LEMSEC Policies

Privacy Policy

What is this for?

This privacy policy is for this website and governs the privacy of its users who choose to use it.

The policy sets out the different areas where user privacy is concerned and outlines the obligations & requirements of the users, the website and website owners. Furthermore the way this website processes, stores and protects user data and information will also be detailed within this policy.

The Website

This website is committed to providing the highest quality of news, information and financial services within a trusted environment. Please read the Privacy Policy to understand how your personal information will be treated when you use this website.

Use of Cookies

This website uses cookies to better the users experience while visiting the website. Where applicable this website uses a cookie control system allowing the user on their first visit to the website to allow or disallow the use of cookies on their computer / device. This complies with recent legislation requirements for websites to obtain explicit consent from users before leaving behind or reading files such as cookies on a user’s computer / device.

Cookies are small files saved to the user’s computers hard drive that track, save and store information about the user’s interactions and usage of the website. This allows the website, through its server to provide the users with a tailored experience within this website.
Users are advised that if they wish to deny the use and saving of cookies from this website on to their computers hard drive they should take necessary steps within their web browsers security settings to block all cookies from this website and its external serving vendors.

This website uses tracking software to monitor its visitors to better understand how they use it. This software is provided by Google Analytics which uses cookies to track visitor usage. The software will save a cookie to your computers hard drive in order to track and monitor your engagement and usage of the website, but will not store, save or collect personal information. You can read Google’s privacy policy here for further information [ http://www.google.com/privacy.html ].

Other cookies may be stored to your computers hard drive by external vendors when this website uses referral programs, sponsored links or adverts. Such cookies are used for conversion and referral tracking and typically expire after 30 days, though some may take longer. No personal information is stored, saved or collected.

Contact & Communication

Users contacting this website and/or its owners do so at their own discretion and provide any such personal details requested at their own risk. Your personal information is kept private and stored securely until a time it is no longer required or has no use, as detailed in the Data Protection Act 1998. Every effort has been made to ensure a safe and secure form to email submission process but advise users using such form to email processes that they do so at their own risk.

This website and its owners use any information submitted to provide you with further information about the products / services they offer or to assist you in answering any questions or queries you may have submitted. This includes using your details to subscribe you to any email newsletter program the website operates but only if this was made clear to you and your express permission was granted when submitting any form to email process. Or whereby you the consumer have previously purchased from or enquired about purchasing from the company a product or service that the email newsletter relates to. This is by no means an entire list of your user rights in regard to receiving email marketing material. Your details are not passed on to any third parties.

Email Newsletter

This website operates an email newsletter program, used to inform subscribers about products and services supplied by this website. Users can subscribe through an online automated process should they wish to do so but do so at their own discretion. Some subscriptions may be manually processed through prior written agreement with the user.

Conflict of Interest Policy

Introduction

Corporations Act s912A(1)(aa) requires LeMessurier Pty Ltd (‘LEMSEC’) to have in place a management policy in respect of identified material Conflict of Interests in its provision of financial services to retail and wholesale clients. LEMSEC has also relied on ASIC RG181 for guidance. We have determined that the materiality test applied will be that there is a conflict.

This policy is relevant given the size and nature of the financial services business conducted by LEMSEC and is approved by management.

The Responsible Manager / Director will oversee the implementation of the Policy which will be reviewed at least every 3 months to ensure all material Conflict of Interest are identified, reported, recorded and disclosed.

The overriding consideration in respect of Conflict of Interest is:

Providing recommendations to a client that are inconsistent with some or all of the interests of the client, in favour of the interests of LEMSEC or the representative or other associates.

Even though LEMSEC representatives only provide ‘general financial product advice’, and primarily in respect of securities, Conflict of Interest do arise.

 

  1. Conflict of Interest issues are specified in the attached ‘Register of Conflicts Register’. Some of the conflicts that have been considered include;
  • Promoting an Initial Public Offering for which LEMSEC will be remunerated.
  • Receipt of conflicted remuneration
  • An association with a product provider – ownership or common directors / representatives.
  • Use of ‘Wrap Accounts’ – cost benefit to the client vs retail funds.
  • Soft dollar benefits paid by product providers.
  • Method of charging for services.

 

  1. Conflict of Interest may also include issues which are prohibited by law and will always be avoided. They include;
    • Placing an instruction with a broker to buy or sell securities or derivatives at the ‘market price’ (ie no specific price) and placing an instruction to buy or sell shares in that same entity /derivative for personal benefit before the client’s order has been transmitted to the broker.
    • Insider trading provisions of Corporations Act.
    • Hawking provisions of Corporations Act.
    • Misleading and Deceptive conduct provisions of ASIC Act
    • Misleading representations provisions of ASIC Act
    • Unconscionable Conduct provisions of ASIC Act
    • False and Misleading provisions of ASIC Act

Identifying Conflict of Interest – Licensee

To identify its Conflict of Interest LEMSEC will initially perform an assessment of actual, apparent and potential conflicts that will include;

  • The nature of the Conflict of Interest.
  • Are they material or immaterial (as perceived by LEMSEC)?
  • Could a client or ASIC perceive them as material?
  • If the conflict could be a detriment to the client in any way?

