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Services to Licensees
In today's competitive
business and changing legislative environment the risk of not knowing
how to maximise the intrinsic value of your business means that you may
be unwittingly giving your hard-earned fortune away. After all, your
business is worthy of protecting just as much as you protect your
clients' interests.
Inspector Compliance understands financial services and shares your
business acumen to accurately assess an acceptable level of business
risk without jeopardising your reputation and position in the
marketplace. Ultimately, it is through our consultative process that
you decide the level of business risk acceptable.
Consequently, you end up with an appropriate corporate structure to
yield a financially satisfying arrangement for your skills and
experience in the financial services industry. By also embracing the
legal and compliance requirements correctly, Inspector Compliance
assists your business increase its saleability, profitability and/or
reputation.
Your Obligations as an AFS Licensee
As an AFS licensee you have obligations relating to:
- conduct and disclosure;
- the provision of your financial services;
- the competence, knowledge and skills of your responsible managers, as well as their good fame and character;
- the training and competence of your representatives;
- ensuring your representatives comply with the financial services laws;
- compliance, managing conflicts of interest and risk management;
- the adequacy of your financial, technological and human resources; and
- your dispute resolution and compensation arrangements.
These are only some of obligations you must adhere to. You must also comply with the conditions of your licence as well as the Corporations Act 2001.
Further Financial Obligations
Many AFS licensees now have heightened financial obligations following changes made to net tangible asset and preparation of cash flow projections requirements. Licensees who are impacted by these changes are:
- responsible entities;
- operators of Investor directed portfolio services;
- custodial or depository services providers;
- trustee companies providing traditional services;
- issuers of margin lending facilities;
- foreign exchange dealers; and
- retail OTC derivative issuers.
These financial conditions may have changed from when your licence was granted. It is therefore important that you are up to date with the changes so that you remain compliant.
Your Obligations as a Corporate Authorised Representative
An entity which is an authorised representative of an AFS license, is known as a Corporate Authorised Representative (CAR). The licensee may consent to the CAR appointing individuals to be authorised representatives however, licensee's rarely grant this due to the risks assumed by the licensee.
An AFS licensee may require the CAR to comply with additional obligations such as:
- Disclosing any communications with regulators;
- Notifying changes / appointment of staff (including seeking the AFS licensee’s approval for the appointment of any staff);
- Adhering to strict procedures when handling client money;
- Maintain your own PI policy or require contribution to a deductible; and
- Ensuring that promotional material is not misleading or deceptive or capable of being misleading or deceptive in respect to the Competition and Consumer Act 2010.
For further information on Corporate Authorised Representatives and how Inspector Compliance can help you meet your obligations, contact us using the links above.
Experience
Inspector Compliance is one of Australia’s leading firms providing regulatory compliance consulting services to financial institutions. We have a robust understanding of the accounting, credit, financial services and legal industries and have been offering compliance related services in Australia since 2001.
Our team have in excess of 80 years experience in various financial services sectors (covering distribution, product manufacturing, life insurance, funds management, banking, trustee services, superannuation funds and call centre operations). We bring together a unique breadth and depth of expertise in all aspects of regulatory compliance.
Our director was a Senior Lawyer with, and expert witness for, ASIC. Therefore, we know what regulators are looking for, the types of tests that are applied, and the acceptable solutions – all from first-hand experience.
Your Obligations as an Authorised Representative
An individual who is acting on behalf of the AFS licensee is known as an Authorised Representative.
An AFS licensee, and its Corporate Authorised Representative, may require the AR to comply with obligations such as:
- Disclosing any communications with regulators;
- Notifying changes / appointment of staff (including seeking the AFS licensee’s approval for the appointment of any staff);
- Adhering to strict procedures when handling client money;
- Maintain your own PI policy or require contribution to a deductible; and
- Ensuring that promotional material is not misleading or deceptive or capable of being misleading or deceptive in respect to the Competition and Consumer Act 2010
For further information on Authorised Representatives and how Inspector Compliance can help you meet your obligations, contact us using the links above.
Enquiry
Australian Financial Services Licence
Inspector Compliance provides comprehensive service addressing all aspects of applying for an AFS licence. As experienced and expert providers in the field, we assist you in compiling your Application, obtaining your Bankruptcy & Police Checks, joining an external dispute resolution scheme, obtaining References and applying for Professional Indemnity Insurance.
Inspector Compliance are able to assist with your licensing requirements by:
- Assessing the practices of licensees, authorised representatives and employees;
- Consulting on the duties and responsibilities of licensees;
- Assessing the authorisations required by your business and determining sufficiency of the qualifications of your responsible managers;
- Compiling and submitting licensee applications and proof documentation; and
- Provide all relevant ongoing support
We help you to attain your licence in the shortest possible period. On the other hand we will tell you if your application will not succeed or if it's not in your best interest to obtain your own licence.
Vary Your Licence
Unlike some business documents, AFS and AC Licences are not "set and forget" type documents.
CCritical issues with these licenses include the continual need to understand the restrictions imposed by the type of licence obtained, the general licensing conditions and conditions imposed by the Corporations Act/Regulations.
Concerns that Licensees need to continuously consider include:
- Changes in Key Person (if there is a requirement to have a Key Person);
- Not having the appropriate level of, or any, Professional Indemnity Insurance in place;
- Not understanding the difference between the various types of licences in existence and whether you are acting within the scope of your license;
- The consequences of failing to notify ASIC of a breach of a licence condition.
The consequences of many of these issues can be phrased as "failing to act honestly efficiently and fairly." This phrase is normally used by ASIC in banning individuals or revoking licences.
If you have changed the focus of your business let Inspector Compliance help you with your variation.
Whether you need to:
- Have your licence explained to you, or
- Vary your licence
Contact us or call us on 1800 COMPLY (266 759).
Manuals
Some Licensees like to think that if they provide an Authorised Representative with a Manual that it has substantially discharged its legal responsibility to its Authorised Representatives. That's not the case in reality.
Both Authorised Representatives and ASIC expect more than just manuals. Providing a manual, which has not been updated, or refers to the wrong legislation, merely evidences the opposite. Nor is it good enough to have a manual just sitting on a bookshelf.
Inspector Compliance has developed two manuals; one for the Licensee and one for the Authorised Representative, which steps you through the business process of operating a credit or financial services business.
Unlike most manuals, these have been developed with the industry processes, procedures and ongoing obligations in mind and are drafted in a manner to facilitate the continued use and reference by Licensees and Authorised Representatives respectively.
Licensee Manual
Comprehensive and tailored compliance manuals are a necessary business requirement for any AFS Credit Licensee. Our Licensee's compliance manual outlines the relevant responsibilities of the licensee, authorised representatives and employees. In addition, it is continually updated to keep pace of legislative, organisational and industry practice changes.
Authorised Representative Manual
The Authorised Representative Manual includes all the documentation under the heading of 'Corporate Documentation' including the Financial Services Guide, Statement of Advice, Business Stationery, Marketing and Advertising Material.
For further information on manuals and how Inspector Compliance can help you meet your obligations please contact us or call us on 1800 COMPLY (1800 266 759).
Compliance Services Review
Licensee Compliance Review
The Licensee Compliance Review assists a licensee to assess whether it has met its obligations under the licence.
Once you have completed our review process an exception report is generated outlining any deficiencies identified. This report is referred to as "an exception report" on the basis that it only mentions the issues which need to be reviewed. The exception report also includes a suggested timetable to rectify the identified deficiencies and specifies the frequency of Licensee Compliance Review.
The Licensee Compliance Review can be tailored to peculiarities with your business operations or accepted business risks.
The Licensee Compliance Review is not complete without undertaking Authorised Representative Compliance Reviews. It is through Authorised Representative Compliance Reviews that other Licensee's operational deficiencies may be identified. Any Licensee deficiency identified during the Authorised Representative Review is reported separately to the Licensee only.
Authorised Representative Review
The Authorised Representative Compliance Review assists a licensee to assess the quality of services provided by its Authorised Representatives.
Once your Authorised Representative has completed our review process an exception report is generated outlining any deficiencies identified. The exception report also includes a suggested timetable to rectify the identified deficiencies and specifies the frequency of Authorised Representative Compliance Review and individual compliance rating.
