This Policy applies to Reach Markets Pty Ltd (ABN 16 615 714 442, CAR 431191) and Reach Trading Pty Ltd (ABN 16 615 714 442, CAR 1265855) who are all corporate authorised representatives of the Reach Financial Group Pty Ltd, who are the holder of AFSL 333297. The Licensee and its Authorised Representatives (sometimes referred to as ‘Reach Markets’, ‘Reach Trading’ ‘Reach’, ‘we’, ‘us’ ‘the licensee’ or ‘our’ throughout this Policy.
The Policy extends to and covers all operations and functions of those organisations.
This Policy outlines Reach’s obligations to manage and protect personal information. Reach is bound by the Australian Privacy Principles (‘APPs’) and the Privacy Act 1988 (‘Privacy Act’). This Policy also outlines Reach’s practices, procedures and systems that ensure compliance with the Privacy Act and the APPs.
- ‘Disclosing’ information means providing information to persons outside Reach;
- ‘Individual’ means any persons whose personal information we collect, use or disclose.
- ‘Personal information’ means information or an opinion relating to an individual, which can be used to identify that individual;
- ‘Sensitive information’ is personal information that includes information relating to a person’s racial or ethnic origin, political opinions, religion, trade union or other professional or trade association membership, sexual preferences and criminal record, and includes health information; and
- ‘Use’ of information means use of information within Reach.
Reach is also obligated under the Notifiable Data Breach Scheme to ensure that any eligible breach of client’s personal data, which is likely to result in serious harm to any individuals is managed accordingly, reported to the regulators and the client is advised.
2. WHAT KIND OF PERSONAL INFORMATION DO WE COLLECT AND HOLD?
We collect and hold the following kinds of personal information about individuals:
- phone numbers
- email addresses
- bank account details
- passport or drivers’ licence details
- business structures
- employment information
- source of wealth
- investment information; and
- any other information that is relevant to the services that we provide.
We are also required to collect and hold Personal Information under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth) which may include Sensitive Information in certain circumstances.
3. HOW WE COLLECT PERSONAL INFORMATION
Reach will also collect your personal information for verification through the Green ID system – a client identification verification tool. This will assist us in adhering to our AML/CTF obligations.
Reach will not collect sensitive information unless the individual has consented or an exemption under the APPs applies. These exemptions include if the collection is required or authorised by law or necessary to take appropriate action in relation to suspected unlawful activity or serious misconduct.
If the information we request is not provided, we may not be able to provide customers with the benefit of our services.
Reach does not give individuals the option of dealing with them anonymously, or under a pseudonym. This is because it is impractical for Reach to deal with individuals who are not identified.
4. UNSOLICITED PERSONAL INFORMATION
Reach may receive unsolicited personal information about individuals. Reach employees are required to notify the Compliance Officer of all unsolicited personal information received by them. We destroy or de-identify all unsolicited personal information, unless the personal information is relevant to Reach purposes for collecting personal information.
5. ABOUT WHOM DO WE COLLECT PERSONAL INFORMATION?
The personal information we may collect, and hold includes (but is not limited to) personal information about the following individuals:
- potential clients;
- service providers or suppliers;
- prospective employees, employees and contractors; and
- other third parties with whom we come into contact.
6. WEBSITE COLLECTION
7. WHY DOES REACH COLLECT AND HOLD PERSONAL INFORMATION?
We may use and disclose the information we collect about an individual for the following purposes:
- to assist Reach in providing a financial product or service to an individual, including portfolio, trading and education services;
- to consider and assess an individual’s request for a product or service;
- to provide an individual with information about a product or service and invite an individual to marketing events;
- to protect our business and other customers from fraudulent or unlawful activity;
- to conduct our business and perform other management and administration tasks;
- to consider any concerns or complaints an individual may have;
- to manage any legal actions involving Reach Financial Group, Reach Markets and Reach Trading;
- to comply with relevant laws, regulations and other legal obligations, including the Anti-Money Laundering and Counter-Terrorism Act 2006 and Corporations Act 2001; and
- to help us improve the products and services offered to our customers, and to enhance our overall business.
8. HOW MIGHT WE USE AND DISCLOSE PERSONAL INFORMATION?
Reach may use and disclose personal information for the primary purposes for which it is collected, for reasonably expected secondary purposes which are related to the primary purpose and in other circumstances authorised by the Privacy Act.
We use and disclose personal information for the purposes outlined in section 7 above. Sensitive information will be used and disclosed only for the purpose for which it was provided or a directly related secondary purpose, unless the individual agrees otherwise, or where certain other limited circumstances apply (e.g. if required by law).
We engage other people to perform services for us, which may involve that person handling personal information we hold. In these situations, we prohibit that person from using personal information about the individual except for the specific purpose for which we supply it. We prohibit that person from using your information for the purposes of direct marketing their products or services.
