Protecting our clients’ privacy is very important to us. To ensure our compliance with the Privacy Act and as part of our commitment to ensuring the safety of your private and confidential information, we have established and implemented this Policy.
The Privacy Act requires that we handle your personal information in accordance with a set of national principles, known as the Australian Privacy Principles (APPs), which regulate the collection, use, correction, disclosure and transfer of personal information about individuals by organisations like us in the private sector.
1.2 Policy Statement
The Policy explains our policies and practices with respect to the collection, use and management of your personal information and our approach to the APPs.
1.3 Scope and application of the policy
Banyan Tree Investment Group Pty Ltd, its subsidiaries and associates are referred to in the Policy as “Banyan Tree Investment Group”, “Banyan Tree”, “us”, “our”, or “we”. This Policy applies to Banyan Tree’s business activities carried on in Australia. In the event of any inconsistencies between the Policy requirements and Banyan Tree’s statutory duties under Australian law, the latter shall prevail.
2 Definitions and key concepts
Australian law means an Act of the Commonwealth or of a State or Territory or regulations, or any other instrument, made under such an Act.
Australian Privacy Principle or APP means the Australian Privacy Principles set out in Schedule 1 of the Privacy Act.
Breach means an act or practice which is contrary to or inconsistent with the Privacy Act, including an APP.
Collect means to collect personal information, usually for inclusion in a record.
Consent means express consent or implied consent.
Holds means possession or control of a record that contains personal information.
Individual means a natural person.
Overseas recipient means a person who receives personal information who is not in Australia or an external Territory, not us or a subsidiary or associate of us, and not the individual to whom the personal information relates.
Personal information means information or an opinion about an identified individual, or an individual who is reasonably identifiable:
whether the information or opinion is true or not; and
whether the information or opinion is recorded in a material form or not.
Privacy Act means the Privacy Act 1988 (Cth).
Reasonable Steps means the actions or efforts we undertake to comply with the Privacy Act and the APPs, which must be objectively reasonable in the circumstances.
Sensitive information means personal information about an individual’s:
racial or ethnic origin
political, philosophical or religious beliefs or opinions
memberships or affiliations
sexual preferences or practices
health or genetic information
Solicit means to request personal information, or anything that includes personal information, from someone other than the individual.
Tax file number or TFN means a tax file number as defined in Part VA of the Income Tax Assessment Act 1936 (Cth).
Use means to handle, manage, or undertake an activity with personal information in our effective control.
3 General obligations
3.1.1 What information do we collect?
Banyan Tree will collect and hold your personal information for the purposes of:
providing advice, products and services to you
managing and administering the products and services
letting you know about our other products and services.
The type of information collected from you includes information that is necessary to operate your account or for us to provide advice to you. We may ask you to provide personal information such as your:
residential and/or postal address
date of birth
bank account details
tax file number (TFN).
This information is collected from application forms you have completed, your use of our online facilities or through ongoing communications with you. We will not solicit any personal information about you except where you have knowingly provided that information to us or we believe you have authorised a third party to provide that information to us. Third parties that we may need to collect information from include your financial adviser, product issuer, employer, accountant or solicitor.
3.1.2 What if you do not give us the information we request?
You are not obligated to give us the information that we request. However, if you do not give us the information that we ask for, or the information you give is not complete or accurate, this may:
prevent or delay the processing of your application or claim
affect your eligibility for specified insurance cover
prevent us from contacting you
impact the taxation treatment of your account.
For example, we are required to ask for your TFN when you become a member of one of our superannuation products. If you choose to not give us your TFN, you may be subject to higher tax charges on your superannuation and we may not be able to accept personal contributions.
3.2 Use of information
3.2.1 How do we use the information that we collect from you?
We use your personal information for the purpose for which it has been obtained. We collect your personal information so that we are able to act on your request, such as to:
provide financial advice to you
establish and manage your investments and accounts
implement your investment instructions
establish and maintain insurance protection
process contributions, transfer monies or pay benefits
report the investment performance of your account
keep you up to date on other products and services offered by us.
3.3.1 Who do we give your information to?
We may provide your information to other related companies within the Banyan Tree Investment Group or external parties. Where personal information is disclosed, there are strict controls in place to ensure information is held, used and disclosed in accordance with the APPs.