The review process does more than just produce a report. It also notifies relevant personnel (whether that person is the Compliance Manager, Business Development Manager, State Manager, Director or Responsible Manager) of pending actions required and reminders to finalise action items. Inspector Compliance is also available to assist with these matters and provide additional stopgap solutions.
Should you require enhancements to our Authorised Representative Compliance Review to take into account peculiarities with your business operations or your accepted business risks this can also be catered for by Inspector Compliance.
For further information on compliance reviews and how Inspector Compliance can help you meet your obligations please contact us or call us on 1800 COMPLY (1800 266 759).
Corporate Documentation
Financial Services Guide
Some Licensees are leaving themselves open to litigation for what could be considered as "misleading and deceptive representations", due to standard information contained within their Financial Services Guides (and yet not operationally applicable to them).
Inspector Compliance welcomes you to send your Financial Services Guide for review and we will advise you if you need to consult us in relation to these particular concerns. Email your Financial Services Guide to info@inspectorcompliance.com
Data Collection Forms
Inspector Compliance has developed four (4) versions to cater for credit, securities and risk business. The documents also include authorities to retain tax file numbers, privacy act declaration and authority to rely on the information provided by the client.
Deficient data collection forms can form part of a claim against you for failing to know your client to enable you to provide reasonable advice.
Business Stationery
These documents are generally considered as "set and forget" documents. This may be true if they have been reviewed in the last three months or were signed off by a Compliance consultant in the first instance.
ASIC Regulatory Guide and Corporations Act set out the information required on a business document, define what it considers a business document to be, and the clarity as to which entity is providing the advice. Inspector Compliance provides templated stationery which meets ASIC requirements.
Statements of Advice (SOA)
Inspector Compliance has developed various versions of plans to be used as a guide within your business. The plans include leading edge paragraphs, which have been specifically developed to minimise your risk. Our plans also cater for recent determinations by external dispute resolution schemes, Administrative Appeals Tribunal, and developments by ASIC.
We recommend that you utilise the paragraphs identified in these SOA's and incorporate them into your existing models.
For further information on corporate documentation and how Inspector Compliance can help you meet your obligations please contact us or call us on 1800 COMPLY (1800 266 759).
Agency Agreement
Inspector Compliance uses agreements prepared by LFS Lawyers. These agreements cater for the impact of:
- Client ownership;
- Privacy laws;
- Liability for advice provided; and
- Buyer of Last Resort
Difficult issues, which the industry as a whole needs to address, are simplified right here.
A key reason for using LFS Lawyers' contracts is that it provides you with leading edge documentation. This means, unlike some general law firms, there is no cost to you to educate their industry-experienced lawyers.
You should also be mindful that some professional associations compel its members to have contracts in place between the Licensee and the Authorised Representative. Failure to have such agreements in place may result in a technical breach of the professional association's Rules.
For further information on template agency agreements, please contact us or call us on 1800 COMPLY (1800 266 759). For information on further tailoring these agreements contact LFS Lawyers.
Risk Management
Risk management is the process of analysing exposure to risk and determining how to best handle such exposure. In effect, it gauges how you control and assess your risks.
Effective risk management includes the notion of forward thinking and applying a systematic approach to determining what actions can be taken to reduce potential risk exposures.
As a Licensee you are required to establish and maintain adequate risk management systems. Any risk management systems implemented by a Licensee must also comply with the standard Australian and New Zealand Standards ISO 31000:2009.
Inspector Compliance can help realise your current Risk Management Plan which meets the regulatory standards. As we have years of experience in the financial services industry we understand your field of work and know what are realistic solutions for your practice.
For further information on risk management and how Inspector Compliance can help you meet your obligations please contact us or call us on 1800 COMPLY (1800 266 759).
Complaint Handling
An example of a poor process of complaints handling (and yet, perceived as commendable by the Authorised Representative at the time) was how a client complaint was settled.
The Authorised Representative paid the amount claimed by the client (an amount lower than the perceived "actual loss"), despite the Authorised Representative's personal belief of not being at fault. Unfortunately, this was done without the Licensee's knowledge and without notice to the Professional Indemnity insurer.
Later, the client sought the balance of the "actual loss" incurred from the Licensee. The Licensee refused to pay the compensation sought. The client reported the Licensee to an external complaint scheme seeking the balance of the losses. This resulted in the Authorised Representative having to pay the complaint scheme fees.
The Licensee reported the complaint to the Professional Indemnity insurer however it denied the claim because the Authorised Representative technically admitted liability through its conduct in paying the initial amount sought by the client. The Licensee in return asked for a personal guarantee from the Authorised Representative for any amount to be paid to the client. The Authorised Representative refused to provide this guarantee and the Licensee proceeded to terminate the Authorised Representative's authority.
Complaints handling can be deceptively complicated. Inspector Compliance can assist you to implement a professional complaints handling procedure which complies with the Australian Standards. This includes:
- Guidance on how to deal with complaints;
- Identification of which parties (if any) are responsible for, or contributed to, the complaint;
- Assistance in dealing with your Professional Indemnity Insurer;
- Guidance as to any settlement; and
- Representation on your behalf at the industry complaints scheme or with ASIC.
In the process of settling any complaint, LFS Lawyers will prepare any necessary documentation, including the required Deed of Release, to ensure that your client does not have two bites at the cherry.
For further information on complaint handling and how Inspector Compliance can help you meet your obligations please contact us or call us on 1800 COMPLY (1800 266 759).
Business Coaching
Business Coaching is not as easy as some people make out.
Inspector Compliance's approach to coaching is to facilitate succession and realise the potential of your business.
The starting point is re-assessing your investment strategy and relationships with fund managers and service providers.
We analyse how secure your relationship to these service providers are and establish parameters of servicing which ought to be provided to you.
Next we analyse marketing strategy and positioning in the marketplace. Market positioning is to consider the market awareness and build towards presence for market acquisitions (either as a potential buyer or a seller).
This consequently leads to an analysis of how to best realise return on investment. Whether this is achieved as a member of a Licensee, as a licensee in your own right or through the right partnering arrangement.
For further information on business coaching and how Inspector Compliance can help, please contact us or call us on 1800 COMPLY (1800 266 759).
Contact Us
| Telephone | |
|---|---|
| Sydney | (+612) 9046 8388 |
| Melbourne | (+613) 9607 6388 |
| National | 1800 COMPLY (1800 266 759) |
| General | info@inspectorcompliance.com |
| Enquiries | Enquiries Form |
| Postal | |
| Sydney | GPO Box 1194 SYDNEY NSW 2001 |
| Melbourne |
GPO Box 4294 MELBOURNE VIC 3001 |
| Location | |
| Sydney | Level 5 1 Alfred Street SYDNEY NSW 2000 |
| Melbourne | Level 1 379 Collins Street MELBOURNE VIC 3000 |
News
The Hard Yards
Inspector Compliance works closely with our licensees to determine the most efficient and effective approach to obtaining and maintaining your AFSL & ACL. With years of experience in the industry, our staff know what is required of you to successfully attain, and retain the licence required.
So we can help you to:
- Obtain your AFSL or ACL;
- Variations to your license or key person aspects;
- Adding, varying or ceasing authorised representatives and responsible managers;
- Assessing the practices and procedures of the licensee, representatives & staff;
- Consulting on the duties & responsibilities of licensees;
- Undertake compliance reviews - at licensee and or representative level;
- Assist in complaints handling and negotiation of concerns; and
- Act as independent experts for litigation concerns or enforceable undertakings.
Inspector Compliance can help you with any aspect of your AFSL or ACL application and all the ongoing statutory compliance obligations.
For further information on how Inspector Compliance can help you with the hard yards please contact us or call us on 1800 COMPLY (1800 266 759).
Integrated Compliance
Occasionally our licensees don't need Inspector Compliance to do the hard yards but just want the knowhow. That’s where Integrated Compliance comes into play.
Integrated Compliance is our software platform which provides online support systems for:
- Accountants;
- Credit participants; and
- Financial Services participants
in Australia, New Zealand, Singapore, the European Union, the United States of America & Canada to name a few.
