The safety of your monies is 100% guaranteed at Capital Guardians. We act as a custodian trustee manager for your monies. The monies are held in a Trust Account at the Westpac Bank. This bank account is managed by Capital Guardians, however, its ownership vests solely with you as deposits and withdraws are managed by yourself through the tools provided.
You will never take any risks when using our online services as we have best protections for every aspect of our business.
We have dedicated information security experts monitoring threats and regularly testing all our services to ensure they remain safe and secure. Furthermore, Capital Guardians developed comprehensive SETA programs (Information Security Education, Training, and Awareness) so that employees remain highly alert to any security threats. Capital Guardians also adopted extremely strict Internal access controls to protect its client’s critical information from any kinds of breaches.
Capital Guardians is a member of the Financial Ombudsman* and trust money management is under an Australian Financial Services Licence** # 446920 and the Professional Statement APES 310 ‘Trust Accounts’ and guidelines of the Institute of Chartered Accountants.
Capital Guardians provides real-time expenditure reviews cross all platforms. Account holders and guardians obligations only reflect fully delivered service and products from their chosen vendors. Failure of fully delivered service or products can take a dispute process, however, never used considering the strong relationship with vendors to care organisations in ensuring every account holder is happy.
The applications have restrictions on “authorised” vendors and their limits by approved representatives, either care organisation or individual representative. Capital Guardians also has 24/7 Fraud Protection which monitors every transaction and detect any irregular activities. If a suspicious transaction is identified, our fraud specialists will call the client to verify it.
Robust IT systems
Capital Guardians benefits from world-class IT infrastructure provided by Amazon. We implemented robust firewalls and anti-Virus applications, which put strong safeguards in place so that all data is stored in highly secure AWS data centers. We also conducts hourly backups to a geographically different location so that clients’ data will never be lost.
Capital Guardians works closely with HackLabs to verify the security of our systems including reviews of system architecture, firewall configurations and web application security. This is a bi-annual health check that pushes the limits of the web services access resulting in enhanced robustness of online applications.
Lockouts and timeouts
Capital Guardians adopts Lockouts and timeouts rules. A client’s account will be temporarily locked after a number of unsuccessful login attempts. Capital Guardians will also log clients out if they stop using online applications.
Capital Guardians implements advanced encryption. All data sent and received from clients to Capital Guardians’ secure systems is encrypted using 256-bit SSL encryption technology to ensure confidentiality.
Our Enterprise Information Security Policy (EISP), Issue-Specific Security Policy (ISSP) and Systems-Specific Policy (SysSP) are here to protect the integrity of information assets. The policies are periodically reviewed and updated to address emerging issues and adopt best practice in the industry.
Capital Guardians has professional indemnity (“PI”) insurance at levels far exceeding the value of money held. The insurance is provided by APRA approved insurer W.R.Berkley, covering Public Liability and Fidelity cover. Amongst other things, the cover provided by this policy extends to any claim brought about, or contributed to, by the dishonest, fraudulent, criminal or malicious act or omission of a director or principal of the insured, or any person at any time employed by the insured.
Capital Guardians is a member of the Financial Ombudsman along with banks, credit unions, building societies, etc (Member 33719). The Financial Ombudsman Service (“FOS”) provides specialised services in dispute resolution, systemic issues management and code monitoring. The FOS external dispute resolution (EDR) scheme is a free, fair and accessible services to consumers (including some small businesses) who are unable to resolve disputes with financial services providers that are members of FOS.
FOS is funded by its members, which are financial services providers that have chosen us as their external dispute resolution scheme. A significant proportion of FOS funding comes from case fees. The fees paid by an FSP reflect the number of disputes it is involved in and the stages they progress. Membership include banks, credit unions, building societies, general and life insurance companies and brokers, superannuation providers, fund managers, mortgage and finance brokers, financial planners, stockbrokers, investment managers, and friendly societies. The FOS home page provides a list of FOS members, including Capital Guardians.
FOS is governed by an independent board of consumer representatives and financial services industry representatives. The role of the Board is to monitor the performance of FOS, provide direction to the Ombudsman on policy matters, set the budget and review from time to time, the Terms of Reference including the jurisdictional limits of the Ombudsman.
Financial Ombudsman Service
Phone 1300 78 08 08
Fax (03) 9613 6399
Postal GPO Box 3, Melbourne, Victoria 3001
**Australian Financial Services Licence (“AFSL”)
An AFSL is a licence for businesses involved in the provision of financial services. It is issued by the Australian Securities and Investments Commission (“ASIC”) as required by the Corporations Act (2001). ASIC has responsibility for market integrity and consumer protection and the regulation of investment banks and finance companies.
The Corporations Act provides for a uniform approach to the regulation of financial serves through a uniform licensing and disclosure regime. The general regulatory position is that a person carrying on a financial services business in Australia must either hold an AFSL issued to that person by ASIC or fall within a licensing exemption. Holding an AFSL demonstrates that Capital Guardians has met or exceed the qualification and competency standards necessary to hold such a licence.
The regulated financial services for which an Australian financial service licence is required are:
- dealing in a financial product;
- the provision of advice;
- making a market for a financial product;
- operating a registered managed investment scheme;
- providing a custodial or depository service in respect of financial products.
Once granted an AFSL, there are conditions that set obligations under the Corporations Act, its Regulations, ASIC’s regulatory guides and industry best practice. These conditions include:
- Compliance with licence conditions;
- Outsourcing arrangements;
- Compliance arrangements;
- Risk management;
- Responsible managers;
- Appointing, supervising and training representatives;
- Giving advice;
- IT resources;
- Human resources;
- Dispute resolution procedures;
- Conflicts of interest;
- Breach reporting;
- Promotional material; and
- Insurance (public liability and fidelity)
As an AFSL holder, Capital Guardians is subject to both financial and compliance audits annually to ensure continuing compliance to all licence conditions. Companies or individuals not holding an AFSL in their own right are not subject to the same scrutiny by ASIC and thus may not meet educational, financial or general competency standards necessary to legally provide financial advice in Australia. This includes Authorised Representatives and or Proper Authority holders who do not hold an ASFL in their own right. Anyone found to be giving managing without the proper licence to do so may be acting illegally.
Capital Guardians operates under AFSL 504332.