Portfolio Online | Terms and conditions

Terms and conditions

About these Terms and Conditions

Portfolio Online ("the Site") is an internet based superannuation and investments administration facility provided by the IOOF group, including Perennial Investment Partners and its subsidiaries, and made available to persons who utilise or hold one or more Products.

These Terms and Conditions relate to use of the Site. The Site includes information transmitted electronically, by phone or on paper and any associated information provided by the IOOF group.

Your access to the Site is subject to these Terms and Conditions, the IOOF group Privacy Policy, disclaimers and any additional terms and conditions or statements contained on the Site (referred to collectively as the Terms and Conditions). By accessing, viewing, using any of the online functionality or otherwise using this website and the Site, you agree to be subject to these Terms and Conditions.

In these Terms and Conditions, references to:

1. General Terms

1.1 Application of General Terms

The General Terms in this clause 1 apply to all Registered Users of the Site. Depending on whether you are a Member/Investor or Adviser, additional specific terms may also apply and these are set out after these General Terms.

1.2 Changes to Terms and Conditions

We reserve the right to change these Terms and Conditions (excluding clause 1.13) at any time. Any such change will be effective immediately upon notice to you and incorporated into these Terms and Conditions. Any subsequent access to, or use of, the Site by you will constitute an acceptance of those modifications.

1.3 Change of Functionality

We reserve the right to change the functionality of the Site at any time without prior written notification, except where the change relates to any fee or charge for the use of the Site. Where the change does not relate to any fee or charge for the use of the Site, we will endeavour to inform users by notices on the Site about the change before it comes into effect.

1.4 Registration

  1. This Site can only be accessed after completing the registration process.

  2. You will become a Registered User of the Site and be entitled to access and use the Site when your registration is accepted by us. If you have been automatically registered to access this Site, you will become a Registered User when you confirm your registration.

  3. We reserve the right to deny access or to refuse registration to any person at our discretion.

  4. Unless you are an individual investing in your own name or an Adviser acting on behalf of a Member/Investor, you will not be able to complete the registration process online. If you are:

    1. an individual investing on behalf of a company or trust, please contact our client services team for assistance;

    2. an adviser seeking practice or dealer group registration, please contact your adviser services team for assistance.

1.5 Electronic Documents

  1. You agree that where we are required by law or otherwise to provide you with a document, you consent at our option to the provision of that document electronically (whether provided on or through links on the Site or via email). We recommend that you print a copy of any document so provided or file it electronically for future reference.

  2. You agree not to dispute the validity or enforceability of electronic communications and you will be taken to have received such communications whether or not you access the communications on the Site.

1.6 Personal Details

You acknowledge that is it your obligation to ensure and confirm that all information that you provide to us is correct.

1.7 Password and authentication of users

  1. You must keep your Username or Password confidential and not disclose it to any other person. We have put in place certain security systems on the Site and have taken reasonable steps to protect the security of those systems from misuse, interference, loss and unauthorised access, modification or disclosure. You must therefore ensure that your Username and Password are not written down or together stored on or with a personal computer that could be used for accessing the Site.

  2. Access to the Site is only available to you whilst you are a Registered User and hold a current Username and Password. Once access is granted, any Actions by that Username and Password will be deemed to be made by you or with your authority. Your Username and Password entitle anyone who correctly uses them to conduct the type of operations on the Site for which designated user rights have been provided. You acknowledge and accept that we cannot verify whether the user of a correct Username and Password is a Registered User.

  3. Upon our acceptance of your Application to use this Site, you will receive an email from us with directions on how to complete the registration process. This email will be sent to the email address you have provided us for the purposes of registration. Your Username for gaining access to the Site will be the Username you have provided to us at the time of registration. We will email any further requests to reset your Password to the same email address you provided to us, unless otherwise notified by you.

  4. If you have been automatically registered to use this Site you will receive an email from us with directions on setting up your own Password to the Site and to confirm your registration. This email will be sent to the email address which has already been provided to us. Any further requests to reset your Password will be sent to the same email address, unless otherwise notified by you.

  5. In the event you have forgotten your Password, you will be required to identify yourself as a Registered User by answering some security questions that you have provided upon registration. Once your details have been verified, we will send you an email that will allow you to create a new Password. This email will be sent to the email address which has already been provided to us.

  6. If you believe that your Username or Password have been compromised, lost or misplaced please contact our client services team immediately (advisers should contact our adviser service team).