Integrated Compliance offers a complete web-based Compliance package to monitor and report on your businesses’ ongoing statutory compliance requirements. The system is customisable to your needs.
For more information on the Integrated Compliance software platform please contact us directly or call us on 1800 COMPLY (1800 266 759).
Conflict Check
Conflict Check is our standalone software platform which provides online independence / conflict of interest search systems for:
- Accountants
- Credit participants;
- Financial Services participants; and
- Lawyers
in Australia, New Zealand, Singapore, the European Union, the United States of America & Canada to name a few.
Conflict Check offers a synchronised web-based conflict of interest / independence search which is customisable to your needs.
For more information on the Conflict Check software platform please contact us directly or call us on 1800 COMPLY (1800 266 759).
Links
Terms & Conditions
1. Acceptance of Terms and Conditions
Your access to the Inspector Compliance website is conditional upon your acceptance and compliance with the terms, conditions, disclaimers and privacy statement contained in this document and elsewhere on the Inspector Compliance website (‘Terms and Conditions’). Your use of and/or continued use of the Inspector Compliance website constitutes your agreement to the Terms and Conditions. Inspector Compliance believes the information in this site is correct (as of the date of its last update), and it has reasonable grounds for any opinion, statement or recommendation found within. Inspector Compliance will endeavour to update the information in this site as soon as practicable after any changes. However, as information can change without notice, it does not guarantee the accuracy of the information. You should seek legal or other professional advice before acting or relying on any of the material on the Inspector Compliance website.
2. Access
To use the Inspector Compliance website you need to access the internet, including an appropriate computer, related equipment, and software (your “Computer”), you are responsible for any connecting or accessing fees, and for installing, maintaining, and operating your Computer. Inspector Compliance is not responsible for any problems caused to or by your Computer, including any virus or related problems with your use of the Inspector Compliance website.
3. Restrictions
The Inspector Compliance Website is available only for your personal, non-commercial use.
You must not copy, reproduce, adapt, republish, combine, frame, post, upload, distribute, transmit or modify in any way all or any part of the material contained in this website unless expressly provided for on the website or expressly authorised in writing by Inspector Compliance.
Inspector Compliance reserves the right, in its sole discretion, to terminate your access to any or all Inspector Compliance Sites/Services and the related services or any portion thereof at any time, without notice.
4. Intellectual Property Rights
You acknowledge and agree that all of the intellectual property rights in the Inspector Compliance website are owned by or licensed to Inspector Compliance. Any unauthorised copying, annotation, reproduction, communication or translation to the Inspector Compliance website may infringe Inspector Compliance’s intellectual property rights and may result in liability.
Photo 1 on the homepage of this website is a derivative of a photo by Corey Leopold, used under CC BY. Derived Photo 1 is licensed under CC BY by Inspector Compliance Pty Ltd.
Photo 3 on the homepage of this website is a derivative of a photo by eGuide Travel, used under CC BY. Derived Photo 3 is licensed under CC BY by Inspector Compliance Pty Ltd.
Photo 4 on the homepage of this website is a derivative of a photo by Phil Whitehouse, used under CC BY. Derived Photo 4 is licensed under CC BY by Inspector Compliance Pty Ltd.
Photo 5 on the homepage of this website is a derivative of a photo by Victor1558, used under CC BY. Derived Photo 5 is licensed under CC BY by Inspector Compliance Pty Ltd.
5. Warranties
The Inspector Compliance website and all material within, are provided on an as is basis without any warranties of any kind. Except as provided by the Prescribed Terms, all warranties either express or implied by law, in any way relating to the website or its materials, are excluded. In addition, Inspector Compliance does not warrant that the website will operate error free or that this website and its servers are free of computer viruses and other harmful goods. If you experience any damage or liability through the use of the Inspector Compliance website or the materials therein, Inspector Compliance will not be responsible for the costs relating to repair, servicing or any associated other costs.
6. Exclusions and limitation of liability
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You accept all responsibility and liability for your use of the Inspector Compliance website including, but not limited to, all website material. You indemnify Inspector Compliance against, and exclude Inspector Compliance from any liability, which may arise in relation to your use of the website.
The Inspector Compliance website may contain links to other websites (“Linked Sites”) operated by third parties. Inspector Compliance is not responsible or liable for the content of these Linked Sites or for your transactions with them. Inclusion of Linked Sites is for your convenience only and does not imply any endorsement of the content on such websites by Inspector Compliance. The materials on any Linked Site are the responsibility of the operator of the Linked Site and you link to any such Linked Site at your own risk.
7. Indemnity
You indemnify, defend and hold harmless, Inspector Compliance and its directors, officers agents, employees and Related Bodies Corporate, with respect to any claim, demand, cause of action, liability, loss, damage, expense (including legal fees) and cost incurred by you or a third party as a result of any error in any information, opinion or recommendation in this site.
8. Trademarks
All names, logos and trademarks on this website are the property of Inspector Compliance. Nothing on the website should be interpreted as granting any rights to use or distribute any names, logos or trademarks of Inspector Compliance without the express agreement of Inspector Compliance.
9. Copyright
Copyright in this site is owned by Inspector Compliance unless otherwise indicated. The site has however been developed to assist you in your personal use of the information and content of this site. You are however restricted from reproducing, transmitting or distributing the content of this site, or any part of it, in any way in any other document or materials. Should you wish to reproduce, transmit or distribute the content of this site, or any part of it, in any way in any other document or materials you must obtain Inspector Compliance’s specific written consent..
10. No offer or recommendation
The information contained within this site ought not to be construed as an offer, invitation or recommendation.
11. Governing Laws and interpretations
The Terms and Conditions are governed by and construed in accordance with the laws of the State of Victoria, Australia and you agree to submit to the exclusive jurisdiction of the Victorian Courts and the Federal Court.
12. Miscellaneous
If any provision of the Terms and Conditions is found to be invalid or unenforceable by a court of law, such invalidity or unenforceability will not affect the remainder of the Terms and Conditions which will continue in full force and effect.
Schedule 1: Defined Terms
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Inspector Compliance
Means Inspector Compliance Pty Ltd (ACN: 097 023 857) of Level 5, 1 Alfred Street, SYDNEY NSW 2000.
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Inspector Compliance website means the websites located at:
www.inspectorcompliance.com.au,
www.inspectorcompliance.co.uk,
www.inspectorcompliance.com,
www.inspectorcompliance.net,
www.inspectorcompliance.co.nz. -
Prescribed Terms
Competition and Consumer Act 2010 (Cth) and all corresponding state legislation implies terms, conditions and warranties into some contracts for the supply of goods and services and prohibits the exclusion, restriction and modification of such terms
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Related Bodies Corporate
Has the meaning given in section 50 of the Corporations Act 2001(Cth).
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You
Refers to the party accepting this terms and conditions through use of and/or continued use of the Inspector Compliance website.
Requirement for Improved Quality of Investment Research
Are you an Investment Research Provider or an AFS Licensee who uses a Research Provider? ASIC released updated policy guidance back in December 2012 advising that providers had until 1 September 2013 to implement key changes to their business, and to improve the quality and transparency of the research reports. Continue reading for an overview of these mandated changes.
Research is frequently relied upon by advice providers to identify products that may be suitable for their clients and by licensees. Risks within the investment sector are heightened where there is undue reliance on research reports coupled with a deficiency in disclosures of conflicts of interest which would adversely impact on the independence and therefore the reliability of those reports.
Not all research is of similar calculation and quality and therefore it is important that research providers maintain a certain standard. The requirement for this improved level of quality in investment research has been recently been highlighted in several Australian corporate collapses whereby the investment products that failed were either highly rated or given positive recommendations by research providers prior to failure.
From 1 September 2013, research report providers need to comply with ASIC’s updated guidance in the amended regulatory guides. The amendments are to ensure that providers improve the quality and transparency of research reports by implementing changes in the areas of:
- management of conflicts of interest - specifically business model conflicts amongst research report providers;
- quality and strength of the research process - including the requirement to allocate suitable resources and expertise to a given research task;
- transparency of the research process – also to include the method in which products are nominated for research, what ratings mean and how they are applied; and
- the ease in which the end user of the research is able to determine the quality and reliability of the research.