This assessment is conducted by reviewing all arrangements, contractual or otherwise, with all product and service providers. A schedule of all potential and actual conflicts are then recorded in the register and forwarded to all representatives.

The same criteria will be applied when an internal change is being negotiated within the business. For example, LEMSEC will aim to keep compliance decision makers and reporting lines separate from the marketing and business units so that this policy is supported at every level.

Identifying Conflict of Interest – Representatives

LEMSEC has in place a process to ensure that all representatives are sufficiently trained in identifying and managing Conflict of Interest and this will include representatives reading, and acknowledging they have read, this policy and ASIC RG 181. Representatives will also be required to complete the attached register, listing all arrangements they have in place with fund managers or other entities, as well as any potential, actual or apparent Conflict of Interest.

In order to ensure that representatives remain adequately informed in respect to conflict of interest issues at all times, representatives are reminded of existing conflicts and standards on a quarterly basis. In addition, representatives are required to complete and return to LEMSEC an updated register of their arrangements and Conflict of Interest every 6 months. Representatives are required to report immediately to the Responsible Officer any situation, real or perceived, which could be regarded as a conflict of interest. If potential conflicts have arisen LEMSEC then assesses the conflict and makes a decision as to how it should be managed.

Managing Conflict of Interest

Once this assessment has been made procedures will be put in place that are documented in the ‘Conflict of Interest Register’ and distributed to all representatives.

LEMSEC will ensure that the ‘Conflict of Interest Register’ is current at all times.

Where it has been decided that a conflict cannot be avoided the conflict will be disclosed in detail in the LEMSEC Financial Services Guide (if known at the time the FSG is given to the client) and an oral explanation will be provided to the client at that time.

Complying with our obligations

  • LEMSEC has in place a procedure to ensure that all representatives are sufficiently trained in identifying and managing Conflict of Interest and this will include representatives reading, and acknowledging they have read and understood, this policy, RG181, RG246 (conflicted remuneration) and RG175.
  • A procedure is in place which will identify an instance of ‘front running’ or representatives ‘crossing with client’s securities instructions’.
  • When necessary LEMSEC will impose a ‘representative securities trading blackout’ on a particular share, e.g., IPO offering.
  • All representatives and CARs must immediately notify LEMSEC’s Responsible Manager / Director of any potential or actual Conflict of Interest they have relevant to the provision of financial services.
  • LEMSEC management must also notify the Responsible Manager of any potential or actual Conflict of Interest applicable to themselves or LEMSEC and which are relevant to the provision of financial services.
  • The Responsible Manager will record potential or actual conflict of interest in LEMSEC’s Conflict of Interest Register (schedule to this policy).
  • The Responsible Manager will advise the Management Committee of a conflict and the committee will assess the conflict and put in place an applicable management procedure.
  • The representative and the CAR or LEMSEC management will be notified of any procedures that must be adopted to manage the conflict of interest.
  • If a conflict is applicable to all LEMSEC representatives, CARs and management, the Responsible Manager will ensure the management procedure is initiated and all parties are informed of the conflict and the management procedures.
  • LEMSEC must keep records of the receipt of small benefits with a value of between $100 and $300 and which are received by LEMSEC, its representatives and CARs.

 

To ensure we comply with this requirement each CAR and adviser must record such benefits in a ‘Benefits Received Register’ (annexure to this policy).

If LEMSEC receives such a benefit the Responsible Manager must be notified and the benefit recorded and managed.

Monitoring

To ensure that conflicts are correctly disclosed LEMSEC will review disclosure documents to ensure correct disclosure to ensure current versions include correct information about any conflicts. In addition LEMSEC management will review the practices of Representatives bi-annually to satisfy themselves that Representative are providing the required documents to clients in a time effective manner.

Accountability

  1. Management Committee

 

Responsibility

  1. Responsible Manager

 

Policy reviewed July 2021

 

 

LEMSEC’s Conflict of Interest Register

Identified conflict Date identified Who has the conflict

The conflict management procedure that has been initiated

Monitoring process to ensure management procedure is complied with

 

LEMSEC’s Benefits Received Register

 

Representative Name:                                                                                              For the period:

 

This table is used to record any arrangement you have with a product/ service provider and any benefit you have received. You are required to keep this document up to date at all times.

You must also notify LEMSEC’s Responsible Manager of the receipt of any benefit.

Date of entry Benefit received Benefit provided by Value