Walsh Bay Partners is bound by and committed to its obligations under the Privacy Act 1988 (as amended) and the Privacy Principles. This statement outlines what information Walsh Bay Partners obtains from you, how we use that information and how we safeguard your privacy.
Private information we collect
In order to provide you with the services and products that you have requested and to manage our relationship with you, Walsh Bay Partners needs to obtain personal information from you, otherwise we may not be able to provide you with these services.
The types of information we collect will depend upon the type of service you request and may include proof of identity (e.g. drivers license) your name, address and date of birth, family circumstances and financial details, such as your assets and income, investment preferences and risk tolerance. Additional information may also be requested from your accountant, with your consent.
We will ensure that all personal information is held at a secure location and only accessed by personnel who require this information to provide the requested service. Your Tax File Number (TFN) is governed by special legislation and is also protected by law when you provide it to us.
How we collect information
Walsh Bay Partners collects personal information when you agree to the terms and conditions of our Letter of Engagement. We may also collect information about you from our website (www.wbpartners.com.au) when you make an enquiry about our services.
In addition, we may collect information about you on behalf of another person such as your spouse, your children, or the name of a friend or colleague that you may decide to refer to us. It is your responsibility to tell any referred party of your disclosure and that they may access their information held by Walsh Bay Partners.
Use and disclosure of information
The information provided to us is strictly confidential for use within Walsh Bay Partners.
We will not reveal, disclose, sell, distribute, rent, license, share or pass your information to third parties, other than to service providers contracted to Walsh Bay Partners under strict confidentiality arrangements. Disclosure to service providers, such as fund managers, trustees or administrators, may be necessary for you to receive services from us. Your personal information will only be disclosed to a service provider where you have given us consent to do so. Authorised Representatives of Walsh Bay Partners will also have access to the information that you provide to us, until you tell us that you no longer wish to deal with that person. Subject to your pre-approval, we may also provide information to your accountant or lawyer. Walsh Bay Partners may also use your personal information to communicate with you about your investments, to advise you about new products and services that may be of interest to you, or to send you other information. If you do not wish to receive this information, please notify us so that we can remove you from our mailing list.
Common Reporting Standard
As part of the effort to combat tax evasion, the Common Reporting Standard (CRS) came into effect in Australia on 1 July 2017. The CRS was developed to create a global standard for the automatic exchange of financial account information between jurisdictions. In broad terms, the CRS regime obligates Walsh Bay Partners to identify and report non-resident account holder information to the Australian Tax Office, which will in turn exchange the information with the tax authorities of participating foreign jurisdictions.
Walsh Bay Partners is required to ‘look through’ certain entities and report on the entities’ controlling persons and their tax residencies
For more information of CRS and related requirements, see:
Walsh Bay Partners takes all reasonable security measures to protect the personal information that we collect and hold from misuse, loss and/or unauthorised access, modification or disclosure. Only approved personnel have access to our premises outside of business hours. All computer-based information is protected through the use of access passwords on each computer. Data is backed up daily and securely stored.
As required by legislation, in the event that you cease to be a client of Walsh Bay Partners, any personal information that we hold about you will be securely retained for a period of 7 years. After this period, the information will be destroyed securely.
Notifiable Data Breaches
We will notify you of any eligible data breaches as soon as practicable after becoming aware of a breach. Generally, an eligible data breach refers to unauthorised access, loss, or disclosure of your personal information that could cause serious harm. We are also obligated under the Notifiable Data Breaches scheme to notify the Australian Information Commissioner of any eligible breach.
Accessing your personal information
You may access any personal information Walsh Bay Partners holds about you by contacting us, subject to exceptions allowed by law where providing you with access may unreasonably impact on the privacy of others. If access is denied, we will provide you with the reasons. You may appeal against our decision by contacting us through the Complaints Resolution process, as set out below.
All access requests will be completed within thirty (30) days.
Correcting personal information
If you believe that any personal information held by us is not up-to-date or accurate, please contact us and provide us with details of the information. Proof of some items may be required (such as change of address or name).
Given the nature of financial services, it is not possible to treat clients with anonymity, except in handling enquiries from potential clients about our services.
Walsh Bay Partners are committed to providing clients a fair and responsible system for the handling of complaints. If at any time you have any concerns or complaints in relation to your privacy you should take the following steps:
- Contact us on (02) 8098 0962
- If a satisfactory resolution can’t be reached, you may refer your concerns to the Office of the Federal Privacy Commissioner on 1300 363 992 or online at www.privacy.gov.au