Introduction to this policy
The Banksia Financial Group is bound by the National Privacy Principles of The Privacy Amendment (Private Sector) Act 2000 which came into effect on 21 December 2001. This legislation amended the Privacy Act 1988 to include provisions that regulate the way private sector organisations collect, use, store, disclose and provide access to personal information.
Client confidentiality has always been important to The Banksia Financial Group and we are committed to respecting the ongoing trust placed in us by you to maintain your privacy. This policy sets out how we comply with the law and maintain appropriate safeguards to protect the confidentiality of your personal information.
The Banksia Financial Group comprises:
- Banksia Mortgages Limited ABN 36 087 342 238
- Banksia Securities Limited ABN 45 004 736 458
- BFG Management Pty Limited ABN 35 088 292 380
- Securities Holdco Limited ABN 30 088 267 690
- Cherry Fund Limited ABN 30 088 267 690
each of which is bound by this policy.
Collection of personal information
We will only collect personal information by lawful and fair means and not in an unreasonably intrusive way. If it is reasonable and practicable to do so, we will collect your personal information directly from you. We will take reasonable steps to ensure that you are aware of the following at the time of collection of your personal information, or shortly thereafter:
- Who we are and how to contact us.
- The fact that you are able to gain access to the information.
- The purpose for which the information is collected.
- To whom we usually disclose information.
- Any law which requires the information to be collected.
- The main consequences (if any) for you if all or part of the information requested is not provided.
There will be instances where information is sourced or received by The Banksia Financial Group from a third party, such as a credit reporting agency, an investment adviser, finance broker or government agency. In these circumstances, we will take reasonable steps to ensure you are aware that we have your personal information, unless it is obvious from the circumstances that you would know or expect us to have the information. eg. an investment application referred by a financial adviser.
The Banksia Financial Group will not collect sensitive information about you. Sensitive information is defined as information regarding racial/ethnic origin, political opinion or membership of political associations, membership of trade unions or a professional or trade association, religious or philosophical beliefs, information about an individual's health, criminal record or sex preferences/practices.
Use and Disclosure of Personal Information
We will only collect personal information that is necessary to carry out our normal activities of providing investment and lending products. The type of personal information we may request may include your name and address, telephone number, gender, tax file number, date of birth and e-mail address. Applications for lending products require us to the collect information such as annual income, assets and liabilities, employment details and credit history to assist us to make responsible credit decisions. If information is not provided when requested, we may not be able to provide the product or service requested.
The Banksia Financial Group will not use identifiers assigned by government agencies as identifiers of a client in its own systems. Eg. tax file number, pension or medicare numbers. Such identifiers are only used for purposes required by law, such as proof of identity and TFN reporting.
Personal information may be used for:
- Gathering and aggregating information for statistical, prudential and research purposes.
- Monitoring and evaluating products and services.
- Marketing products and services appropriate to your needs.
- Taking measures to detect and prevent fraud and credit loss.
You have the opportunity to indicate that you do not wish to receive The Banksia Financial Group marketing information, when initially providing your information or by contacting us at any time thereafter.
Disclosing information to third parties
Subject to the provisions of the Privacy Act, personal information may be disclosed to or accessed by third parties in the course of The Banksia Financial Group carrying out its usual functions and activities. Some examples of these instances include:
- Dealings with a client's financial adviser, mortgage broker or legal representative.
- Names and addresses are disclosed to a reputable mailing house when deposit and loan statements are mailed to clients.
- Provision of information to a credit reporting agency for credit assessment purposes and in the event of a loan default.
- Access by organisations involved in the maintenance, development and review of business systems used by The Banksia Financial Group, including its computer infrastructure.
- Company Auditors have access to personal records of our clients in the normal course of their duties.
- Securitisation involves the pooling of loans of a similar characteristic and the sale of this asset to another financier. The Banksia Financial Group may be required to disclose borrowers' personal information to trustees, ratings agencies, investors and advisors as part of this process.
Formal outsourcing agreements containing conditions relating to client privacy are entered into where practicable.
We will only use or disclose personal information in ways that are consistent with the client's expectations or if required by law. We may be required by law to disclose personal information to government agencies such as the Taxation Department or AUSTRAC, or where required for the investigation of an offence or for court proceedings.
Information Security
The Banksia Financial Group staff are trained to respect the confidentiality of personal information and to avoid unnecessary discussion about a client other than for purposes of discharging their duties to The Banksia Financial Group. Personal information may be stored in hardcopy documents or electronically. We will take reasonable steps to protect the personal information held on clients from misuse, loss and from unauthorised access, modification or disclosure. We will also take reasonable steps to destroy by safe means any information which is no longer needed for any purpose.
Access to your Personal Information
You may request access to the information we hold about you. Access will normally be provided except in certain cases allowed under the Privacy Act, such as:
- If the request threatens the privacy of other individuals, or
- Providing access would prejudice any legal dispute, or negotiations of a commercially sensitive nature with you, or
- Denial of access is required by law or is otherwise specifically requested by any law enforcement body.
The Banksia Financial Group retains the discretion to assess any request for access. If access is denied, we will provide you with the reason for our decision.
Accuracy of Information
The Banksia Fiancial Group will use its best endeavours to ensure that personal information about an individual is accurate and up-to-date when it is collected and used. If you believe that personal information about you is not accurate, complete and up-to-date, The Banksia Financial Group will take reasonable steps to correct the information promptly. If The Banksia Financial Group disagrees with your request to amend the information, for example where loan default information has been provided to a credit reporting agency, you have the right to request a statement be linked to your personal information claiming the information is not correct, complete or up-to-date. The Banksia Financial Group will take reasonable steps to comply with this request.
Resolving Privacy Issues
If you have any questions about our privacy policy, or if you have any concerns about the handling of your personal information, please contact us by:
Email: info@banksiagroup.com.au
Freecall 1800 333 114
or mail to:
The Privacy Officer
The Banksia Financial Group
157 Fenaughty Street
Kyabram Vic 3620
Click here to view/download a print version of this policy.