privacy
Premium Wealth Management Ltd (Premium) abides by the National Privacy Principles established under the Privacy Amendment (Private Sector) Act, 2000. A summary of the National Privacy Principles is available from our office.
As a financial planning organisation we are subject to certain legislative and regulatory requirements which necessitate our member firms obtaining and holding detailed personal information.
All Premium member firms are required to have and adhere to a Privacy Policy as set out below.
As a dealer, Premium will not itself be collecting personal information, but in the course of carrying out duties and obligations as a Australian Financial Services Licensee, will have access to personal information about the clients of member firms. Therefore, Premium will also adhere to this Privacy Policy.
Collection of personal information
Premium and/or the member firms (we) will not collect any personal information except when the client has knowingly provided that information to us or authorised a third party to provide that information to us.
Personal information collected includes:
- Details of current financial circumstances, including assets and liabilities (both actual and potential), income, expenditure, insurance cover an superannuation;
- Details of financial needs and objectives;
- Details of investment preferences and aversion or tolerance to risk, and;
- Information about employment history, employment details and circumstances, family commitments and social security eligibility.
Generally collection of personal information will be effected in either face to face interviews or by telephone. From time to time additional and/or updated personal information may be collected through one or more of those methods or by email.
We will only collect, maintain and use personal information if it is necessary for us to adequately provide the services we have agreed upon. These services include the provision of financial planning advice to you, the preparation, review and/or implementation of your financial plan and the making, reviewing and/or
implementation of securities and investment recommendations.
Use and disclosure of personal information
We will not use or disclose personal information collected by us for any purpose other than:
- The purposes for which it was provided or secondary related purposes in circumstance where the client would reasonably expect such use or disclosure, or
- Where the client has consented to such disclosure, or
- Where the National 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
We are also required under the Rules of Professional Conduct of the Financial Planning Association of Australia to make certain information available for inspection by the Association on request to ensure ongoing compliance with mandatory professional standards.
We may use their personal information for the purpose of providing clients with marketing material which may be of interest to them, however, clients may, by contacting us by any of the methods detailed below, request not to receive such information and we will give effect to that request. The request will be actioned within two weeks.
We may disclose personal information to other professionals, superannuation fund trustees, insurance providers, product issuers and administration service providers for the purpose of giving effect to the client’s financial plan and the recommendations made by us. In the event that Premium Accounting Group and/or an individual member firm propose to sell their respective business(es), we may disclose 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 Premium Accounting Group and/or an individual member firm propose to sell their respective business(es), we may disclose 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 the business is effected, we may transfer personal information to the purchaser of the business. Clients will be advised of any such transfer.
Storage and security practices and policies.
Personal information is generally held in the client file and/or in a computer database. 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 by maintaining secure premises and appropriate office procedures and protecting computer based information by means of passwords.
In the event a client ceases to be a client of this organisation, any personal information which we hold about the client will be securely stored for a period of 7 years in order to comply with legislative and professional requirements, following which time the information will be destroyed.
Access to your personal information
Clients may at any time, by contacting us by any of the methods detailed below, request access to their personal information and we will (subject to the exceptions allowed for in National Privacy Principle 6) provide access to that information either by providing copies of the information requested, allowing inspection of the information requested or providing an accurate summary of the information held. We may, prior to providing access in accordance with this policy, require the client to provide evidence of their identity.
Accuracy of personal information and correction
We will endeavour to ensure that, at all times, personal information which we hold is up to date and accurate. If a client becomes aware that any information held by us is not up to date or accurate, they should notify us and we will take all reasonable steps to correct the information.
Privacy complaint
If a client wishes to complain about any breach or potential breach of this privacy policy or the National Privacy Principles, he/she should contact the Privacy Officer as detailed below. The complaint will be considered within 7 days and responded to. However, if he/she is not satisfied with our response, he/she is entitled to contact the Office of the Privacy Commissioner who may investigate the complaint further.
Contact Details - Privacy Officer
Suite 1, Level 11, 8 Spring Street
Sydney NSW 2000
Tel: 02 9279 0899
Fax: 02 9279 1377
Email: shannon@premiumwealth.com.au