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Financial Consultation



Privacy Policy

Effective 15 September 2021

We are committed to the privacy and security of your personal information. This is the Privacy Policy that applies to Wealth Point Pty Ltd. This Policy describes how we collect, use, hold, disclose and dispose of your personal information. It explains how you may request access to your personal information, how you may request correction of personal information and what to do if you feel that your personal information has been incorrectly used or disclosed.

When you provide your personal information to us then you are consenting to us using and disclosing your information in the way we describe in this Policy.

1. Who are We?
In this Policy, references to ‘we’, ‘our’, ‘us’ and ‘Wealth Point’ are to Wealth Point Pty Ltd and its associated companies and its representatives.

Wealth Point is a fully diversified Australian life insurance and wealth management business. We are committed to helping financial advisers, strategic partners and clients by providing access to a range of market leading life insurance and wealth management solutions.

2. What are our legal obligations?
We are subject to a number of pieces of legislation and codes which relate to privacy. These include the Privacy Act 1988 (Cth) which incorporates the Australian Privacy Principles (‘Privacy Act’) which says we must protect your personal information, the Financial Services Council: Life Insurance Code of Practice which imposes certain obligations upon insurers and the Spam Act 2003 (Cth) which controls the way we can communicate electronically with you. We refer to those laws and codes collectively as (‘Privacy Laws’).

There are a number of laws that require us to collect your information .These include collecting certain information as required by the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) which requires us to satisfy ourselves that we know who you really are and the Insurance Contracts Act 1984 (Cth) which requires us to collect certain information in relation to any insurance application you make. We are required to provide information to the United States government if a client is considered a United States resident for tax purposes under the US Foreign Account Tax Compliance Act.

If you decide to provide your Tax File Number (TFN) to us, we are subject to a number of different laws and regulations which say how your TFN may be used and handled.

If you are a client located in the European Union (‘EU’) or United Kingdom or if your personal information is stored at a data centre belonging to us or one of our suppliers in those regions then your personal information is subject to the protection of the General Data Protection Regulation (‘GDPR’) if you are in the EU or the Data Protection Act 2018 which incorporates the GDPR if you are in the United Kingdom.

3. What is personal information?
Under the Privacy Act personal information is essentially information, or an opinion, about an identified individual or that could reasonably identify an individual. Personal information includes identity information (for example, name, date of birth, gender), contact details (for example, address, phone, email), sensitive information – see section 16 (Sensitive Information) for more on this, financial information (for example, financial interests , credit card number, bank account details), government identifiers (for example, Medicare card number, tax file number) and occupation and employment details.

Personal information may also include, personal information for family member and other individuals – see section 9 (Do we collect personal information about your relatives, dependents and other individuals), records of your contacts with us including voice recordings (although not all of a voice recording may be your personal information), employee information, photographs (for example, for insurance claims) and your internet protocol (IP) address. Personal information can also include particular characteristics like voice print and facial recognition biometrics and location information from a mobile device.

While the Privacy Act does not apply to the personal information of a deceased person we would continue to treat the information with respect and would usually only release it to the administrator of the estate, the executor/executrix of the deceased’s will or as required by law.

4. What kinds of personal information do we collect and hold?
We collect personal information that we need to enable us to provide the products and services for which you apply. For example, if you are applying for an insurance policy, this may include information about your health and pastimes as well as financial information.
If you choose not to give us your name or other personal information that we need then we may not be able to provide the product or services, you need.
We will collect more information about you during the life of those products or services.

5. For what purposes do we collect, hold, use and disclose personal information?
We will use or disclose personal information for the purpose for which it was collected (this is called the “primary purpose”) and for reasons related to this purpose (this is called the “secondary purpose”). The purposes for which we may use your information include processing your application for life insurance or to join a superannuation or managed fund, issuing and administration of your  product, the provision of financial planning advice and services, processing payments, withdrawals and redemptions and investigating and assessing any insurance claim.

We will also use your information for communicating with you about the products and services you have with us, answering your enquiries including helping with applications, meeting our internal needs such as administration and accounting requirements, practising effective risk management, preventing fraud, monitoring and evaluating price, evaluating, developing and designing products and services, conducting research (including client surveys), improving customer outcomes, statistical analysis and resolving complaints, breaches, incidents or litigation matters.