The types of external organisations to which we may disclose your personal information include:
organisations involved in providing, managing or administering our products or services such as actuaries, custodians, external dispute resolution services, insurers, investment managers, or mail houses
your financial adviser
your employer (relates only to employer sponsored superannuation arrangements)
funds (administrators or trustees) to which your benefit is to be transferred or rolled over
medical practitioners and other relevant professionals, where you have applied for insurance cover or made a claim for disablement benefit
your personal representative, or any other person who may be entitled to receive your death benefit, or any person contacted to assist us to process that benefit
financial institutions that hold accounts for you
professional advisers appointed by us
businesses that may have referred you to us (for example your Credit Union).
Like other financial services companies, there are situations where we may also disclose your personal information where it is:
required by law (such as to the Australian Taxation Office or pursuant to a court order)
authorised by law (such as where we are obliged to disclose information in the public interest or to protect our interests)
necessary in discharging obligations (such as to foreign governments for the purposes of foreign taxation)
required to assist in law enforcement (such as to a police force).
We may also disclose your information if you give your consent.
3.3.2 Will my information be disclosed overseas?
It is generally unlikely that we will disclose your personal information overseas. However, we may occasionally use third-party service providers or offshore outsourcing services to provide services to you. Depending on the circumstances, the relevant countries will vary such that it is not practicable to list them here. Any overseas disclosure does not affect our commitment to safeguarding your personal information and we will take reasonable steps to ensure any overseas recipient complies with the APPs. Where we may be transferring your personal information overseas, we will either inform you and seek your consent to the arrangement, or ensure that appropriate contractual measures are in place requiring the overseas entity to protect your personal information in accordance with our obligations under Australian privacy law.
3.4 Access and correction of information
3.4.1 Can I access my information and what if it is incorrect?
You may request access to the personal information we hold about you. We may charge a reasonable fee to cover our costs.
There may be circumstances where we are unable to give you access to the information that you have requested. If this is the case we will inform you and explain the reasons why.
We will take reasonable steps to ensure that the personal information we collect, hold, use or disclose is accurate, complete, up to date, relevant and not misleading.
You have a right to ask us to correct any information we hold about you if you believe it is inaccurate, incomplete, out of date, irrelevant or is misleading. If we do not agree with the corrections you have supplied and refuse to correct the personal information, we are required to give you a written notice to that effect and a statement if requested.
If you wish to access or correct your personal information, you may contact us through our offices or by writing to the Directors, whose contact details are set out in section 4 below.
3.4.2 Protection of the personal and sensitive information that we hold
We have security systems, practices and procedures in place to safeguard your privacy. We may use cloud storage or third party servers to store the personal information we hold about you. These services are subject to regular audit and the people who handle your personal information have the training, knowledge, skills and commitment to protect it from unauthorised access or misuse.
3.4.3Retention of your personal information
We are required by law to retain certain records of information for varying lengths of time and, in certain circumstances, permanently. Where your information is not required to be retained under law, we will take reasonable steps to irrevocably destroy or unidentify your personal information when it is no longer required for the purpose for which it was collected.
4 Roles and Responsibilities
The Banyan Tree Directors are responsible for overseeing the Policy.
The Directors are responsible for updating this Policy and for managing the business impacts of privacy laws and policies across the Banyan Tree’s group of companies.
4.1 Contact the Directors
You can contact the Directors by:
Mail: Directors - Banyan Tree Investment Group Pty Ltd - Level 2, 123 Clarence St, Sydney, NSW, 2000, Australia
Or by email: email@example.com .
Or by phone: +61 2 9696 8162
If you believe that we caused any breaches by mishandling your information, you may lodge a written complaint addressed to the Directors of Banyan Tree, whose contact details are set out in section 4.1 above.
The Directors will respond to your complaint within 30 days of its receipt.
In the event that the Directors is unable to resolve your complaint, you may lodge a complaint with the Information Commissioner.
You can lodge a written complaint with the Information Commissioner by:
Submitting an online or hard copy form which may be accessed through the Information Commissioner’s website at www.oaic.gov.au or obtained from https://forms.business.gov.au/aba/oaic/privacy-complaint-/
Fax to 02 9284 9666
Email at firstname.lastname@example.org