In April 2000, the House of Commons enacted the Personal Information Protection and Electronic Documents Act.
This Act affects the way corporations collect, maintain and use personally identifiable information. It stipulates that information about you is your property and may not be used or disclosed to other parties without your express, informed consent. This legislation benefits you, as a MAXA Financial member.
MAXA Financial members are not required to take any specific action as a result of this legislation. MAXA Financial has implemented a clearly defined plan of action to maintain the confidentiality of your personal information.
Our Plan of Action
- Appoint a Compliance Officer.
MAXA Financial has a Privacy Code compliance officer in place. The Privacy
- continually review our Privacy Code to account for changes in the way we conduct business with members;
- ensure employees are trained to understand and follow our privacy policies and procedures;
- provide members with access to their information, upon request and within reasonable time frames; and
- field questions from members.
- Adopt a Privacy Code.
The Privacy Code describes our commitment to the protection and privacy of members' personally identifiable information. It also sets out how we collect that information how we intend to use it.
- Put the Privacy Code into practice.
We will ask new members to read and sign a Privacy Acknowledgement form enclosed in your Welcome Kit. With this document, members provide MAXA Financial with specific instructions regarding the use of their personal information, as follows:
- to understand their financial service needs;
- to develop, offer and manage products and services to meet those needs;
- to assess credit risk with respect to loans to members or those to whom they may provide financial assistance;
- to assist in dispute resolution;
- to detect and prevent fraud and help safeguard their financial interests; and
- to meet legal and regulatory requirements. You may be asked to give MAXA Financial permission to use your personal information in other specific areas where it will help us deliver information about relevant products and services to you.
- What do current members need to do?
Nothing. Your personal information will continue to be stored safely and securely, and MAXA Financial will continue to treat it in a confidential manner. Members who would like to read and sign the Privacy Agreement described above are welcome to do so by contacting MAXA Financial's Privacy Officer.
Why we ask for your information.
We ask you for information to establish and serve you. The information we ask for depends on which product or service you use. For every product or service, we need your name, address and some identification. We only collect the information we need and only use it for the purposes explained to you. Here's why we need some of the other information we ask for.
This helps us identify you and ensure that no one is trying to impersonate you. We may also use it to determine your eligibility for products and services that may be of benefit to a particular age group.
Social Insurance Number (SIN)
Your SIN is required for products which earn investment income, in order to comply with Revenue Canada's income reporting requirements. We also use it to keep your information separate from that of other customers with a similar name. This may include information we obtain with your consent through the credit approval process.
This is used to assess your eligibility for credit products such as loans. We also use it to ensure that the advice we give you is appropriate for you.
This is required for some insurance products to ensure you are eligible for coverage. When you apply for a new product or service, we will indicate in the application or agreement how we intend to use your information. If we need to use it for another purpose, we will ask you for your consent at that time.
MAXA Financial has always treated your private information in a confidential manner. MAXA Financial employees have always been required to a sign a confidentiality agreement as a condition of employment.
For us, the new legislation simply formalizes practices that have always been in place at our Financial Institution.
Canada's new privacy legislation sets out 10 principles for the protection of your information and these have been adopted by MAXA Financial.
- Accountability: an organization is responsible for personal information under its control and must designate an individual or individuals who is or are accountable for the organization's compliance.
- Identifying purposes: the organization must identify the purposes for which personal information is collected at or before the time the information is collected.
- Consent: an individual's knowledge and consent are required for the collection, use or disclosure of personal information, except where inappropriate.
- Limiting collection: the collection of personal information must be limited to the information which is necessary for the purposes identified by the organization. Information can only be collected by fair and lawful means.
- Limiting use, disclosure and retention: personal information must not be used or disclosed for purposes other than those for which it was collected, except with the individual's consent or as required by law. Personal information can be retained only as long as necessary to fulfill those purposes.
- Accuracy: personal information must be as accurate, complete and up-to-date as is necessary for the purposes for which it is to be used.
- Safeguards: personal information must be protected by security safeguards in keeping with the sensitive nature of the information.
- Openness: an organization must make specific information about its personal information management policies and practices readily available to individuals.
- Individual access: upon request, an individual must be informed of the existence, use and disclosure of his or her personal information and be given access to that information. An individual will be able to challenge the accuracy and completeness of the information and have it amended as appropriate.
- Challenging compliance: challenges concerning compliance with the above principles may be addressed to the designated individual or individuals accountable for the organization's compliance.
We will continue to communicate with you about our privacy policies and procedures. If you would like more information, please a MAXA Financial Representative to get in touch with our Privacy Officer or phone 1-204-571-MAXA (6292) or 1-866-366-MAXA (6292).