Articles

THE PROTECTION OF INFORMATION ACT (POPI) AND YOUR FUND

 

HOW PROTECTED ARE YOU?

Up to 10 years imprisonment or a R10 million fine, or BOTH – This could be the penalty for not complying with POPI. So instead of wondering who will serve the 10 years, the Chairman or Principal Officer perhaps, let’s rather look at what the Fund has in place to “protect” you.

The main aim of POPI, which was signed into law in November 2013, is to protect a person’s, or also referred to as the “data subject’s” personal information. It sets out how a company or Fund may process personal information and gives the member control over how his or her personal information is used or disclosed. POPI will also impact on direct marketing and what may and may not be sent to members.

Personal information is very broadly defined and includes criminal records, education, race and fingerprint. The information which is usually held by a Fund can however be narrowed down to a member’s gender, marital status, contact information, salary information and ID number.

POPI sets out eight requirements that the Fund must adhere to when dealing with a member’s personal information.

The COMPLIANCE CHECKLIST highlights each of these requirements, looking specifically at the parties involved, who it will apply to and what should be in place to reduce the risk and to ensure that you are protected.

It is imperative that the Fund and its respective service providers are present to the responsibility of ensuring that every effort is made to comply with this new Act. This is achieved by:

  • Only collecting information that is needed for a specific purpose
  • Applying reasonable security measures to protect it
  • Ensuring it is relevant, accurate and up to date
  • Only keeping as much as information as required, for as long as you need it
  • Allowing the member access to the information if requested

POPI can benefit your Fund by promoting transparency and increasing member confidence, by showing that accurate records are maintained and that their most valuable asset, “privacy”, is being protected.

 

Contact Us!

You are welcome to contact us if you require any further information on how we can assist in ensuring that you comply with this and other legislative requirements.