1.8 Additional Users

  1. You can apply to IOOF to nominate one or more Additional Users to use Portfolio Online on your behalf.

  2. When you require an Additional User to have access to information provided on or through the Site, that person must apply for a separate Username and Password. All actions of any Additional User will be deemed to be made by you or with your authority.

  3. You are responsible for ensuring that each Additional User of the Site, their officers, employees, agents and any other person who uses the Site on your behalf complies with these Terms and Conditions.

1.9 Indemnity

  1. You indemnify us and keep us indemnified at all times against any and all liability for loss arising from and all costs, charges and expenses incurred directly or indirectly in connection with:

    1. the use of the Site by you, any Additional User, agents or any other person who uses the Site on your behalf (including where such use involves an unauthorised or fraudulent act);

    2. our acting in accordance with any Actions that appear to be given by you or any Additional Users, including:

      1. actions that are unauthorised or fraudulent; or

      2. any request made that we stop an Action you have initiated through the Site from being processed;

    3. if you are an Adviser, any claims made by your Member/Investor clients;

    except to the extent that liability is directly caused by a breach of these Terms and Conditions by us, or by any negligent act or omission by us.

  2. You agree to pay amounts due under the indemnity contained in this clause 1.9 on demand from us.

1.10 Warranties

  1. We warrant that we will use reasonable efforts to ensure the information provided on or through the Site is accurate, current and complete. The sole remedy for breach of this warranty is the rectification of any inaccurate information upon notice by you of the inaccuracy or error.

  2. We do not represent or warrant that the Site will be free from:

    1. any omission, error or inaccuracy in information provided on or through the Site, including information provided by third parties;

    2. downtime or periods where the Site is unavailable or the failure, in whole or in part, of any function on the Site to perform an Action; or

    3. any unauthorised access to the Site or the information (including Account information) retained on the Site, except where the unauthorised access is the direct result of our negligence or fraud.

1.11 Liability of the IOOF group

  1. You confirm that you have not relied on any representation, description, illustration or specification which is not expressly stated in these Terms and Conditions.

  2. To the extent permitted by law, we exclude any liability for any loss, costs, charges and expenses suffered or incurred by you directly or indirectly arising as a result of:

    1. the use of the Site by you, any Additional User, agents or any other person who uses the Site on your behalf (including where such use involves an unauthorised or fraudulent act);

    2. our acting in accordance with any Actions that appear to be given by you or your Additional Users, including:

      1. Actions that are unauthorised or fraudulent; or

      2. any request made by you that we stop an Action from being processed;

    3. any unauthorised access by third parties to the Site or to the information contained or functionality available on the Site;

    4. the failure of the Site to perform any function which we have specified it will perform (including any failure as a result of a disruption to any telecommunications service, power supply or internet connection);

    5. any technical or service difficulties or processing delays in relation to the Site, including processing delays which arise as a result of:

      1. an Action being submitted on a day which is not a Business Day;

      2. any errors or omission in the Action;

    6. any technical or service difficulties or processing delays caused to any computer, associated equipment, software or data; or

    7. any matters arising from data corruption, breaches of data or security, defects in transmission or viruses.

  3. Where our liability cannot be excluded under any law, our liability will be limited to, at its discretion, either:

    1. the costs of re-supplying any functionality provided on the Site or a requested Action to you; or

    2. paying you cost of re-supplying any functionality provided on the Site or a requested Action to you.

  4. Unless these Terms and Conditions provide otherwise, our maximum aggregate liability for all proven losses, damages and claims arising out of these Terms and Conditions or your use of the Site, including liability for breach of these Terms and Conditions, in negligence or in tort or for any other common law or statutory action, is limited in the following manner:

    1. if the liability arises in relation to any reliance on, use of, or inability to use any information displayed or functionality available on the Site under these Terms and Conditions, it is limited at our option to the lesser of the cost of re-supplying the requested Action or the amount of fees paid by you for the Site in the previous 3 months; and

    2. in all other cases, it is limited to the amount of the fees paid by you for the Site in the previous 3 months.

  5. Despite any other clause, we are not liable to you or to any other person for:

    1. unauthorised use or any losses or damages of any kind caused by or resulting from any wrongful, wilful or negligent act or omission by you, any Additional Users or any of your officers, employees, agents or contractors; or

    2. any direct or indirect lost profit or revenue, exemplary damages, deletion or corruption of electronically or digitally stored information, or without limiting the foregoing, any indirect or consequential loss or damage howsoever described or claimed.