In simplest terms, ASIC is strongly advising that all advice providers test the market for investment research and reconsider the product offering of third party research providers by questioning:
- their business model;
- conflicts of interest; and
- how they produce ratings and their comparative significance.
Upon considering responses to the above, licensees and advisers should then elect how to use the research material produced by the research provider in their own business.
ASIC will be conducting targeted surveillance of research report providers to ensure that the new compliance measures are adhered to.
If you would like further information regarding the new obligations for research report providers and the use of product reports, or would like us to undertake an audit of your current procedures, please contact us or call us on 1800 COMPLY (266 759).
Quality of SMSF Advice
On 16 September 2013 ASIC released a proposed guidance to help improve the quality of advice given to investors in relation to the self-managed superannuation fund (SMSF) sector. Do you provide advice to clients regarding SMSF’s? If so, it is important that you remain aware of your current obligations and be aware of ASIC’s proposal to impose specific disclosure obligations on advisers. Read below for an outline of the proposed changes.
ASIC has found that there is substantial room for improvement in the quality of advice received by clients in relation to SMSFs. The recent review highlighted, in particular, the necessary improvement of disclosure information which is relied upon by clients when deciding whether to establish or switch to an SMSF.
ASIC advised that SMSFs account for 99% of all superannuation entities in Australia, with $439 billion of total superannuation assets held by SMSFs. As at 30 June 2012, there were approximately 478,263 SMSFs in Australia. This is an increase of 127% since 30 June 2001.
The consultation paper released by ASIC comprises proposals to improve specific disclosure requirements and obligations on advisers. In brief, these include the adviser’s obligation to:
- caution clients that SMSFs do not have access to the compensation arrangements under the Superannuation Industry (Supervision) Act 1993 in the event of theft or fraud; and
- clarify other matters that may impact the client’s decision to set up an SMSF.
ASIC is concerned with the prospect of an increased number of unfit trustees who are unable to adequately adhere to the obligations of managing an SMSF. Surveillance of the SMSF sector has confirmed this and further established that client advice has not been of an appropriate standard. The majority of the issues, observed by ASIC, occurred when:
- the advice was not adequately tailored to the investor’s circumstances;
- insurance recommendations were absent or inadequate;
- an inappropriate single asset class was recommended to clients;
- disclosure about product replacement was absent or inadequate;
- suitable alternatives to an SMSF were not considered; and
- there was inadequate consideration of the investor’s long-term retirement planning objectives.
ASIC Report 337 found that the majority of advice provided to SMSF clients as part of the conducted file review process was of an acceptable standard. However, the report did highlight that 28% of the advice examples were in fact below acceptable standards.
If you currently advise clients in relation to SMSFs and would like further information regarding the current and proposed obligations, or would like us to undertake an audit of your current procedures, please contact us or call us on 1800 COMPLY (266 759).
New Requirements for Dark Liquidity and High-Frequency Trading
ASIC has implemented new market integrity rules on dark liquidity and high-frequency trading. Major considerations in implementing the new rules were the required improvements in transparency and integrity of crossing systems whilst strengthening the requirements for market participants to deter market manipulation. If you believe that ASIC’s new market integrity rules affect you and your current business practices, please read the brief overview of the changes below.
ASIC advises that the following rules will come into force incrementally over a nine month period.
Dark liquidity
- Crossing system operators must publish information on a website about their system to increase transparency and disclosure. They must also make disclosures to clients on the crossing system operation, identify in trade information to wholesale clients about the crossing system and whether they traded as principal. Crossing systems will also be publicly identified in course of sale reports.
- Tick sizes that apply to exchange markets will now also apply to crossing systems. Crossing system operators must have a common set of procedures which do not unfairly discriminate between different users. Clients must also be given the option to opt out of using the crossing system.
- Suspicious activity must be reported to ASIC when it has been recognised within a crossing system. Crossing system operators must now also continually monitor activity on their system.
- Prevailing system and control requirements for automated order processing will extend to crossing systems. Crossing system operators will also be obligated to notify users and ASIC about system issues as soon as practicable.
- Market participants are obligated to better protect confidential client information whilst dealing with client orders fairly and in due turn.
- Negative commissions may no longer be accepted by market participants.
High frequency trading
- Additional circumstances must be considered by market participants when determining whether a false or misleading market has been created. These include; the volume of products that are the subject of each order, the extent to which orders made are cancelled or amended relative to the orders executed and the frequency with which orders are placed.
- Market participants of the ASX 24 market will be required to comply with new requirements to prevent manipulative trading, the same as presently apply to the ASX and Chi-X markets.
If you would like further information regarding any of the new requirements for market participants, the mandatory time frames for implementation or would like us to undertake an audit of your current procedures, please contact us or call us on 1800 COMPLY (266 759).
Weakness in Industry Practice of Debt Consolidation Sector Proves a Risk to Consumers
Does your organisation provide debt consolidation as part of your Australian Credit Licence? A recent ASIC report has revealed that an amazing 30% of files reviewed by ASIC found that the credit assistance provider failed to record or maintain sufficient information to identify the consumers pre-existing contracts. Do your organisations record keeping practices comply with the responsible lending obligations?
Debt consolidation consists of credit assistance activities, for example, securing new or additional credit for the purpose of paying off pre-existing credit contracts or to reduce the total number of payments being made.
An ASIC review of debt consolidation providers has found that noncompliance with responsible lending obligations is not uncommon by Australian Credit Licensee. In particular ASIC are alarmed with the standard of record-keeping practices. A recent review of 82 client files across 17 licensed providers proved that current practices are not up to standard. More specifically the report showed that in relation to credit assistance providers’ responsible lending conduct for debt consolidation that:
- of the files reviewed there was a 30% failure to record or keep sufficient information to identify the consumer’s pre-existing credit contracts;
- credit assistance providers generally did not appear to document if potential significant risks and costs of debt consolidation had been discussed with consumers in their client file;
- there was insufficient recording of the consumer's requirements and objectives;
- improper recording of inquiries about verification of the consumers financial situation;
- inconsistencies with assessments of loan suitability and the eventual loan application; and
- contradictions in assessments of loan suitability where the amount recorded for consumer expenses with different to the information on the licensee's file.
ASIC have advised that following the introduction of the National Consumer Credit regime, they have been undertaking reviews of high risk sectors of the consumer credit industry to evaluate compliance levels in regard to the responsible lending obligation.
The responsible lending obligations which are contained in the National Consumer Credit Protection Act 2009, require credit providers and credit assistance providers to:
- make reasonable inquiries into a consumer’s requirements and objectives;
- make reasonable inquiries into a consumer’s financial situation;
- take reasonable steps to verify a consumer’s financial situation;
- assess whether a proposed credit contract will meet the consumer’s requirements and objectives; and
- assess whether the consumer will be able to comply with their financial obligations under the proposed credit contract without substantial hardship.
If your organisation provides debt consolidation as part of your Australian Credit Licence and need further information on you obligations under the National Consumer Credit Regime or would like us to undertake an audit of your current procedures, please contact us or call us on 1800 COMPLY (266 759).
Updated ASIC advice on Dispute Resolution and Misconduct
ASIC has released updated information on 18 July 2013 with regard to disputes involving financial services and credit providers, unpaid debts, external dispute resolution and misconduct within companies under external administration. If you are currently experiencing any of these issues and need further information or assistance please contact our office.
ASIC had previously published five key reports regarding its attitudes to handling complaints with respect to reporting misconduct in October 2012. ASIC promoted a transparent approach to the way they dealt with reports of alleged misconduct it received from the public. A transparent approach allows ASIC to demonstrate the typical outcomes that would be expected and the additional suitable avenues or remedies which are accessible.
Below is a brief explanation of what is contained in each of the four newly revised information sheets:
- Disputes About Unpaid Debts: Small Proprietary Companies
- Disputes with Financial Services or Credit Providers
- Misconduct within Company under External Administration
- External Dispute Resolution: What to do if you are unhappy with a scheme decision
This information sheet outlines ASIC’s standpoint with regard to disputes arising from unpaid debts. It provides that ASIC are unlikely to become involved in disputes regarding unpaid debts. It is also unlikely that they will intervene if a small proprietary company is experiencing financial difficulty. Should ASIC suspect that a proprietary company is trading while insolvent, they may be inclined to consider the issues surrounding the situation, but are still unlikely to intervene.
