Limited Access to Bases for Financial Services Industry
3rd August, 2016
On 22 July 2016, Defence issued an updated policy and guidance limiting access to ADF bases or other Defence establishments by ‘organisations or individuals representing the financial services industry … to promote or discuss wealth creation strategies and financial products and services’. There are certain exceptions, as outlined below.
Who is excluded from bases?
Financial services industry is defined broadly, such that organisations or individuals engaged in promoting, selling or otherwise gaining benefit from financial products and services are excluded from bases. These products and services include:
- Banking or lending
- insurance
- superannuation
- investments (including direct shares and real estate)
- other purported money making activities (including gambling or betting software)
Financial services industry also includes all individuals or organisations which hold an Australian Financial Services Licence (AFSL), or represent an AFSL holder. So, having an AFSL will not give a person access.
Why are they excluded?
Organisations and individuals representing the financial services industry have for a long time sought access to ADF members and Defence establishments to promote or sell products and services. Defence has had policies in place to limit this for at least a decade because allowing access may:
- be interpreted as endorsement of them and their products and services
- cause ADF or Defence members to suffer financial detriment
- lead to unacceptable organisational liability for Defence.
In summary, limiting access to bases by financial services representatives will protect our people and our organisation from financial and reputational damage.
Are there any exceptions?
Due to long standing practice or separate contractual arrangements the following exceptions apply, although it is expected that the emphasis of these providers will be informational and educational, rather than selling products and services:
- Australian Military Bank and Defence Bank (in respect of their location on Defence establishments)
- Navy Health or Defence Health (in respect of health, life, travel and accident insurance)
- Defence Home Ownership Assistance Scheme (DHOAS) home loan providers (in respect of DHOAS only)
- Contracted provider of Defence salary packaging (currently Smart Salary) in respect of salary packaging only.
There may be other exceptions made on a case by case basis, for example for information sessions by the Commonwealth Superannuation Corporation (CSC) in respect of DFRDB, MSBS or other CSC administered funds or schemes.
Where can I get more information or assistance?
Please contact us for more information.
If you are seeking financial advice please consult the ADF Financial Advice Referral Program.
If you are an ADF member or Defence public servant and would like a full copy of the limited access to bases guidance, or to find out about the financial and consumer education and information we can provide for groups and individuals please contact us.
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