See section 13 (Do we use or disclose personal information for marketing?) to learn how your information may be used for marketing.
We may also use your personal information where you have consented to us using your information. See section 11 (Who do we disclose your personal information to, and why?) for more information on disclosure.

6. Data analytics 
We may use your personal information for data analytics. That is where we, or someone working on our behalf, analyses data so we can, for example, develop forecasts of future trends. In many cases, the data which is processed may be de-identified (the personal identifiers are removed) before processing occurs and may be combined with data provided or obtained by an external supplier to give us even greater insights.
In the future, we may use analytics for other purposes as the technology and our needs develop.

7. How do we collect personal information?
Much of your personal information is obtained directly from We may collect personal information about you from third parties and other parts of Wealth Point, publicly available sources, your appointed representatives (for example, your legal adviser, insurance broker, financial adviser, guardian, trustee or attorney) and also see section 8 (Do we receive personal information from other people?).
We may collect information from you electronically when you visit our websites or use our mobile and tablet applications. To enable us to improve the electronic experience for you and other clients, we may collect information (such information will be de-identified) including when you visited the website, the pages you viewed, how you browsed and moved around the website, the general location from where you accessed the website, the type of electronic device you used when you accessed the website and your Internet Protocol (IP) address (that is a number assigned to you by your Internet Service Provider).
We may collect information using cookies when you use our electronic services. We use cookies to track your usage of our services and allow us to provide a better service next time you use us. You may decide to allow the use of cookies or not.
We may also collect personal information about you from social media platforms such as Facebook and Twitter where you have publicly commented. We will not publicly ask you for personal information over any social media platform.

8. Do we receive personal information from other people?
We may receive personal information about you from a third party which we did not request from you. We will then decide whether we can keep the information or whether we must destroy or de-identify the information. If we keep the information, we will take reasonable steps to notify you of this.

We may collect personal information about you from our commercial partners or other third parties we deal with in providing our services and products, other members of Wealth Point, our authorised representatives such as your financial adviser, someone who has your power of attorney or other authority, medical or health providers or other professional experts in order to provide you with a policy or assess a claim, a trustee of a superannuation scheme, your employer if for example you are a member of a corporate superannuation plan and a professional working for you such as your accountant, insurance broker or solicitor. We may also collect information where you are covered by, or a beneficiary to, an insurance policy or a  beneficiary under a superannuation fund – see section 9 (Do we collect personal information about your relatives, dependents and other individuals).

We may collect information from third parties to enable a secondary service such as when you are referred to a solicitor for estate planning purposes. If these third parties approach us and request your personal information, we will ask for your consent before it is released.

9. Do we collect personal information about your relatives, dependents and other individuals?
Where it is necessary, we may collect and record personal information from you regarding your family situation, your partner, dependents, beneficiaries and children. This information will be collected to provide you with services or products such as an insurance policy or financial planning advice.

If you are a policyholder and provide us with personal information about another person, we require that you have the consent of that person to provide it. You should ensure that the other person is aware you have provided their personal information to us, understands who we are and how to contact us, knows they may have access to their personal information, is aware of the purposes for which you provided their personal information to us, understands we will handle their personal information in accordance with this Policy and is aware they can refer to this  Policy for further information.

Note: If you are over 16 and not the policyholder, then the policyholder must get your consent before providing your personal information to us.

We may also collect personal information about individuals who have agreed to act on your behalf, for example, your executor/executrix, administrator, adviser, guardian, trustee or attorney.

10. How do we hold and protect your personal information?
Much of the information that we hold about you will be stored in physically and electronically secure data centres belonging to our IT service providers located in Australia or overseas. Information that is not stored electronically will be securely stored in paper files within Australia.

11. Who do we disclose your personal information to, and why?
When you give us personal information that information may be shared with other members of Wealth Point and their representatives. This sharing of information may be used for a number of activities including allowing us to take a holistic view of your needs.

We may need to share your personal information in the course of conducting our business activities, facilitating our business operations and business arrangements or to provide you with a product or service. We may share your information with our third-party service providers including investigators, recovery agents, lawyers, accountants, auditors, professional advisers and consultants, re-insurers, mailing houses, physical and electronic storage providers, product and system designers and development providers, payment service providers, IT service providers, medical practitioners (for example, when reviewing insurance claims), other experts and agents or subcontractors of any of those providers.

