The Privacy Act applies to the collection, use and disclosure of a person’s personal information by private sector organisations. Personal information generally means information or an opinion about a person, where the person's identity can be derived from the information or opinion.
‘Sensitive information’ is a type of personal information. It includes information relating to health and about personal attributes such as ethnic or racial origin, membership of organisations such as trade unions, religious or political affiliations.
Personal information collected
One will only collect, maintain and use personal information about you if it is relevant to, and necessary for One to provide adequate financial planning or related financial advice services (‘financial planning services’) to you.
The kind of information Onemay collect and hold in order to provide you with comprehensive financial planning and advice services may include:
o information which identifies you such as your name, address and contact details and date of birth;
o details of your financial goals and objectives;
o details of your current financial circumstances, including your assets and liabilities, income, expenditure, insurance cover and superannuation;
o details of your investment preferences and aversion or tolerance to risk; or
o information relating to your health or the health of your family members.
Consequences of not providing your personal information
You are not obliged to give us your personal information. However, if you decide not to give us information that weneed in order to provide you with financial planning services, Onemay not be able to provide those services to you, or you may be exposed to higher risks in respect of the recommendations made to you and the adequacy or appropriateness of advice we give you may be affected.
How your personal information is collected
One will not collect any personal information about you except when you have knowingly provided that information to us or authorised a third party to provide that information to us.
One will usually only collect your personal information directly from you, for example by interviews with you, over the telephone or by way of client application forms. From time to time we may collect additional and/or updated personal information through one or more of these methods.
It may be necessary to collect personal details from third parties, for example, issuers or operators of financial products or financial services. If we collect personal information, we will not do so without your consent (subject to some exceptions, for example where collection is required by law). However we will endeavour to collect such information directly from you wherever possible.
When we collect personal information about you, we will tell you why it is being collected, the organisations, or the types of organisations, to whom we usually disclose that kind of information, any law that requires the information to be collected, and the main consequences for you if the information (or part of the information) is not provided. We will also give you ourcontact details and tell you about how you can access the information.
How your personal information is used
Personal information is only collected, maintained and held so that One can provide you with the financial planning services you request. This is known as the "primary purpose" for collection of personal information. One will from time to time disclose information about you to RI, our authorised representatives, other professionals, insurance providers, finance providers, superannuation trustees and product issuers and other persons in connection with the primary purpose. You will be deemed to have consented to our use of such information in this manner.
One will not use or disclose your personal information for any secondary purposes unless certain circumstances apply. Generally, we can use or disclose personal information for a secondary purpose where:
o you give us your consent to do so;
o the secondary purpose is related to the primary purpose of collection (where the information is sensitive information, it must be directly related to the primary purpose); ando you would reasonably expect us to use or disclose the information for the secondary purpose.
The types of secondary purposes for which we would ordinarily use or disclose your personal information include contacting you regarding other services that we believe may be of interest to you. We will also use or disclose information where such use or disclosure is required or authorised by law, or is necessary in relation to dealing with unlawful activity or threats to life, health or safety.
One may also disclose your personal information to providers of office and related services to One, such as external contractors or auditors. We will only disclose your personal information to such third parties to enable them to undertake specified management, administration or auditing services. We will require that any such third parties to whom we disclose personal information will only use that information for the purposes for which we disclosed it to them and on the basis that they will comply with their privacy obligations.
We may be required by the Financial Planning Association of Australia to make certain information available for inspection to ensure compliance with mandatory professional standards. This may involve the disclosure of your personal information. We are also obliged under the Corporations Act to maintain certain transaction records and make those records available for inspection by the Australian Securities and Investments Commission if it requests.
Data quality and protection
One stores all personal information collected in Australia. Your personal information is generally held in a computer database and/or a hard copy client file.
One will take reasonable steps to make sure all personal information we collect, use or disclose is accurate, complete and up-to-date at all times.
We will also take reasonable steps to protect your personal information from misuse and loss, and from unauthorised access, modification and disclosure. At all times your personal information is treated as confidential.
Once your personal information is no longer required by One, we will take reasonable steps to destroy or permanently de-identify that personal information. In the event that you cease to be a client of One or is no longer required by One to provide financial planning services, any personal information that we hold about you will be maintained for at least a period of 7 years in order to comply with legislative and professional requirements.
Data access and correction
If you think the personal information One has about you is not accurate, complete or up-to-date, you should contact us, and if you provide us with sufficient evidence, we will take reasonable steps to correct the information. Also, please let us know any relevant changes to your personal circumstances as soon as possible.
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.
We will not provide you with access to your personal information if providing access would:
o pose a serious or imminent threat to the life or health of any person;
o prejudice action being taken by an enforcement body;
o be unlawful, or if denying access is required or authorised by or under law;
o the request for access is frivolous or vexatious;
o have an unreasonable impact on the privacy of others;
o the information relates to existing or anticipated legal proceedings between us and would not be discoverable in those proceedings.
If we deny you access to your personal information, we will provide you with a reason for that decision.
Your request should specify the information to which you require access. We will keep a record of your request for access and the manner in which it was dealt with.
We will not charge you for requesting access to your personal information. We may, however, charge you the costs associated with meeting your request, for example photocopying and postage costs or other costs incurred in retrieving and collating the requested information.
We will aim to respond to your request within 30 days of receipt of your request depending on the complexity and/or amount of personal information requested. If we cannot meet your request for access or correction we will provide reasons by email. If your request is urgent please indicate this and we will endeavour to accommodate you. We may request that you specify the information you wish to access, to help us quickly identify and retrieve that information for you.
Complaints and further information
One’s aim is to assist you by reaching a satisfactory solution and resolving any privacy complaint with you as quickly as possible. However, if you are not satisfied with the resolution of your complaint, you are entitled to contact the Office of the Federal Privacy Commissioner who may investigate your complaint further.