In relation to sensitive information held by us, wherever possible, Reach will attempt to de-identify the information. We also undertake to take reasonable steps to delete all personal information about an individual when it is no longer needed.
9. TO WHOM MIGHT WE DISCLOSE PERSONAL INFORMATION?
We may disclose personal information to:
- a related entity of Reach Financial Group, including Reach Markets and Reach Trading;
- an agent, contractor or service provider we engage to carry out our functions and activities, such as our lawyers, accountants, trading platform providers and portfolio service providers;
- organisations involved in a transfer or sale of all or part of our assets or business;
- organisations involved in managing our payments, payment merchants and other financial institutions such as banks;
- any financial market, clearing house, settlement facility, lender, credit provider, custodian, share registry or software provider;
- any person who acts on behalf of our clients, as applicable, including their financial intermediary, authorised persons, solicitor, settlement agent, accountant, executor, administrator, trustee, guardian or attorney;
- regulatory bodies, government agencies, law enforcement bodies and courts; and
- anyone else to whom the individual authorises us to disclose it or as required by law.
We may also collect personal information from these organisations and individuals and will deal with that information in accordance with this Policy.
10. SENDING INFORMATION OVERSEAS
We may disclose personal information to recipients that are located outside Australia in some circumstances. We use data storage providers. These providers operate internationally and therefore personal information may be sent to servers that are located overseas. It is impracticable for us to list the locations in which these servers may be located.
We will not send personal information to recipients outside of Australia unless:
- we have taken reasonable steps to ensure that the recipient does not breach the Privacy Act, or the APPs;
- the recipient is subject to an information privacy scheme similar to the Privacy Act; or
- the individual has consented to the disclosure.
11. MANAGEMENT OF PERSONAL INFORMATION
Reach recognises how important the security of personal information is to clients. We will always seek to ensure that the personal information we collect, and hold is protected from misuse, loss, unauthorised access, modification or disclosure. Reach employees must respect the confidentiality of the personal information we collect and personal Information will only be available to Reach employees on a need-to-know basis in order to perform their duties.
Personal information is generally held in client files and within in a computer database. All paper files are stored in secure areas. Computer-based information is protected through the use of access passwords.
In relation to our computer-based information, we apply the following guidelines:
- data ownership is clearly defined within Reach;
- passwords are routinely checked;
- we change employees’ access capabilities when they are assigned to a new position;
- employees have restricted access to certain sections of the system;
- the system automatically logs and reviews all unauthorised access attempts;
- the system automatically limits the amount of personal information appearing on any one screen;
- unauthorised employees are barred from updating and editing personal information;
- all personal computers which contain personal information are secured, physically and electronically;
- data is encrypted during transmission over the network;
- print reporting of data containing personal information is limited;
- having a Clean Desk Policy;
- Reach has created procedures for the disposal of personal information; and
- personal information is overwritten to the extent possible when the information is no longer required.
Where we no longer require the personal information for a permitted purpose under the APPs, we will take reasonable steps to destroy it.
12. DIRECT MARKETING
Reach does not use personal information for the purposes of direct marketing, unless:
- the personal information does not include sensitive information; and
- the individual would reasonably expect us to use or disclose the information for the purpose of direct marketing; and
- a simple way of opting out of direct marketing is provided; and
- the individual has not requested to opt out of receiving direct marketing from us.
If the individual would not reasonably expect us to use or disclose the information for the purpose of direct marketing, we may only use or disclose that information for direct marketing if the individual has consented to the use or disclosure of the information for direct marketing or it is impracticable to obtain that consent.
In relation to sensitive information, Reach may only use or disclose sensitive information about an individual for the purpose of direct marketing if the individual has consented to the use or disclosure of the information for that purpose.
Individuals have the right to request to opt out of direct marketing and we must give effect to the request within a reasonable period of time.
Individuals may also request that Reach provides them with the source of their information. If such a request is made, Reach must notify the individual of the source of the information free of charge within a reasonable period of time.
We will not use identifiers assigned by the Government, such as a tax file number, Medicare number or provider number, for our own file recording purposes, unless one of the exemptions in the Privacy Act applies. Reach endeavours to avoid data-matching, being the comparison of data collected and held for two or more separate purposes in order to identify common features in relation to individuals, as a basis for further investigation or action in relation to those individuals. Reach may be required to collect Government Related Identifiers to verify a client’s identity in accordance with the Anti-Money Laundering and Counter Terrorism Financing Act.
14. HOW DO WE KEEP PERSONAL INFORMATION ACCURATE AND UP-TO-DATE?
Reach is committed to ensuring that the personal information it collects, uses and discloses is relevant, accurate, complete and up-to-date.