  6. Nothing in this clause 1.11 limits our liability with respect to damages for personal injury, including sickness and death.

1.12 Application for Investment and Performance of the Funds

  1. Investments in any of the Products mentioned on the Site do not represent investments, deposits or other liabilities of the IOOF group.

  2. Neither the IOOF group, the fund manager providing an investment option, service providers or subsidiaries of any of the parties mentioned, guarantee the repayment of capital or the performance of the Product or the return of capital or income. Your investment in the Product is subject to investment risk. This could involve delays in repayment and loss of income or the principal invested.

1.13 Fees

  1. The Site is currently offered to you as a free service. This is because it is a part of an existing contract or arrangement you have with us as a Member/Investor or Adviser.

  2. However, fees may be charged in relation to the access and use of the Site (including use of software) at a future date. We will provide you with at least 30 days written notice and details of any fees before any fees are introduced or changed.

1.14 Availability, Security and Delivery of the Site

  1. We will use all reasonable efforts to provide access to the Site on a 24 hour basis however, there will be interruptions to the Site to facilitate maintenance, or for other reasons.

  2. We reserve the right to amend the information provided or functionality available on the Site and to limit access or cease providing information or functionality available on the Site.

  3. We do not guarantee the delivery of communications over the Internet as such communications rely on third party service providers. Electronic communications (including electronic mail) are vulnerable to interception by third parties and we do not guarantee the security of these communications or the security of the Site.

1.15 Denial of Access

  1. We reserve the right to deny access to the Site or particular Account details including where:

    1. you fail to keep your Username and Password secure; and

    2. in our opinion, there are concerns regarding unreasonable use, security or unauthorised access.

  2. We reserve the right to suspend your access to the Site to you without notice.

1.16 Cancellation

You may cancel your registration for Portfolio Online by notifying us in writing and we will terminate your access within 30 days of receipt of that written notice.

1.17 Termination

We have discretion to terminate your access to the Site upon providing you with 5 Business Days notice.

1.18 Copyright

We own copyright to the Site. Information from the Site may be printed and downloaded for personal use only. The information may not otherwise be reproduced and must not be distributed or transmitted to any other person or used in any way without our express approval or as otherwise permitted by law. You may not modify, tamper or alter the Site or the information contained on it in any way.

1.19 Trademarks

There are a number of registered trademarks, logos and symbols on the Site which are either owned by us or used with the permission of the trademark owners. You may not download, reproduce, transfer, publish, alter or use any such logos, symbols or trademarks for any purpose except for incidental reproduction in downloading your information in accordance with clause 1.18.

1.20 Intellectual Property

The software used on this Site has been developed by, and is owned by, the IOOF group. You obtain a non-exclusive and non-transferable licence to use the software when you register for the Site as a Member/Investor or Adviser.

1.21 Monitoring of the Site

We expressly reserve the right to monitor any or all use of the Site. We currently monitor the Site for statistical purposes only.

1.22 Links and Third Party Content

We are not responsible for the content of any site owned by a third party that may be linked to the Site, whether such a link is provided by us or by a third party. These links are provided as a courtesy service and no judgement or warranty is made by us concerning the suitability, accuracy or timeliness of the content of any Site that may be linked to the Site. By providing access to other websites, we are not recommending or endorsing any brand, products or services offered by the organisation sponsoring or owning the linked website.

1.23 Privacy

  1. Use of Portfolio Online is subject to the IOOF group Privacy Policy. The IOOF group Privacy Policy sets out the information about the collection, use, disclosure and storage of your personal information. To obtain a copy of the IOOF group Privacy Policy please click here.

  2. Any information collected by us in connection with your use of the Site will be used to provide the Action you have requested. Non-sensitive information provided by you may also be used for related purposes, such as maintaining our relationship with you. Access to and correction of any of your information held by us is available on request by contacting our client services team.

1.24 User Authentication and Authorisation

On your initial access to the Site, you will be required to change your Password.

