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At First Equity Financial Corporation (herein after referred to as "First Equity"), we are
committed to protecting the privacy and confidentiality of the personal information of our clients
(individually, the "Client" and collectively, the "Clients".) As financial service providers, we have
a professional obligation to maintain in confidence information we receive within our role as a
financial services provider. The purpose of this Privacy Policy is to advise clients as to why we
ask for personal information, how we use it, what safeguards we employ, and how to contact
us with privacy-related matters.
What Is Personal Information?
In this Privacy Policy, "Personal Information" means information that is gathered in connection
with an application, pre-approval, request for information for a mortgage(s) or loan(s) and
insurance or other product through First Equity or First Equity affiliates and is provided to, or
collected by, First Equity and its staff or by First Equity's agents, associates, and affiliates on
First Equity's behalf (collectively, "First Equity").
Why First Equity Collects Personal Information
First Equity collects and uses Personal Information for the following purposes:
- Provide mortgage brokering services to the Client and offer products and services best suited to their needs, including arranging and/or renewing loan(s)/mortgage(s),
informing the client of group creditor insurance and other products offered or approved by First Equity or its affiliates that may be of interest to the Client;
- Checking Client credit worthiness through credit bureau inquiry and personal information agents who have information on a Client's financial position.
- Advising Clients of the financial options, as well as, ongoing developments of the mortgage market and industry;
- Auditing the services provided to our Clients;
- Compliance with all municipal, provincial, federal and other applicable laws; and
- Such other specific purposes which are communicated to the Client by a member of First Equity before collection of such Personal Information.
Except when otherwise permitted by law, we will only use a Client's Personal Information for the purposes identified to the Client. When Personal Information is to be used for a purpose not
identified, we will take all reasonable steps to ensure that new purpose is identified prior to use.
How Do We Collect Personal Information?
The Client is our main source of information. With the Client's consent, we may also obtain
information directly from a third party to help us determine eligibility for various financial
products and services. For credit matters, for example, it is essential that we know the clients'
financial worth as well as the clients' credit record. We will also contact other lenders, financial
institutions, credit bureaus and employers. Consent is therefore important because without it,
we will not be able to carry out the appropriate inquiries and it might be difficult for us to offer
the credit product requested. In most cases, consent is given on the forms used for specific
products or, from time to time, on a separate form. The declaration of consent is clear and
unambiguous.
Consent
A clients' provision of Personal Information to First Equity means that they agree and consent
that First Equity can collect, use and disclose such Personal Information in compliance with this
Privacy Policy. First Equity will not collect, use or disclose a Client's Personal Information
without the Client's requisite consent, except in certain extraordinary circumstances. Such
extraordinary circumstances shall include without limitation, when legal, medical or security
reasons make it impossible or impractical to obtain consent or where it is otherwise in the best
interests of the Client.
The most common method we use to obtain a Client's consent is by way of the Client's consent
as confirmed by the application. Where practicable, we may also obtain a Client's consent
through oral communications or other written documentation.
Our Clients may withdraw their consent by written notice to us at any time, subject to any legal
or contractual restrictions and reasonable notice. A Client's refusal to provide, or subsequent
withdrawal of, his or her consent may affect First Equity's ability to provide the Client with
mortgage services. A member of First Equity will inform the Client of the implications of such
withdrawal. To withdraw consent, a Client should contact the Chief Privacy Officer in writing at:
Attn: Chief Privacy Officer
First Equity Financial Corporation
503-1120 Finch Ave W
Toronto ON M3J 3H7
Phone: 416.440.1224
Fax: 416.440.8285
Use and Disclosure of Personal Information
We will use a Client's Personal Information to provide financial advice and services to the Client,
to administer our database, to include Clients in direct marketing Activities and for the other
uses described above under the heading "Why First Equity Collects Personal Information".
Under certain circumstances, First Equity will disclose a Client's personal information to third
parties. Specifically, Personal Information may be used, shared and disclosed to, from, or with,
the members of First Equity, witnesses in a litigation proceeding, experts retained on a Client's
behalf, private investigators, agents retained on behalf of a Client, credit reporting agencies,
credit bureaus, as well as such other third parties as are necessary to facilitate the matter for
which the Client has retained our office and provided its consent.