This information sheet provides that all licensed financial services or credit providers must have in place a process to resolve disputes with consumers. The licensee must firstly attempt to resolve the dispute with the individual directly. If the outcome of the internal dispute resolution process is not to the client’s satisfaction, then, they can seek support from an external dispute resolution scheme.
This information sheet provides ASIC’s perspective with regard to misconduct within a company under external administration. Misconduct occurs when a director or company officer breaches their duties to the company. ASIC advises to first report your concerns to the insolvency practitioner, as they are best placed to investigate them. Insolvency practitioners are required under law to report to ASIC any offences they discover during their investigation.
This information sheet provides that schemes may take different approaches to deal with complaints lodged by clients. This includes negotiation between the parties, conciliation or mediation which may lead the parties to find a mutually agreed resolution. Alternately, after considering the facts and information, the scheme can make a decision about the issues in dispute and how to resolve it.
The disputes outlined above can prove costly should your organisation have the correct systems and protective regulatory measures in place to deal with any such complaint. If you would like further information regarding any of the revised ASIC information or would like us to undertake an audit of your current procedures, please contact us or call us on 1800 COMPLY (266 759).
ASIC Offers New Guidance when Applying for a Limited AFS Licence
Are you an accountant offering advice on self-managed super funds (SMSFs)? From 1 July 2013 accountants will be able to apply for the new limited Australian Financial Services (AFS) licence as part of the Future of Financial Advice (FOFA) reforms. Whilst anyone may apply for the new limited licence, recognised accountants who apply between 1 July 2013 and 30 June 2016 can take advantage of the transitional provisions.
The introduction of the Future of Financial Advice (FOFA) reforms will repeal the existing regulation in the Corporations Regulations 2001 (Cth) (“Regulations”) which previously allowed recognised accountants to give advice about SMSFs without holding an AFS licence. This will be repealed on 1 July 2016, meaning that accountants will be required to obtain an AFS license.
ASIC has advised that in order to simplify the process of accountants moving to the new AFS licencing regime, amendments to the Regulations have created a new simplified AFS licence. This will be known as a ‘Limited’ AFS licence.
A limited AFS licensee would be authorised to give advice regarding:
- SMSFs;
- a client’s existing superannuation holdings in select situations; and
- ‘class of product’ advice about a range of products.
‘Class of product’ may include the following financial products; Superannuation, securities, general insurance, life risk insurance, basic deposit products and simple managed investment schemes. A limited AFS licensee can also be authorised to arrange to deal in an interest in an SMSF.
A benefit of holding a limited AFS licence is that a licensee does not need to lodge an auditor’s report annually. Instead they can lodge an annual compliance certificate.
However, a licensee must ensure they meet the relevant requirements of the Corporations Act 2001 (Cth), including the conduct and disclosure obligations, and their licensing conditions.
Whilst anyone may apply for the new limited AFS licence, applicants whose responsible managers are recognised accountants and who apply between 1 July 2013 and 30 June 2016 can benefit from the transitional provisions for admittance into the AFS licensing scheme. Under these transitional provisions, changed organisational competence requirements will apply where the responsible managers of the applicant are recognised accountants.
If you are looking to apply for a limited AFS licence and would like any further details, the relevant licensee requirements, conduct and disclosure obligations or specific licensing conditions, please contact us or call us on 1800 COMPLY (266 759).
ASIC Consults on Enhanced Training Standards
Do you provide financial product advice? ASIC has released a consultation paper proposing enhancements to the training standard in order to provide investors and consumers with a higher quality of advice.
ASIC have released Consultation Paper 212 which proposes to lift the standards of training by introducing two further regimes of training for those who provide financial product advice. The current training standards as outlined in RG 146 will remain as a ‘base level’ standard with the proposed to be implemented in 2015 and 2019.
RG 146 states the minimum training standards for financial advisers. Training standards differ depending on whether general or personal advice is provided by the adviser and contingent to the complexity of the financial products. Currently guidance on how advisers can meet the training standards is outlined in the guide. The consultation paper outlines the incorporation of increases in:
- generic knowledge requirements;
- specialist knowledge requirements for financial planning, securities and superannuation;
- skill requirements for personal advice; and
- educational level requirements.
By proposing the implementation of these increased standards, ASIC are ensuring that investors and consumers receive a higher standard of advice. The consultation paper also seeks feedback on the time frame for the appropriate training standards for personal sickness and accident insurance and consumer credit insurance.
ASIC are also currently in the process of reviewing the ASIC Training Register. A separate consultation paper has been planned to evaluate the effectiveness of the register and potential mechanism to replace it. Currently the Training Register lists individual assessment services and training courses that meet the training standards in RG 146. AFS licensees are largely required under their licence conditions to ensure that individuals who provide financial product advice on their behalf have either:
- completed appropriate training courses; or
- been individually assessed as competent by an assessor that has been approved by ASIC.
ASIC have advised that until a scheme has been implemented to replace the current training register, they will not take action for the breach of the licence conditions provided above if the licensee is satisfied that each individual who provides financial product advice on behalf of the licensee has satisfied one of the following:
- completed training courses before 25 September 2012, which were listed on the ASIC Training Register, at an appropriate level that are relevant to their functions and tasks;
- been individually assessed as competent before 25 September 2012 by an assessor listed on the ASIC Training Register;
- completed training courses, at an appropriate level that are relevant to their functions and tasks, that an authorised assessor has approved as meeting the relevant training standards in RG 146; or
- been individually assessed as competent by an authorised assessor.
If you believe that the proposed changes outlined in the consultation paper for the increased training standards will affect you or you would like further details on compliance with the interim training register requirements, please contact us or call us on 1800 COMPLY (266 759).
Australian Credit Licence
Most people who engage in credit activities will need to be covered by an Australian Credit Licence, either as a licensee or as a representative. Inspector Compliance offers an extensive service which provides for all aspects of the Australian Credit Licence application. As experienced and expert providers in the field, we assist you in compiling your Application, obtaining your Bankruptcy & Police Checks, joining an external dispute resolution scheme, obtaining References and applying for Professional Indemnity Insurance.
Inspector Compliance is able to assist with your licensing requirements by:
- assessing your current business practices and determining your requirement for a ACL;
- consulting on the duties and responsibilities of licensees;
- compiling and submitting licensee applications and proof documentation;
- assessing the authorisations required by your business and determining the sufficiency of the qualifications of your responsible manager; and
- determining the licensing fee required for your application.
Inspector Compliance will help you attain your licence in the shortest possible period. If however your company is not suited for such an application we will advise you accordingly and help provide you with suitable alternatives.
Australian Credit Licence Compliance
Not unlike the compliance obligations of a Financial Services Licensee, there are stringent obligations which must be met on a continued basis to remain compliant when holding an Australian Credit Licence. These obligations include:
1. Annual Compliance Certificate – This is required annually and will require you to–
- update details about your business activities, credit or credit intermediary activities and representatives for the previous 12 months;
- provide information about the money you have held in trust during your past financial year;
- provide information about your dispute resolution and compensation activity – the number of accounts you held, the number of complaints you received and the number of voluntary, proactive compensation programs you ran;
- calculate your annual compliance certificate fee;
- certify that you are complying with your ACL obligations;
- certify matters and notify changes about all your fit and proper people, both current and those that have ceased to perform that role in the past 12 months – or provide details of any exceptions;
- complete a statement of personal information for all new fit and proper people; and
- notify any changes about your responsible managers.
2. Adhering to the General Conduct Obligations which include–
- engaging in credit activities efficiently, honestly, fairly;
- maintaining organisational competence and training; and
- managing conflicts of interest.
3. Complying with the Responsible Lending Conduct Obligations which requires you to-
- make reasonable inquiries about the consumer’s financial situation, and their requirements and objectives;
- take reasonable steps to verify the consumer’s financial situation; and
- make a preliminary assessment (if providing credit assistance) or final assessment (if the credit provider) about whether the credit contract is ‘not suitable’ for the consumer.