1.25 Disclaimer

The information provided by the Site is provided by way of general information only and is not intended to represent financial product advice. The information does not take into account your individual objectives, financial situation and needs. You should assess whether the information is appropriate to you, having regard to your objectives, financial situation and need, and consider seeking advice from a financial adviser before making any investment decision. The current product disclosure statement or offer document for any Product mentioned in this Site should also be obtained and considered prior to making any investment decision. Whilst every effort has been made to ensure the information in this Site is accurate, its accuracy, reliability or completeness is not guaranteed and no responsibility for errors and omissions (including by negligence) is accepted by the IOOF group or its officers, employees, directors or agents. Please note that past performance is not a reliable indicator of future performance.

1.26 Australian Residents Only

The Products described on the Site are available only to Australian residents. The Site is only licensed for access from within Australia. All references to currency are to Australian dollars.

1.27 Severability

If any provision of these Terms and Conditions is deemed unlawful, void, or for any reason unenforceable, then that provision will be deemed severable from these Terms and Conditions and will not affect the validity and enforceability of the remaining provisions.

1.28 Governing Law

  1. The use of the Site and the provision of any facilities, services or Products through the Site will be governed by the laws of Victoria, Australia.

  2. You submit to the exclusive jurisdiction of the courts of that State and the Commonwealth of Australia in respect of all matters arising out of or relating to this agreement.

1.29 Force Majeure

Despite any other provision in these Terms and Conditions, if we are unable to perform or are delayed in performing an obligation under these Terms and Conditions by reason of a Force Majeure Event and notice has been given to you as soon as reasonably practicable:

  1. that obligation is suspended by only so far and for so long as it is affected by the Force Majeure Event;

  2. we will not be responsible for any loss or expense suffered or incurred by any other party as a result of, and to the extent that, it is unable to perform or is delayed in performing its obligations because of the Force Majeure Event;

  3. the time for performing that obligation is extended by the duration of the Force Majeure Event; and

  4. we will take all reasonable steps to avoid, remove or limit the effects of the Force Majeure Event on our performance of the suspended obligations as quickly as possible (however this does not require us to settle any strike or other labour difficulty on terms contrary to our wishes).

2. Additional Terms for Advisers

The following terms apply to Registered Users who are Advisers in addition to the General Terms.

2.1 Use of Site

You agree:

  1. to undertake to keep your client information secure and ensure that the information is not disclosed or used for any purpose other than providing financial product advice to those clients;

  2. that you will ensure that information about individual clients is only disclosed to persons who act as Adviser to that client and who are authorised by that client to access that information and that those persons keep the information confidential and only use it for the purpose of giving financial product advice in accordance with your agreement with the client;

  3. to undertake to inform us immediately if any Additional User’s access to the Site should be terminated; and

  4. to undertake to inform us immediately if you cease to act as an Adviser to any client, and refrain from, and prevent other persons from, accessing that client’s information.

2.2 Transacting Online

The Site may allow you to perform particular transactions for your clients’ accounts ("Actions").

If you are permitted to perform Actions, you agree:

  1. to provide all relevant advice and/or advice documentation to your client prior to transacting on your client’s behalf;

  2. not to submit an Action on behalf of your client unless you have been authorised in writing by your client to do so as agent for and on behalf of your client in relation to your client’s account and such authority has not been cancelled;

  3. not to submit an Action on behalf of your client unless you receive instructions to do so from your client;

  4. to act at all times in accordance either with your Licence or under your authority from your Licensee;

  5. that receipt by you of a transaction receipt number constitutes an irrevocable authority to us to process the Action; and

  6. to notify us immediately if:

    1. you do not receive a receipt number after submitting an Action;

    2. your Action has not been displayed in the "Work in Progress" function on the Site within ten minutes after you submitted the Action; and

    3. you do not receive an email confirming that your Action has been actioned within three business days after first appearing in the "Work in Progress" function on the Site.

  7. to notify us immediately if an Action you have submitted is not displayed on the Order Monitor.

  8. to notify us immediately if an Action you have submitted is not displayed on the Corporate Actions Report.

  9. we may decline to act on your Actions at any time without giving any notice or reason. If we decline to act on your Actions we will let you know within a reasonable time of receipt of that Action.

  10. we are entitled to act on any Action which appears complete without further reference to you.

3. Additional Terms for Members/Investors

The following terms apply to Registered Users who are Members/Investors in addition to the General Terms.

3.1 Registration

As a Member/Investor, the Site gives you access to:

  1. your account information updated daily - including investment balances, transactions, and statements for each Product in which you have an investment; and

  2. Product information.

3.2 Applications to Invest

  1. Details about the Products offered by us are set out in their current product disclosure statement or offer document. Applications to make an investment in a Product can only be made on the application form attached to a copy of the current product disclosure statement or offer document.