We may also share your personal information with our business partners including organisations that assist us with insurance claims management and investigations, loss assessments, risk underwriting, identifying illegal activities, fraud detection and prevention, other insurers (for example, to recover monies on a claim you have made), institutions which refer clients to us, our authorised representatives who provide financial advice, external auditors (for example, if required by the Australian Taxation Office), providers of market research and statistical analysis services and providers of data analytics services – see section 6 (Data analytics).

We may also share your personal information with people you have consented that we disclose your information to, for example, family members, friends, brokers or legal representatives.

We may be required to disclose your personal information to law enforcement and health agencies including where we believe it is necessary to prevent a serious threat to life, health or safety, where criminal activity is involved or where a health organisation requires us to disclose health information. We may also disclose your information to statutory authorities or government departments and agencies, for example, Australian Securities and Investments Commission (ASIC), Office of the Australian Information Commissioner (OAIC), Australian Prudential Regulation Authority (APRA), Australian Taxation Office (ATO)) and complaint and dispute resolution bodies (such as the Australian Financial Complaints Authority (AFCA)) if they contact us about a complaint you make with them.

We may also disclose information to trustees of superannuation schemes and your employer. For example, where you are a member of  a superannuation scheme  we may disclose the information to that trustee or if you are a member of  an employer superannuation plan we may disclose information to the trustee and/or the trustee may disclose information it holds about you to your employer, to help your employer manage the superannuation plan.

Where personal information is disclosed, we require our contractors and service providers who handle or obtain personal information to comply with this Privacy Policy and/or Privacy Laws. Where service providers are outside of Australia, we require that they comply with both the Privacy Laws and any regulations applicable to their jurisdiction. Where those contractors and service providers in turn have contractors or service providers, we require that those lower level contractors and service providers also comply with the Privacy Laws and regulations applicable to their jurisdiction. We do not sell your personal information to anyone.

12. Cross-border disclosure of personal information (overseas recipients)
We may disclose your personal information to entities located outside of Australia. Depending upon your products or services, this may include entities based in the countries listed in Appendix 1 of this Privacy Policy and may change from time to time.

When we do disclose and/or store personal information overseas, we protect that information using the security measures outlined in section 10 (How do we hold and protect your personal information) and require overseas recipients to do the same.

It is important you understand that by providing your personal information you consent to us using and disclosing it overseas and you accept that we will not be liable under the Privacy Act for any privacy breach by the third party providers based overseas and you will not be able to seek redress under the Privacy Act.

13. Do we use or disclose personal information for marketing?
From time to time, we will use your personal information to provide you with information about products and services we feel may be of interest and value to you. We will stop doing this if you ‘opt out’ although you cannot opt out of receiving important disclosure documents, letters and compliance service messages which we are required to provide to you as part of our general obligations. Please allow up to 30 days for us to fully implement your ‘opt-out’ request.

Access to and correction of personal information
You have the right to request access to the personal information we hold about you. To do so, please contact us on 08 8276 5758 and ask for a Request for Personal Information Form which will be sent to you to complete. Alternatively, you may obtain this form from our website and email or post the completed form to us.
We will provide you with access to personal information held about you except in circumstances where it meets an exception. These exceptions include:

  1. where we believe that accessing your personal information could pose a threat to an individual or the public,

  2. where information is protected from disclosure by law or disclosure is illegal;

  3. where the release of the information may be prejudicial to us in relation to a dispute (for example, about your insurance cover claim) or in relation to your complaint.

  4. where we reasonably believe that the information is commercial-in-confidence.

  5. where giving access would have an unreasonable impact on other people’s privacy;

  6. where we or law enforcement suspect unlawful activity and appropriate action is likely to be prejudiced or where we reasonably conclude your request is frivolous or vexatious in nature.

We will not provide copies of voice recordings of your contact with us although we may provide a transcript with identification of any third parties (including that of our employees) redacted.
If we decline to provide access to, or disclosure of, your personal information we will not do so unreasonably. We will give you a schedule of the documents we have declined to provide and give you reasons for doing so, we will provide you with our reasons in writing and we will provide details of the complaints process so if you have concerns, you may lodge a complaint.

Costs and charges
There is no charge for making a request for access to, or for obtaining a document containing a summary of your name, address, date of birth, contact details, level of cover of insurance (if applicable), details of any products held, date of commencement and bank account details.
In limited circumstances, we may charge a reasonable fee for access to any other personal information. Such a charge will be restricted to the reasonable cost of providing the personal information that you have requested (for example, photocopying, document retrieval, labour, producing a transcript and delivery to you). We will always check this with you first.