4. Maintaining a Dispute Resolution System consisting of-
- internal dispute resolution (IDR) procedures that meet the standards and requirements made or approved by ASIC; and
- membership of one or more ASIC-approved external dispute resolution (EDR) schemes.
5. Maintaining adequate Compensation and Insurance Arrangements.
6. Determining if Trust Accounting Obligations apply to you and if so-
- keep a trust account with an Australian authorised deposit-taking institution;
- designate the account’s title as your trust account; and
- pay into the trust account any money received by your representatives on behalf of another person in your capacity as a credit licensee.
For further information on Credit Licenses and how Inspector Compliance can help you meet your obligations please contact us or call us on 1800 COMPLY (266 759).
Stronger Super Introduction to Cause Compliance Headaches
Are you affected by the Government's Stronger Super reforms? From July 1 2013 the new regime will require greater compliance controls with deliberate or systemic breaches resulting in strong regulatory action.
ASIC’s introduction of key Stronger Super reforms on July 1 2013 have helped to strengthen the superannuation system in Australia. Key features of the Strong Super reforms include:
- the introduction of MySuper, described as a simple, cost‑effective default superannuation product;
- the introduction of the SuperStream package of measures;
- the defining of duties for directors of superannuation trustee boards to increase the control and integrity of the current superannuation system; and
- improved integrity in the self-managed superannuation fund sector.
In implementing these reforms, ASIC has advised that it will be essential for trustees to undertake significant work to improve their current IT infrastructure so as to adhere to new compliance requirements under the Stronger Super regime. By increasing the superannuation trustee requirements, the Government aims to improve trustee decisions, fund efficiency and effectiveness.
Additionally, ASIC have developed an online registration system for Self-Managed Super Fund (“SMSF”) auditors. From 1 July 2013 auditors must be registered with ASIC to be engaged by trustees as an approved SMSF auditor and to sign off on SMSF audits. Registration begun on 31 January 2013 and in order to be registered as a SMSF auditor you must now meet new minimum education, experience and competency requirements as well as maintaining professional indemnity insurance. ASIC will further control the registration process and be responsible for developing a competency exam. They have advised that they will remain strict in disqualifying non-compliant auditors. There is no further transition period so if you would like to apply, you will need to meet all the registration requirements.
If you are a superannuation trustee and need to improve you current IT system to be compliant under the reforms or require further information on the new compliance requirements under the Stronger Super regime,
or
If you are seeking registration as a SMSF auditor and require guidance on how to meet the new minimum education, experience and competency requirements simply contact us or call us on 1800 COMPLY (266 759).
Changed Financial Requirements for Custodians
Are you a custodial or depository service provider? Are you intending on providing these services in the future? ASIC has changed the financial requirements for providers and they apply from 1 July 2013 for new licensees.
All Australian Financial Services (AFS) licensees, unless they are a body regulated by the Australian Prudential Regulation Authority (APRA), are subject to the obligations to have adequate resources available to provide the financial services covered by the licence and to carry out supervisory arrangements whilst maintaining adequate risk management systems.
The changed financial requirements submit that all custody providers and asset holders adhere to the new requirements regarding the preparation of cash flow projections and liquidity.
The most significant change being the Net Tangible Assets (“NTA”) requirement. Under the changes, custodians (not including incidental providers) and asset holders will be required to hold NTA amounting to the greater of:
- $10 million, or
- 10% of average revenue.
However, providers who meet the definition of ‘incidental provider’ will be required to hold NTA amounting to the greater of:
- $150,000, or
- 10% of average revenue.
Custody providers and asset holders are crucial service providers in the financial services industry and play an important role in the protection of client assets. By implementing these changes, ASIC strives to provide investors with additional confidence.
These new financial requirements apply from 1 July 2013 for all new licensees. For existing licensees, there will be a one year transition period and compliance will be required from 1 July 2014.
If you would like more details on the changed financial obligations for custodians, whether you meet the definition of an ‘incidental provider’ or if you would like Inspector Compliance to assess your compliance with the new custodian requirements generally, please contact us or call us on 1800 COMPLY (266 759).
Due Diligence
Due diligence isn’t undertaken often enough when Representatives, Practices or Licensees are buying other entities or books.
We have found occasions when hundreds of thousands of dollars are outlaid without actual verification of what you are buying or whether the assets you need are included in an acquisition. In one example, we were required to come in after a purchase was completed and all payments made to determine whether the recurring income sold was in fact transferred; on other occasions found that the referral centres where excluded from a sale and therefore the income reduced in later years.
So the purpose of a due diligence is not isolated to are the files in order and confirm the lack of complaints but more substantive issues.
For further information on due diligence and how Inspector Compliance can help, please contact us or call us on 1800 COMPLY (266 759).
Privacy Policy
Your Privacy
We respect your privacy and are committed to protecting the personal data we hold about you. This policy explains what data we collect about you, how we collect it, the measures we take to keep your data secure and the uses and disclosures we make of it. We also explain the options you have regarding your personal data. When you request services from us, access our websites or otherwise interact with us you consent to our collection, retention and use of your personal data in the manner described in this policy and accept the risks outlined in the Security section. You can quickly review the key topics by reading the following overview or you may continue to scroll down to read more about an issue or to read the full policy.
Overview
Scope
Who We Are: We are Inspector Compliance and its subsidiaries. This policy does not cover our affiliates or other third parties through whom you may interact with us.
Legal Issues: We aim to comply with the privacy laws applicable to the personal data we collect and use.
Changes: We may change this policy from time to time. The policy was last updated on 11 March 2015
Collection
What We Collect: We collect the personal data we need to provide the services you request from us, for our operational uses and disclosures (see below) or for such other purposes as you authorise.
Sources: We mostly collect your data directly from you, through various channels, and from companies involved in our provision of services to you.
Websites: Certain technologies are used on our websites and other ecommerce media including cookies, to collect data about your visit to our site and sites upon which we advertise. You may choose to restrict the use of cookies as suggested in this policy, but we do not respond to a web browser's "do not track" signals, or mechanisms similar to such signals.
Retention
Storage: We generally retain personal data about our customers for as long as we believe appropriate for the purposes for which it was collected.
Security: We aim to maintain appropriate physical, procedural and electronic safeguards to protect your personal data.
Access and Correction: You may access and review the personal data we retain about you and correct any factual errors.
Uses and Disclosures
Operational Uses: By providing your personal data to us, you consent to our use and disclosure of your data for the operational purposes listed in this policy.
Marketing Uses: We would like to use your personal data for our marketing purposes where the law allows. We may also want to share your data with our business partners for their marketing purposes. You can choose to restrict or "opt out" of these uses by following the instructions in this policy.
Contact Us
We hope this policy answers your questions about our collection, use and disclosure of your personal data. If it does not, or if you have any questions, please contact us by clicking the ‘Contact’ link at the top of the webpage.
Privacy Policy
Your Privacy
We respect your privacy and are committed to protecting the personal data we hold about you. This policy explains what data we collect about you, how we collect it, the measures we take in our efforts to keep your data secure and the uses and disclosures we make of it. We also explain the options you have in relation to your personal data.
When you request products and services from us, access our websites or otherwise interact with us you consent to our collection, retention and use of your personal data in the manner described in this policy and accept the risks outlined in the Security section.
Scope
This policy covers the personal data we collect about you in connection with our products and services which identifies you as an individual. It does not apply to data that does not personally identify you as an individual, for example, but without limitation, aggregated anonymous data, IP addresses, computer operating systems, personal preferences, etc. We are free to use data that does not identify you as an individual as we wish. This policy does not apply to data collected by third party social networks (such as Facebook), mobile device manufacturers, third party “mobile apps”, wireless service providers, internet service providers or the operators of any networks through which you may interact with us and we expressly disclaim any responsibility for the data collection, privacy or data security practices of those entities. With regard to pages on third party social networks, this policy only applies to personal data we collect through our pages (those with a direct link to this policy). Our websites are not directed to individuals under the age of 13, and we do not knowingly obtain personal data from such individuals.