  2. A copy of the current product disclosure statement or offer document for a Product can be obtained free of charge by calling our client services team or can be downloaded from our Internet site.

  3. We do not guarantee the performance of any of the Products referred to in the Site.

3.3 Transacting online

  1. This site may allow you to perform particular transactions for your account (Actions).

  2. If you are permitted to perform Actions, you agree:

    1. to notify us immediately if an Action you have submitted is not displayed on the Order Monitor or the Corporate Actions Report;

    2. to regularly check all Actions you make by reviewing the statement we send you in relation to the Products in which you are invested; and

    3. that receipt by you of a transaction confirmation message constitutes an irrevocable authority to us to process the Action request.

  3. Action requests are processed in the order in which they are received. If a large number of requests are received at one time, the processing time of your request may increase. We will, however, aim to process your request as quickly as possible however, an Action request (for example, a Switch or Re-weight request or a change to your Investment Instructions) may take up to 10 Business Days to process.

  4. We may decline to act on your instructions at any time without giving any notice or reason. If we decline to act on your instructions we will let you know within a reasonable time of receipt of that instruction. By instructions we mean any Action or communication by you with us, including verbal, written or electronic means including communication by telephone, facsimile, email or the Internet.

  5. We are entitled to act on any instruction which appears complete without further reference to you.

4. Definitions and interpretation

4.1 Unless the contrary intention appears, in these Terms and Conditions:

  1. a reference to a group of persons is a reference to any two or more of them jointly and to each of them individually;

  2. an agreement, representation or warranty in favour of two or more persons is for the benefit of them jointly and each of them individually;

  3. an agreement, representation or warranty by two or more persons binds them jointly and each of them individually but an agreement, representation or warranty by us binds us individually only;

  4. a reference to anything (including an amount) is a reference to the whole and each part of it;

  5. a reference to a document (including this agreement) includes any variation or replacement of it;

  6. the word "law" includes common law, principles of equity, and laws made by parliament (and laws made by parliament including State, Territory and Commonwealth laws and regulations and other instruments under them, and consolidations, amendments, re-enactments or replacements of any of them);

  7. a reference to a time of day is a reference to Melbourne time;

  8. the word "person" includes an individual, a firm, a body corporate, an unincorporated association and an authority;

  9. a reference to a particular person includes the person’s executors, administrators, successors, substitutes (including persons taking by novation) and assigns;

  10. the words "including", "for example" or "such as" when introducing an example, do not limit the meaning of the words to which the example relates to that example or examples of a similar kind;

4.2 The singular includes the plural and vice versa.

4.3 Headings (including those in brackets at the beginning of paragraphs) are for convenience only and do not affect the interpretation of these Terms and Conditions.

4.4 In these Terms and Conditions:

Action Any direction or instruction made by you (either by you or by your Adviser on your behalf) to us using the functionality of the Site.
Account An account held by a Member/Investor in a Product.
Additional User A person nominated by you who has been authorised by you to use Portfolio Online on your behalf.
Adviser A licensed financial adviser who is authorised to provide financial product advice.
Application The application form (be it via the online application form or a paper-based form) which permits Members/Investors or Advisors to register to access the Site.
Business Day A day other than a Saturday or Sunday or a public holiday or bank holiday in Victoria.
Force Majeure Event Any cause outside the reasonable control of the IOOF group and which could not have been prevented or avoided by it taking all reasonable steps.
Investment Instruction Any instruction from a Member/Investor (or Adviser, as agent for a Member/Investor), as to how to invest money in or redeem money from an investment option.
Investor An investor who has an investment in a non-super Product.
IOOF group Refers to IOOF Holdings Ltd, (ABN 49 100 103 722) and its related bodies corporate.
Member An individual who is a member of a super or pension Product.
Password The code which is used together with your Username enables you to access the Site.
Privacy Policy The IOOF group Privacy Policy available here.
Product A financial product or service issued by (or administered by) a company within the IOOF group from time to time.
Registered User A person who is registered to use the Site and includes an Additional User.
Re-weight or Re-weighting Re-investing your available Account balance in one or more new or existing investment options.
The Site The Portfolio Online website.
Switch or Switching The movement of monies from one or more investment options to one or more investment options.
Username The identification name which in combination with your Password, enables you to access the Site.

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