We encourage individuals to contact us to update any personal information we hold about them. If we correct information that has previously been disclosed to another entity, we will notify the other entity within a reasonable period of the correction. Where we are satisfied information is inaccurate, we will take reasonable steps to correct the information within 30 days, unless you agree otherwise. We do not charge individuals for correcting the information.
15. YOU HAVE THE ABILITY TO GAIN ACCESS TO YOUR PERSONAL INFORMATION
Subject to the exceptions set out in the Privacy Act, individuals may gain access to the personal information that we hold about them by contacting the Reach Financial Group Compliance Officer. We will provide access within 30 days of the individual’s request. If we refuse to provide the information, we will provide reasons for the refusal.
An individual’s request for access to his or her personal information will be dealt with by allowing the individual to look at his or her personal information at the offices of Reach Markets. We will require identity verification and specification of what information is required. An administrative fee for search and photocopying costs may be charged for providing access.
16. YOUR RIGHTS IF YOU ARE IN THE EU
As provided for in the General Data Protection Regulation, you have the right to access your data; to correct or rectify your data; to delete your data subject to applicable law; to have your data processed only in accordance with applicable law; to have copies of your data to be moved to another controller; to object to our processing your data otherwise than in accordance with the law; and to withdraw any consent to our processing your data at any time. Please email email@example.com to exercise any of those rights.
17. NOTIFABLE DATA BREACHES
Reach must now also comply with the NDB Scheme which has been set up under part of the Privacy Act to establish requirements for companies when responding to any kind of data breaches. The scheme only applies where the breach involves personal information that is likely to result in serious harm to the individual affected.
A data breach may occur from unauthorised access to information, unauthorised disclosure or loss of personal information. In the unlikely event of this occurring Reach must assess whether the breach of data is likely to cause serious harm to the individual affected. Factors to consider are the likelihood and consequences of the harm eventuating for individuals. Should Reach determine that a breach has occurred we must take positive steps to address the breach in a timely manner and notify the affected individual/s and the Commissioner.
Notification must be done as soon as practicable after becoming aware of the breach.
18. UPDATES TO THIS POLICY
This Policy will be reviewed from time to time to take account of new laws and technology, and changes to our operations and the business environment. Changes to this policy will be reviewed by Reach Financial Group Compliance Officer.
20. PRIVACY TRAINING
21. NON-COMPLIANCE AND DISCIPLINARY ACTIONS
22. INCIDENTS/COMPLAINTS HANDLING
Reach has an effective complaint handling process in place to manage privacy risks and issues. If you have any questions about our privacy procedures or if you wish to make a complaint about how we have dealt with your personal information you may contact us in any of the following ways:
- by telephoning – (03) 8080 5795;
- by writing to – Reach Financial Group Pty Ltd, Compliance Officer, Level 8, 525 Flinders Street Melbourne VIC 3000; or
- by emailing – firstname.lastname@example.org
The complaints handling process involves:
- identifying (and addressing) any systemic/ongoing compliance problems;
- increasing consumer confidence in the Reach privacy procedures; and
- helping to build and preserve Reach’s reputation and business.
Complaints should first be made in writing to Reach, as required by the Privacy Act. We will then endeavour to respond to a complaint within 45 calendar days, in keeping with our Complaints Handling Policy. Where you may still not be satisfied with the response to your complaint, you have the right to complain to Australian Financial Complaint Authority (AFCA) directly on their website (www.afca.org.au) or through the following contact details:
- by telephoning – 1800 931 678 (free call)
- by writing to – Australian Financial Complaints Authority, GPO Box 3, Melbourne, VIC, 3001
On any occurrence when you may still remain dissatisfied with the outcome of the complaint by AFCA, you can lodge a complaint with the Office of the Australian Information Commissioner using their Privacy Complaint form on their website (www.oaic.gov.au) or through the following contact details:
- by telephoning – 1300 363 992
- by writing to – Director of Complaints, Office of the Australian Information Commissioner, GPO Box 5218, SYDNEY NSW 2001
If you are in the EU, you may contact one of the EU data protection regulators found here: http://ec.europa.eu/newsroom/article29/item-detail.cfm?item_id=612080.
23. CONTRACTUAL ARRANGEMENTS WITH THIRD PARTIES
Third parties will be required to implement policies in relation to the management of an individual’s personal information in accordance with the Privacy Act. These policies include:
- regulating the collection, use and disclosure of personal and sensitive information;
- de-identifying personal and sensitive information wherever possible;
- ensuring that personal and sensitive information is kept securely, with access to it only by authorised employees or agents of the third parties; and
- ensuring that the personal and sensitive information is only disclosed to organisations which are approved by Reach.