Who We Are
We are Inspector Compliance Pty Ltd, which, together with our subsidiary companies, provides and supports products and services worldwide. All references in this policy to “we”, “us” and “our” are to us and our subsidiaries.
More about subsidiaries …
Subsidiaries: These companies are owned by Inspector Compliance Pty Ltd and are covered by this policy. The expressions “we”, “us” and “our” apply to them.
Legal Issues
We do business in many countries and aim to comply with the privacy laws applicable to the personal data we collect and use.
Inspector Compliance Pty Ltd and those of its subsidiaries operating within the United States of America, comply with the U.S.-E.U. Safe Harbor Framework and the U.S.-Swiss Safe Harbor Framework as set forth by the U.S. Department of Commerce regarding the collection, retention and use of personal information from European Union member countries and Switzerland. We have certified that we adhere to the Safe Harbor Privacy Principles of notice, choice, onward transfer, security, data integrity, access, and enforcement. You can visit http://www.export.gov/safeharbor/ to learn more about the U.S.-E.U. and U.S.-Swiss Safe Harbor programs.
Changes
We may change this policy from time to time. If we do so, the amended policy will take effect when we post it on the applicable website(s). Whenever we make a change, we will amend the “last updated” notice under the “Scope” heading in the “Overview” section above.
If any change makes the policy less protective of your personal data, such change will not apply to data we collected about you before the change was made. The only exception to this is, unless legally prohibited, where we have provided you with notice about the changes and given you the opportunity to tell us not to apply them to your personal data.
Collection
We collect a range of data about you from a variety of sources for the purposes of our business. The examples we provide here are illustrative rather than a complete list of our practices.
What We Collect
We collect the personal data and the non-personal data we need to provide the products and services you request from us and for our operational uses in connection with such services, which may include:
Name, address and contact details, including telephone and mobile number, and email address;
Date and place of birth and passport or driver’s licence numbers;
Your gender and photo;
Employer(s) name, address and phone number;
Credit card information;
Affiliations with or sponsorships by companies, associations, colleges or cities;
Location data such as geographic location of electronic devices used to contact us;
Information transmitted by your computer’s browser software; and
We may collect certain personal data that constitutes sensitive data in some countries, such as government identifiers or membership of a trade union. We will only do this when it is appropriate to do so and the applicable laws allow us to do so.
Sources
We collect personal data directly from you in connection with an application or enquiry (even an abandoned or interrupted application or enquiry). Data includes information you provide:
When you call our customer service centre;
On our websites;
On our mobile “apps”;
On our official third party social network pages; and
Through your computer’s web browser.
We also gather personal data about you from a variety of other sources, which may include:
To the extent you have made such information available, from third party social networks;
Consumer reporting agencies; and
Other companies that have business relationships with us, such as our subsidiaries, affiliates and business partners.
Websites
Our Websites
Certain technologies are used on our websites and on mobile devices to collect data about your visit or usage, as follows:
Cookies
A “cookie” is a set of data sent to your computer or mobile device by a web server that enables the server to recognise your computer or mobile device.
Cookies help improve the quality of your visits to websites, for example, but not limited to, making the application process faster and smoother. The information the cookies provide helps in the development of content and features that may be of interest to you.
We use cookies to:
Track your use of our websites during a single visit, remember the data you provide and the choices you make as you progress from page to page (“session cookies”); and
Recognize you at your next visit (“persistent cookies”).
Third party cookies may also be used on our websites for the purpose of:
Third parties providing goods or services to you;
Performing services on our behalf;
Facilitating business transactions with or through such third parties; or
Providing advertisements to you.
More about cookies…
By adjusting your browser or installing certain software, you can restrict our use of cookies. If you do this, you should be aware of the following:
If you restrict our use of session cookies you will not be able to use our websites or certain features of our e-mail messages. You should be aware that session cookies are generally deleted or made unavailable to us as soon as you close your browser.
If you restrict our use of persistent cookies you may still enjoy the full workings of our websites and e-mail messages but will need to re-enter some data when starting a new website session. Although persistent cookies will neither automatically be erased nor made unavailable to us upon closing your browser, they will typically “expire” after a number of years.
If you are still unsure about cookies, please note that our cookies are unable to retrieve other data from your computer’s hard drive or pass on computer viruses.
Blogs or Message Boards
Some of our websites and our official corporate pages on third party social networks (such as Facebook) may provide functionality that permits you to post public messages or responses to articles, comments or other postings. You should be aware that by submitting such a posting, including any personal data or non-personal data in connection with it, you intend for that posting and any data in connection with it to be, and it shall immediately become, public and as such will not be subject to this Privacy Policy. We reserve the right to remove any posting or content in a posting at our sole discretion.
Other Company Websites
Our websites and e-mail messages may contain links to websites operated by other companies. You should be aware that the collection, retention and use of any data you provide on these websites will be governed by the privacy policy of the company providing the website and not by this policy.
Retention
We try to ensure that the personal data we retain about you is stored securely and, in light of the information provided to us, is as accurate, current, complete and relevant as necessary for the purposes for which we use and disclose it.
Storage
We generally retain personal data about our customers for as long as we believe appropriate for the purposes for which it was collected or as otherwise required or authorized by applicable law.
Security
As you may be aware, there is no completely secure method of transmitting or storing data. Although their physical characteristics are different, postal mail, telephone calls, text messages, faxes and transmissions over the Internet or wireless networks all present possibilities of loss, misrouting, interception and misuse of the data that is transmitted.
We take commercially reasonable measures to protect against the loss, misuse and unauthorized access or disclosure, alteration and destruction of your personal data by aiming to maintain appropriate physical, procedural and electronic safeguards to protect your personal data, including:
Restricting access to personal data to our employees or service providers on a “need to know” basis;
Enforcing policies and procedures for our employees in their handling of personal data; and
Using technologies designed to safeguard data during its transmission, such as SSL encryption for the data you provide on our websites.
If you have reason to believe that any account with us is no longer secure, you must immediately contact us by following the 'Contact' link at the top of the webpage.
More about SSL encryption…
“SSL” stands for Secure Sockets Layer encryption. We use this protection when you submit personal data to us on our websites. SSL encryption seeks to ensure that you are actually sending your data to us and that no-one else can read or tamper with it during transmission.
When you are asked to provide your personal data to us on our website, you will see that our “http” website address changes to read "https". The additional “s” denotes that the site is secure for that data transfer. You may also see a closed padlock symbol on your screen, again denoting a secure site.
Security of Communications
We try to strike a balance between the security of your data and your convenience. As a result, we may sometimes use a method of communication that is less secure than a less convenient alternative.
For example, but not limitation, we will send you an e-mail or a text message in unencrypted form (i.e. instantly readable) because many of our customers are unable to access encrypted (i.e. coded) e-mail or messages. This means that our message, if misrouted or intercepted, could be read more easily than encrypted messages. For this reason, please do not include confidential information, such as your credit card number or account passwords, in any e-mail or text you send to us or on any posting you make to a public area of a third party social network page, especially since any such posting immediately becomes public.
For a more secure way to communicate with us over the Internet, please click on the “Enquire” link on any page of www.inspectorcompliance.com, and follow our instructions.
Access and Correction
You may request access your personal data to review, change and correct factual errors by contacting us from either the ‘Enquire’ or ‘Contact’ link at the top of the webpage.
To protect your privacy and the security of your personal data, we will take steps to verify your identity before granting you access or making corrections to the data we store about you.
Certain types of personal data may need to be updated with the third party social network through which you may interact with us, rather than directly with us.
Uses and Disclosures
Your personal data will not be used in a way that is incompatible with the purpose for which it was collected or as authorised by you. In that regard, by requesting a product or service from us, you consent to our use and disclosure of your personal data for the operational uses listed below which may include disclosure of your data outside your country of residence. We would also like to use and disclose your data for marketing purposes.
Operational Uses and Disclosures
The examples provided below are illustrative and not a complete list of our practices:
To provide you services
We will share your personal data among ourselves, our agents, our subsidiaries and other companies to provide services to you, including to:
Provide you with your requested products and/or services;
Process and/or confirm your transactions;
Provide you services in connection with your requested product or service;
Provide you with customer assistance, including, but not limited to, assistance after you have initiated but not completed an application;
Bill and collect amounts owed in connection with your application for our product(s) or service(s); and
For customer satisfaction and market research purposes and to otherwise help us improve our services.
