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Even though we see our clients on a regular basis and are always available to provide input regarding queries and questions, we can’t tell everyone everything as and when news needs to be shared. We also understand that there is a perception that there is almost too much information in the marketplace and that this often hampers the flow rather than enhances it. For this reason, we have chosen to provide formal input on compliance-related matters to clients via a monthly newsletter that allows us to communicate key issues that we consider worthy of our clients’ attention on a more regular basis.
The newsletter is issued at the end of each month and has regular features that include, but are not limited to, news from:
The FAIS Ombud
And a variety of articles we have read from the marketplace that we consider to be worth our clients’ attention.
Privacy Policies / Notices and Consent Forms / Clauses – The Differences
Over the last few months, we have had many enquiries relating to consent clauses and privacy policies or notices, and there appears to be some confusion about their use. In the FAIS space the obvious document where this is likely to occur is the FSP’s disclosure notice.The lawful basis for processing of personal information is as follows:
a. Consent: the individual has given clear consent for you to process their personal data for a specific purpose.
b. Contract: the processing is necessary for a contract you have with the individual, or because they have asked you to take specific steps before entering into a contract.
c. Legal obligation: the processing is necessary for you to comply with the law (not including contractual obligations).
d. Vital interests: the processing is necessary to protect someone’s life.
e. Public task: the processing is necessary for you to perform a task in the public interest or for your official functions, and the task or function has a clear basis in law.
f. Legitimate interests: the processing is necessary for your legitimate interests or the legitimate interests of a third party unless there is a good reason to protect the individual’s personal data which overrides those legitimate interests. (This cannot apply if you are a public authority processing data to perform your official tasks.)
At least one of the above must apply whenever you process personal data.
Remember that consent forms are primarily documents in which you are seeking permission to process personal information in a certain manner.The golden rule is that you should avoid making consent to processing a precondition of a service.