Under certain circumstances First Equity may disclose Personal Information where:
- required or authorized by law to do so, for example if a court issues a subpoena;
- a Client has consented to the disclosure;
- when mortgage services by First Equity are provided to a Client requiring us to give Personal Information about a Client to a third party (for example, to a lender in a real
estate mortgage transaction) the Client's consent will be implied, unless the Client tells us otherwise;
- where it is necessary to pull a credit bureau for purposes of processing a mortgage transaction;
- if First Equity engages a third party to provide administrative or support services to us (such as computer back-up services, shredding or archival file storage) and the third
party is bound by our Privacy Policy;
- protection of First Equity's best interests;
- protection of public interests such as the denouncement of criminal Activity such as
fraud or money laundering. In all such cases, authorities are contacted and personal information may be disclosed;
- if we retain a law firm(s) to Act on our behalf for any reason; or
- if the information is already publicly known.
Limiting collection and retention of Personal Information
First Equity limits the collection of a Client's Personal Information to that which is necessary for
the purposes identified in this Privacy Policy as same may be amended from time to time, or for
any additional purpose identified to the Client before the collection of the Personal Information.
As well, Personal Information is not used or disclosed for purposes other than those for which it
was originally collected, except with the consent of the Client or as otherwise permitted by law.
First Equity will retain Personal Information only for so long as it is needed to fulfill the
purposes for which it was obtained and to meet our professional requirements as set out our
governing regulatory bodies and/or any other legal requirement, statutory or otherwise, from
time to time.
Accuracy
First Equity strives to ensure that a Client's Personal Information is as accurate, complete, and
up-to-date as is necessary for the purposes for which it is used.
Safeguards
First Equity endeavors to maintain adequate safeguards to protect against loss, theft,
unauthorized access, disclosure, copying, use or modification of Clients' Personal Information in
the care of First Equity. First Equity uses various methods to safeguard personal information,
including physical security, computer and electronic security, destruction of information no
longer needed, and contractual protections with third party data processors.
Protection
Client lists are never passed on to third parties other than affiliated members of First Equity.
When they are hired, our employees and agents must undertake to respect the confidential
nature of client information. Only employees and associates who need to view the file as part of
their work have access to this information.
Accountability, Openness and Client Access
First Equity is responsible for the Personal Information under its control and has appointed a
Chief Privacy Officer to oversee our efforts to comply in all material respects with applicable
privacy legislation and the terms of this Privacy Policy. The Chief Privacy Officer and those
designated by the Chief Privacy Officer address and investigate questions or concerns regarding
a Client's Personal Information.
First Equity will provide a Client access to their Personal Information. The Client may correct or
amend any inaccuracies in the Client's Personal Information. First Equity has the right to refuse
a request for access to Personal Information if:
- The information is protected by legal privilege;
- Granting access would reveal confidential commercial information;
- The information was collected for purposes related to the detection and prevention of fraud;
- The information was generated in the course of a formal dispute resolution process;
- The information would likely reveal personal information about another individual;
- The request is vexation or frivolous;
- To protect our firm's rights and property.
Changes to Privacy Policy
First Equity will from time to time review and revisit privacy practices and this Privacy Policy.
First Equity Web site
Our Web site may contain links to other sites, which are not governed by this Privacy Policy. On
our Web site, like most other commercial Web sites, we may monitor traffic patterns, site usage
and related site information in order to optimize our web service. We may provide aggregated
information to third parties, but these statistics do not include any identifiable personal
information.
Communicating With First Equity
We recognize that convenience and quick access to advice must be balanced with security
needs. We use many different means to communicate with clients, some of which are more
convenient such as e-mail. Our emails are sent with industry standard 128 bit encryption. Such
encryption however does not guarantee privacy and security as encrypted messages can
nonetheless be subject to interception and translation. If clients do not wish us to communicate
by e-mail, they may speak with the consultant/broker/agent handling the matter about
alternative arrangements.
Attn: Chief Privacy Officer
First Equity Financial Corporation
503-1120 Finch Ave W
Toronto ON M3J 3H7
Phone: 416.440.1224
Fax: 416.440.8285
1 Regulation 188?08, Section 57, PIPEDA
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