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Can you combine an FSG and Privacy Policy – or do they need to be separated documents?
Hi Diana,
Thanks for your question.
Whilst there is no legislative provision that restricts the two documents from being combined, we would suggest that they be kept separate. This is because the documents have relevance at different times.
The Privacy Policy should not only be available to existing clients, but also to the public at large. Such Policies typically feature on a firm’s website. It must be available prior to personal information being collected from prospective clients.
The obligation pertaining to the FSG is that it be provided to retail clients as soon as practicable after it becomes apparent to the providing entity that the financial service will be, or is likely to be, provided to the client. This requirement is pursuant to s941D of the Corporations Act 2001. As such, the FSG is provided to the client after information has been collected about them and just before advice is provided.
Some providers may also prefer to embed a Privacy Statement within the FSG. We would advise that a Privacy Policy also feature independently of the FSG to clearly demonstrate that obligations under both the Privacy Act 1998 and Corporations Act 2001 are satisfied.
Please feel free to contact our office if you require further information. If you require a Privacy Policy template, please visit our website.
Author: David Court
Co-contributor: James Tselios
