The Privacy Amendment (Enhancing Privacy Protection) Act 2012 was released on 12 March which amends the Privacy Act 1988. This amendment will affect every business, company, and individual across Australia. As we all know when legislation is amended, or a new Act is announced, there may be small or significant changes we need to make to the way we do business. These are important things that we need to take into consideration when dealing with our customer information.
What are these changes I need to know about?
The Privacy Amendment Act will see a new set of privacy principles that will regulate the handling of personal information by government agencies and businesses. These new principles are called the Australian Privacy Principles (APP) and will replace the existing Information Privacy Principles that currently apply to government and the National Privacy Principles (NPP) that currently apply to businesses.
What Privacy resources do I need?
Links to the OAIC website on Privacy
The way you manage your clients personal and private information is an important part of your business. For all advertising, email, Websites and Social Media your client should be able to read how you will secure their personal information.
Suggested wording for an email signature could be;
"We are committed to protecting your privacy. We use the information you provide to assist you with your credit needs, including the preparation and submission of loan applications. We also use it to send you product information and promotional material. From time to time this will include direct marketing communications but we will always give you the option of not receiving these communications. We provide your information to the companies with whom you choose to deal (and their representatives). We may also provide your information to contractors who supply services to us (e.g. to handle mailings on our behalf), and to others if we are required to do so by law. We do not trade, rent or sell your information or disclose it to overseas recipients.
By asking us to assist with your credit needs, you consent to the collection and use of the information you have provided to us for the purposes described above.
For more information on your privacy rights please visit www.privacy.gov.au".
As always we can only provide guidance and would always refer you to seek your own independent legal advice.
Changes derived from the new Banking Code of Practice.
As always, we can only provide guidance and would always refer you to seek your own independent legal advice.