insurance and to manage claims on those products. It may also be relevant to credit and other applications. It is GPS Wealth’s 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 and we will only collect sensitive information from you where reasonably necessary for us to provide a service to you and with your consent, or in limited other circumstances specified under privacy laws.
11. Sale or restructure of business
In the future we may consider the sale or restructure of our business or the purchase of the business of other financial advisers. In such circumstances it may be necessary for your personal information to be disclosed to permit the parties to assess the sale or restructure proposal for example through a due diligence process. We will only disclose such of your personal information as is necessary for the assessment of any sale or restructure proposal and subject to appropriate procedures to maintain the confidentiality and security of your personal information. In the event that a sale or restructure proceeds, we will advise you accordingly.
12. Direct Marketing
We may only use your personal information, including any email address you give to us, to provide you with information and to tell you about our products, services or events or any other direct marketing activity (including third party products, services and events which we consider may be of interest to you) with your consent. Without the limitation just described, if it is within your reasonable expectations that we send you direct marketing communications given the transaction or communication you have had with us, then we may also use your personal information for the purpose of sending you direct marketing communications which we may consider may be of interest to you.
13. Our Website
You are able to visit our website without providing any personal information. We will only collect personal information through our websites with your prior knowledge for example where you submit an enquiry or application online.
Email addresses are only collected if you send us a message and will not be automatically added to a mailing list.
14. Internet Cookies
A cookie is a small string of information that a website transfers to your browser for identification purposes. The cookies we use may identify individual users.
• Cookies can either be “persistent” or “session” based. Persistent cookies are stored on your computer, contain an expiration date, and are mainly for the user’s convenience.
• Session cookies are short-lived and are held on your browser’s memory only for the duration of your session; they are used only during a browsing session, and expire when you quit your browser.
• We may use both session and persistent cookies. This information may be used to personalise your current visit to our websites or assist with analytical information on site visits.
• Most internet browsers can be set to accept or reject cookies. If you do not want to accept cookies, you can adjust your internet browser to reject cookies or to notify you when they are being used. However, rejecting cookies may limit the functionality of our website.
15. Privacy Complaints
To make a complaint, please forward it in writing to:
The Privacy Officer
GPS Wealth Ltd
Level 9, 89 York Street,
Sydney NSW 2000
Or email to: firstname.lastname@example.org
If you are not satisfied with our response to your complaint, you can phone the Privacy Enquiries Line at the Privacy Commissioner’s office on 1300 363 992.