To communicate with you
We may use your personal data to communicate with you regarding:
Any application you initiate or completed transaction; or
Changes to the terms or features of any of our products or services you have applied for or receive.
So that we may communicate with you, you give us your consent to call you on or send text messages to your mobile telephone/device. You also consent to our use of auto-dialers and pre-recorded messages in connection with any such telephone call or text message, including calls or texts to mobile telephone numbers. We will not charge you for such calls or texts. Your mobile service provider will charge you according to the applicable plan to which you subscribe.
Disclosure to companies you use
We may also share your information with companies you use in connection with your application, including:
Your credit card provider and other companies that process your charges;
Any company or organisation that is paying all or part of your charges; and
Any intermediary you use, such as an agent or broker, in relation to any aspect of your application.
Protective and legal uses
We may use, share and disclose your personal data for legal reasons as we believe necessary or appropriate, including:
Under applicable law, including laws outside your country of residence;
To comply with legal process;
To respond to requests from public and government authorities including public and government authorities outside your country of residence;
To enforce our terms and conditions;
To recover any monies due, such as through debt collection agencies;
To protect our operations or those of any of our subsidiaries;
To protect our rights, privacy, safety or property, and/or that of our subsidiaries, you or others; and
To allow us to pursue available remedies or limit the damages that we may sustain.
Disclosure to our Service Providers and Agents
We may use other companies as our service providers or agents to act on our behalf and assist us in the conduct of our business, performing services for us under our instruction. These services may include hosting certain websites or databases, operating “apps” for us on our social media networks’ pages, running contests, sweepstakes and other promotions for us, sending marketing communications, carrying out data analysis and conducting customer satisfaction surveys or other research. We will seek to require our service providers and agents to maintain appropriate security standards to protect your personal data and use the personal data we provide to them only for the purposes we specify.
Disclosure for Corporate Transactions
We may disclose your personal data to a third party in connection with any contemplated or actual reorganisation, merger, sale, joint venture, assignment, transfer or other disposition of all or any portion of our business, assets or stock (including in connection with any bankruptcy or similar proceedings).
Marketing Uses and Disclosures
We may aggregate your personal data and use it to develop marketing programs and service offerings that we believe may be of interest to you. We would like to send these to you by email, by text message or by mail. We would also like to share your personal data with our affiliates and business partners for their marketing purposes. You have choices in relation to our marketing uses of your personal data, based upon the residence for you in our records, as follows:
AUS and NZ Residents
We may send you direct marketing communications and information about products and services that we consider may be of interest to you. These communications may be sent in various forms, including mail, SMS or email, in accordance with applicable marketing laws, such as the Spam Act 2004 (Cth). If you indicate a preference for a method of communication, we will endeavour to use that method whenever practical to do so.
In addition, at any time, you may opt-out of receiving marketing communications from us by contacting us (details below) or by using the opt-out facilities provided (e.g. an unsubscribe link). We will then ensure that your name is removed from our mailing list. We do not provide your personal information to other organisations for the purposes of direct marketing unless expressly authorised by you.
If you receive communications from us that you believe have been sent to you other than in accordance with this policy, or in breach of any law, please contact us using the ‘Contact’ or ‘Enquire’ links at the top of the webpage.
EU and Canadian Residents
We will only use your personal data for our marketing purposes with your prior consent, which may be collected from a number of sources.
If you do not receive marketing messages from us and would like to do so, or if you want to limit or restrict our communications with you or sharing of your data for marketing purposes, please follow the instructions at Marketing Options below.
US Residents
We may use your personal data for the above marketing purposes, although you can choose to limit or restrict our mailings and our sharing of your data for these uses by following the instructions at Marketing Options below.
Residents of Other Countries
We aim to comply with your local law regarding our use of your personal data for marketing purposes. You can instruct us how we can use and disclose your personal data for marketing purposes by following the instructions at Marketing Options below.
Marketing Options
Non-Members
We may record your privacy election regarding the receipt of marketing communications at the times you interact with us. If you are not then a member, or the email address provided for the specific interaction is not associated with the profile you have on our system, you can follow the “Alternate opportunities to opt-out” instructions below to tell us that you no longer wish to receive marketing communications at that email address if you previously had elected to receive marketing communications.
Alternative Opportunities to Opt-Out
Our marketing emails contain an unsubscribe option. If you do not want us to continue to send marketing emails to your email address, click on ‘unsubscribe’ and we will not send further marketing emails to that address, although you may still receive emails at other addresses for which you have not unsubscribed. If you subsequently wish to override your choice to unsubscribe, you will need to follow the instructions for Non-members above or contact us using the ‘Contact’ or ‘Enquire’ links at the top of the webpage.
Important Points To Note
Please note the following points about the marketing choices you make:
If you change your marketing choices, we will observe your most recent choice with regard to the contact information associated with your membership number for the relevant membership program. To the extent allowed by law, marketing choices you make with regard to one membership program will not modify your marketing choices for another membership program. Although we aim to process your choices promptly, you may still receive marketing communications prepared before we received your request to unsubscribe;
If you change your address, we will continue to follow your directions for your most recent address provided from your ‘unsubscribe’ click noted above. In order for us to continue to follow your directions at a new address, you will need to update your Profile online or provide us with your changed contact information via the ‘Contact’ or ‘Enquire’ links at the top of the webpage; and
If you choose not to receive marketing messages from us, you may not be able to receive certain benefits to the services or products provided to you. You will, however, to the extent permitted by law, continue to receive applicable updates and other member information.
Contact Us
We hope this policy answers your questions about our collection, use and disclosure of your personal data. If you have additional questions or want to contact us for a specific purpose, please select from the following:
Access/Corrections:
Please send any request to access, amend or delete certain personal data we hold about you to the contact address below.
Complaints and other questions:
You should send any questions you may have about this policy or any complaints you have about how we have handled our personal data to the contact address below. If you feel our response is not satisfactory, we may refer you to a neutral and independent dispute resolution organisation, where available.
Marketing:
Send a completed My Privacy Choices form (at the end of the policy) to the most convenient contact address below. We aim to process your choices promptly on receipt, but you should please allow a number of days for your choices to become effective.
Security
If you have reason to believe that the personal data we hold about you is no longer secure, you must immediately notify us of the problem by either clicking “Contact” at www.inspectorcompliance.com; or calling as follows:
Customers in AUS: 1800 008 909
Customers outside AUS: + 61 2 9046 8388
US-EU and US-Swiss Safe Harbor Enforcement:
Please raise any concerns regarding our compliance with the US-EU Safe Harbor Principles and US-Swiss Safe Harbor Principles by clicking ‘Contact’ on any page of www.inspectorcompliance.com or writing to us at the address below. We have committed to refer unresolved privacy complaints under the U.S.-E.U. Safe Harbor Principals and U.S.-Swiss Safe Harbor Principles to an independent dispute resolution mechanism, the BBB EU SAFE HARBOR, operated by the Council of Better Business Bureaus. If you do not receive timely acknowledgment of your complaint, or if your complaint is not satisfactorily addressed by us, please visit the BBB EU SAFE HARBOR web site at www.bbb.org/us/safe-harbor-complaints for more information and to file a complaint.
Contact Address:
Inspector Compliance Pty Ltd
GPO Box 1194
SYDNEY NSW 2001
AUSTRALIA
My Privacy Choices
Please use the following as a template form and send it to us by following the instructions at Contact Us above.
(Please also use this template form to update your information.)
Name:
Address:
Provence/Suburb:
Zip/Post Code:
Country:
Email Address:
Reference:
Please send me marketing offers and materials from or on behalf of Inspector Compliance:
Post Mail YES/NO
Email YES/NO
Please share my personal data with Inspector Compliance’s licensees, affiliates and business partners for their marketing purposes: YES/NO
Any consent regarding your receiving marketing materials provided above can be withdrawn or other otherwise changed at any time in accordance with the instructions set forth in this Privacy Policy.
© Inspector Compliance Pty Ltd 2015