Prepared on 1st January 2014. Distribution Authorised by Hub Wealth Management.
Your privacy is important to us. This statement outlines Hub Wealth Management’s policy on how we manage the personal information we hold about you, our client.
It is Hub Wealth Management’s policy to respect the confidentiality of information and the privacy of individuals.
We are committed to being open about how we use personal information.
Where our documents ask for personal information, we will generally state the purposes for its use and to whom it may be disclosed.
Why does Hub Wealth Management collect personal information?
Our business is to understand and meet our clients’ needs over their lifetime for a wide range of financial and other services. To do this effectively, we need to collect certain personal information.
Our advisers provide services and advice in a broad range of financial products under the Hub Wealth Management brand. They include (but are not limited to):
- Life insurance products protecting against risks
- Investment products to build wealth
- Superannuation and retirement income products to provide for retirement
- Financial planning advice and other services to help individuals understand their financial needs and make financial and investment decisions
Collecting personal information also allows us to meet legal obligations we might have.
What kind of personal information do we ask for?
Because of the nature of the products and services provided, government regulations and taxation laws, we ask for a range of personal information from our clients.
The type of personal information we may collect can include (but is not limited to) name, address, date of birth, contact details, income, assets and liabilities, account balances, tax and financial statements and employment details.
We obtain most of the information directly from our clients through applications or other forms, and from maintaining records of information provided in the course of ongoing financial planning advice or client service.
Some of our insurance plans and other contracts also require us to collect sensitive information. For more details, see the section ‘Sensitive information is subject to greater restrictions’.
If you choose not to provide the information we need to fulfil your request for a specific product or service, we may not be able to provide you with the requested product or service.
How do we use this information and who may we disclose it to?
While we may send you marketing material from time to time we think will be useful to you, we are conscious of the need to respect your privacy.
Unless you are informed otherwise, the personal information we hold is used for establishing and managing your financial products or services, reviewing your ongoing needs, enhancing client service and product options and giving you ongoing information or opportunities that we believe may be relevant to your financial needs and other circumstances.
We use the personal information we collect about you to fulfil our legal obligations.
Depending on the product or service concerned and particular restrictions on sensitive information, this means that personal information may be disclosed to:
- Financial advisers in Hub Wealth Management, brokers and those who are authorised by Hub Wealth Management to review clients’ needs and circumstances from time to time
- Services providers and specialist advisers to Hub Wealth Management who have been contracted to provide Hub Wealth Management with administrative, financial, insurance, research or other services
- Other insurers, credit providers, courts, tribunals and regulatory authorities as agreed or authorised by law
- Credit reporting or reference agencies or insurance investigators
- Austrac, the government agency who oversees Anti Money Laundering and Counter Terrorism. Before we arrange products or services we are required to validate client identity. We will request and copy some personal documents only for that purpose. Also we are required to provide details of certain transactions and entities where we hold reasonable suspicion of suspect nature.
Generally, we require that organisations outside Hub Wealth Management who handle or obtain personal information as service providers to Hub Wealth Management acknowledge the confidentiality of this information, undertake to respect any individual’s right to privacy and comply with the Australian Privacy Principles and this policy.
Sensitive information is subject to greater restrictions
Some personal information we hold is ‘sensitive’.
Sensitive information relates to a person’s racial or ethnic origin, membership of political bodies, religions or trade unions, sexual preferences or activities, criminal record, state of health and medical history.
The way we use tax file numbers and information received from a credit reporting agency about an individual is also restricted by law.
Sensitive information is usually needed for applications for death, sickness and disability insurance and to manage claims on those products. It may also be relevant to credit and other applications. It is Hub Wealth Management’s policy that sensitive information will be used and disclosed only for the purposes for which it was provided, unless the client agrees otherwise or the use or disclosure of this information is allowed by law. Documents asking for sensitive information will explain this.
Management of personal information
Hub Wealth Management trains its financial advisers and staff who handle personal information to respect the confidentiality of client information and the privacy of individuals. Hub Wealth Management regards breaches of your privacy very seriously and will impose appropriate penalties, including dismissal.
Hub Wealth Management has appointed a Privacy Officer to ensure that Hub Wealth Management’s management of personal information is in accordance with this statement and the Privacy Act.
How do we store personal information?
Safeguarding the privacy of you information is important to us, whether you interact with us personally, by phone, mail, over the internet, or other electronic medium. We hold personal information in a combination of secure computer storage facilities and paper-based files and other records, and take steps to protect the personal information we hold from misuse, loss, unauthorised access, modification or disclosure.
We may need to maintain records for a significant period of time. However, when we consider information is no longer needed, we will remove any details that will identify you or we will securely destroy the records.
How do we keep personal information accurate and up-to-date?
Hub Wealth Management endeavours to ensure that their personal information it holds is accurate and up to date. We realise that this information changes frequently with changes of address and other personal circumstances. We can generally update your client information over the telephone.
You have the right to check what personal information about you is held by us.
Under the Commonwealth Privacy Act, you have the right to obtain a copy of any personal information which Hub Wealth Management holds about you and to advise Hub Wealth Management of any perceived inaccuracy. The Act does set out some exceptions to this.
To make a request, you will need to submit your request in writing, verifying your identity and specifying what information you require.
We will acknowledge your request within 14 days and respond promptly to it. We may charge a fee to cover the cost of verifying the application and locating, retrieving, reviewing and copying any material requested. If the information sough is extensive, we will advise the likely cost in advance and can help to refine your request if required.
What if you have a complaint?
To make a complaint, please forward it in writing to:
The Privacy Officer
Hub Wealth Management Pty Ltd
GPO Box 3800
Sydney, NSW 2001
If you are not satisfied with our response to your complaint, you can phone the Commonwealth Privacy Commissioner’s hotline on 1300 363 992.