Do you have privacy safeguards in place?

Privacy resources available to MFAA Members

With brokers known as trusted advisors under the CDR regime, ensuring you have appropriate privacy safeguards to protect your customers data has never been more important.

Do you have privacy safeguards in place?

A recent Frollo report on Open Banking found that more than one third of Australians would trust to share their CDR data with their brokers and financial advisers however there is more work to do in building that trust.

This is a timely reminder to ensure you have systems and processes in place to safeguard your client’s personal data:

• Have a privacy consent and ensure that it is provided and agreed by each customer.
• Do you have a privacy policy? If you have a website, you should publish your privacy policy on it.
• If your broker business is of material size, have a written privacy compliance plan which specifies how the business will implement procedures and systems to comply with the Australian Privacy Principles and the business’ privacy policy.

If you would like further information or guidance on privacy including templates, please refer to Compliance Resources located in our Learning Hub or contact our Compliance team on ua.moc.aafm@ecnailpmoc