Privacy Policy

Banyan Securities Pty Ltd adheres to the Australian Privacy Principles (APPs) as outlined under the Privacy Act 1988 and the Privacy Amendment (Privacy Enhancement) Act 2012. A summary of these principles can be found on the website of the Office of the Australian Information Commissioner (OAIC) at www.oaic.gov.au.

This policy applies to Banyan Securities Pty Ltd, its employees, and representatives.

As a financial planning organisation, we are subject to legislative and regulatory requirements that require us to collect and hold detailed personal information that identifies or includes opinions about a client ("personal information"). In order to provide comprehensive financial planning and advice services, we need to collect certain personal information from clients, including:

Employment details and history.
Financial needs and objectives.
Current financial circumstances, including assets, liabilities, income, expenditure, insurance coverage, and superannuation.
Investment preferences and risk tolerance.
Employment circumstances, family commitments, and social security eligibility.
Personal, investment, and business objectives for both the near and long term.

When collecting personal information, we may obtain government identifiers, such as tax file or Medicare numbers, but we will not use them to classify or identify individuals. These identifiers will be de-identified or destroyed if not required for any authorised purpose.

Failure to provide the necessary personal information may result in higher risks related to the recommendations we provide and may impact the adequacy or suitability of the advice.

Legal and Regulatory Compliance

We are required to collect sufficient information under the following Acts and regulations to provide appropriate advice:

Corporations Act 2001
Australian Securities and Investments Commission (ASIC) Act 2001
Anti-Money Laundering and Counter-Terrorism Financing Act
Taxation Administration Act 1953
Superannuation Guarantee (Administration) Act 1999
Superannuation (Unclaimed Money and Lost Members) Act 1999
National Data Breach Scheme (Privacy Act 1988)

If a client elects not to provide the required personal information, we may terminate our engagement if we believe it will hinder our ability to deliver complete services. Other laws may also require or authorise the collection of personal information.

Collection of Information

We collect personal information directly from clients or authorised third parties, but there may be occasions where we gather information from third parties without the client's direct knowledge if necessary for providing the required service. Clients have the right to interact anonymously or under a pseudonym, although this is not practical for financial services that require verification of identity before transactions.

Typically, personal information is collected through face-to-face interviews, phone calls, written communication (mail, email), or online forms. Updated or additional information may be collected in the same manner.

We only collect and use personal information to adequately provide the services requested by clients, including:

Preparing Statements of Advice.
Providing financial services as requested or when deemed appropriate.
Making recommendations on securities, life insurance, superannuation, and investments.
Reviewing Statements of Advice and previous recommendations.

Outsourcing

We may outsource certain services (e.g., paraplanning, compliance assessments, marketing, or data storage), and those entities may require access to personal information. We will ensure these entities comply with the APPs, even if they are based overseas. In such cases, we will require an undertaking to adhere to Australian privacy standards.

Use and Disclosure of Personal Information

Personal information will only be used or disclosed for:

The purposes for which it was collected or related secondary purposes that the client would reasonably expect.
Situations where the client consents to disclosure.
Circumstances authorised by law or where public health and safety are concerned.

If one of our representatives belongs to a professional body, that body may inspect files to ensure compliance with their professional standards. Additionally, under the Corporations Act, we are required to maintain records and make them available for inspection by ASIC.

We may also use personal information to provide clients with direct marketing materials, such as articles of interest. Clients can request not to receive such materials by contacting us.

Information Security and Retention

Personal information is stored securely in client files or computer databases. In the event of a data breach, remedial action will be taken to protect the information and prevent serious harm. If the risk is successfully mitigated, notification to the OAIC and affected individuals is not required. Otherwise, the breach will be reported as a Notifiable Data Breach, and the OAIC and individuals will be informed.

Client information is treated as confidential, and sensitive information is handled with additional care. Paper files are stored in lockable cabinets, and digital information is protected by passwords. Data is backed up daily and stored securely offsite. Personal information is retained for seven years after a client relationship ends to comply with legislative and professional requirements, after which it will be destroyed.

Client Rights

Clients may request access to their personal information at any time, and we will provide copies, access for inspection, or a summary of the information. We will also take reasonable steps to ensure that the personal information we hold is accurate and up-to-date. Clients may request corrections to any inaccuracies, and we will take steps to correct the information where necessary.

Complaints and Sensitive Information

Clients who wish to complain about a potential breach of this policy can contact the Compliance Manager. Complaints will be considered and responded to within seven days. If clients are dissatisfied with our response, they may contact the OAIC for further investigation.

Certain personal information we collect is considered "sensitive," such as information about race, religious beliefs, political opinions, sexual preferences, and health. Sensitive information will only be used or disclosed for the purposes for which it was provided, unless the client agrees otherwise or disclosure is allowed by law.

CONTACT DETAILS

The Privacy Officer

Address: PO BOX 1335, Camberwell, VIC, 3124, Australia

Telephone: +61 3 9595 3855

E-mail: info@banyansec.com.au