We will correct any personal information that we hold about you if we become aware that it is inaccurate, incomplete, out of date or irrelevant.

If you believe that the personal information we hold about you is inaccurate, incomplete, out of date or , irrelevant, you can ask us to correct it and we will take reasonable steps to do so. If there are any instances where we cannot do this, we will let you know in writing. If we disagree with your opinion, we will take reasonable steps to include a note of your opinion on your record.

14. Notifiable Data Breaches
A breach is when your personal information is lost, subject to unauthorised access, modification, disclosure, or other misuse or interference. If a breach occurs, we will investigate and take whatever steps we can to fix the root cause and the consequences.

If a data breach occurs (whether in Australia or overseas) that is likely to result in serious harm to you then we have to notify both you and the Office of the Australian Information Commissioner (OAIC) and recommend steps we will take to limit the impacts of the breach (for example, a password change). We will also report any privacy breach as required under any other applicable laws. We will keep in close contact with you about what has happened, the steps we are taking to resolve the situation and what you can do to reduce the damage to your privacy.

We are not required to notify a breach where we have already taken appropriate remedial action so there is no risk to you of serious harm.

15. Deleting and de-identifying personal information
De-identified personal information is data where the personal identifiers such as name, address, date of birth, have been removed.

We are required to delete or de-identify your personal information when it is no longer needed and when permitted by legislation. If we de-identify, this means we must take out all information that allows you to be identified. For example, if you are the client of one of our financial advisers and move elsewhere, we must delete or de-identify your personal information after the retention period. Although the requirements of the Privacy Act no longer apply to our use of this de-identified information, we will continue to safeguard it.

16. Sensitive Information
Under the Privacy Act, information about an individual’s racial or ethnic origin, political opinions, membership of a political association, religious beliefs or affiliations, philosophical beliefs, membership of a professional or trade association, membership of a trade union, sexual orientation or practices, criminal record, health information, genetic information, biometric information that is to be used for the purpose of automated biometric verification or biometric identification, and biometric templates are described as sensitive information.

We are only permitted to collect sensitive information if you consent to its collection and it is reasonably necessary for us to have that information or is directly related to our activities. We would, for example, collect sensitive information where we have obtained your consent and need health information (for example, where health is relevant to underwriting an insurance policy or dealing with, managing, or processing a personal injury claim), criminal record information (for example, where this information is relevant to underwriting an insurance policy or processing a claim) and racial or ethnic origin information. We may also collect sensitive information when we are required by law to do so.

17. How do I make an enquiry or complaint?
If you have an enquiry about how your personal information is being handled by us, our affiliates or contracted service provider, in the first instance you should contact our Privacy Officer (contact details listed below). We may ask you to complete a Request for Personal Information formor to complete your enquiry in writing to assist us in undertaking an investigation and providing you with a response.

When we receive your enquiry or a complaint, we will acknowledge it within 1 business day (being Monday to Friday except for public holidays in Sydney NSW) or as soon as practicable, usually using the same medium as you used to send it.

If you are not satisfied with how we respond to your enquiry or complaint or we have not dealt with it within 30 days or within any extended period you approve, you may decide to contact the Office of the Australian Information Commissioner (see contact details below). Alternatively, you can take your complaint to the Australian Financial Complaints Authority (see contact details below). However, when a complaint is in relation to superannuation, we aim to address your complaint within 45 days. We will provide you a final response within 45 days (unless exception cases apply and we will inform you of a revised time frame of not exceeding 90 days). If we do not respond to your complaint within 90 days we will give you written reasons for the delay before the end of 90 day period and let you know that you can take it to the Australian Financial Complaints Authority.

Contact us:
Privacy Officer Wealth Point
Level 3, 169 Fullarton Road
Dulwich SA 5065
Phone 8276 5758

Internal Complaint Body
Complaints Manager Wealth Point
Level 3, 169 Fullarton Road
Dulwich SA 5065

Office of the Australian Information Commissioner
GPO Box 5218
Sydney NSW 2001
Phone: 1300 363 992 (Opening hours: 10am to 4pm, Monday to Friday AEST / AEDT)

Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Phone: 1800 931 678

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