'Extraordinary' large fine for privacy breaches

by AB27 Feb 2014
Worried you’re not up to scratch with the much-maligned new privacy laws?

“Don’t get pinged… A little bit of work now could save a lot of grief later,” Jon Denovan of Gadens Lawyers tells Australian Broker TV in the latest online video.

The experienced lawyer explains what brokers should be wary of and how to prepare before the amendments become law on 12 March. He runs through the two separate parts of the Act, and why it can be confusing.

The big difference with the new Privacy Act is the big penalties, Denovan says.

The $1.7 million fine that those who breach the act can expect is “extraordinary”, he says, before comparing it to an unusual and dangerous criminal activity.

He warns about a more active regulator who “could come knocking on your door”.

Denovan also runs through what you need to know about the upcoming credit reporting structure –“in many cases, brokers may know more than lenders” – and exactly what brokers need to do to comply.

Find out more by watching the video here.