Purpose of this Financial Services Guide (FSG)
This FSG sets out the services that we offer you. It is designed to assist you in deciding whether to use any of those services and contains important information about:
- The services we offer
- How we and our associates are paid
- Any potential conflict of interest we may have
- Professional indemnity insurance arrangements
- Our internal and external complaints resolution procedures
The Financial Service is Provided by;
M & S Insurance (Broker) Services Pty Ltd
7-9 Albion Street,
Locked Bag 888
KYABRAM, VICTORIA, 3620
AFSL: 245 443
ABN: 78 098 891 493
Our Financial Services Authority
Our Australian Financial Services Licence authorises us to advise and deal in General Insurance products to wholesale and/or retail clients.
We are required to meet high standards in relation to staff training, organisational competence, management expertise, financial control and compliance disciplines.
Date and Currency of this FSG
This FSG applies from 13/08/2014 and remains valid unless another FSG is issued to replace it. If we give you a supplementary FSG or other documents relating to our services or any products, they will not replace this FSG however you should read them carefully.
We are able to receive your instructions in person, in writing, by phone, by fax or by email.
The Corporations Act 2001 (The Act) provides Retail Clients with additional protection than other clients. The Act defines a Retail Client as;
- Individuals or a manufacturing business employing less than 100 people; and
- A business employing less than 20 people; and
- Who are purchasing the following types of Insurance cover;
- Motor Vehicle
- Home Building & Contents
- Personal Property
- Personal Accident & Illness
- Pleasure craft
- Other classes as prescribed by regulations
It is important that you understand if this definition applies to you or your business, as some of the information and additional protection in this FSG only applies to Retail Clients.
Who we act for
We act for you as your Insurance Broker unless we advise you otherwise. Sometimes we may arrange with an Insurer to act under a binding arrangement or as their agent.
When we do this we will be representing the Insurer, and not you. We will tell you at the time when we are acting for the Insurer and not for you.
The advice we give
If you are a Retail Client, then typically you will be provided with General Advice. General Advice does not take into account your personal needs and financial circumstances at the time therefore you will need to consider whether this advice suits your requirements prior to acting upon it. On these occasions we will give you a General Advice Warning.
If you are a Retail Client and we agree to give you Personal advice, we will give you a Statement of Advice (SOA). The SOA will contain advice we have given, the basis on which it was given, and details of relationships, associations, remuneration and other interests that may have influenced the advice we have given.
If we arrange an Insurance policy for you, or if we recommend you buy a particular Insurance policy, we will also give you, or give you access to a Product Disclosure Statement (PDS). The PDS is produced by the Insurer, and is designed to give you important information about the policy you are considering purchasing.
For placing your Insurance we usually receive a commission paid by the Insurer as a percentage of the base premium you pay. This is the standard way Insurance Brokers are remunerated and depending on the type of Insurance our rates of commission typically range from 0% to 25% before any government fees or charges.
On occasions we may also charge a broker service fee, which varies according to the level of services rendered and the commission we receive. This fee will always appear on your invoice.
Other Remuneration information
M & S Insurance (Broker) Services Pty Ltd is a Steadfast Group Limited (Steadfast) Network Broker. Steadfast has exclusive arrangements with some insurers and premium funders (Partners) under which Steadfast will receive between 0.5 – 1.5% commission for each product arranged by us with those Partners. Steadfast is also a shareholder of some Partners.
We may receive a proportion of that commission from Steadfast at the end of each financial year (or other agreed period).
As a Steadfast Network Broker we have access to member services including model operating and compliance tools, procedures, manuals and training, legal, technical, banking and recruitment advice and assistance, group insurance arrangements, product comparison and placement support, claims support and group purchasing arrangements. These member services are either funded by Steadfast, subsidised by Steadfast or available exclusively to Steadfast Network Brokers for a fee.
You can obtain a copy of Steadfast's FSG at www.steadfast.com.au
If we arrange premium funding for you we may be paid a commission by the premium funder. We may also charge you a fee (or both). The commission that we are paid by the premium funder is usually calculated as a percentage of your insurance premium (including government fees or changes). If you instruct us to arrange or issue a product, this is when we become entitled to the commission.
Our commission rates for premium funding are in the range of 0% to 3% of funded premium. When we arrange premium funding for you, you can ask us what commission rates we are paid for that funding arrangement compared to the other arrangements that were available to you. The amount of our commission and any fee that we charge will be set out in the premium funding contract.
You can pay for the Insurance premium and services provided by any method described on the invoice. You need to pay us within the time stipulated on the invoice.
When you pay the premium to us it will be banked into our trust account where as allowed by law we will earn interest. Any interest earned will be retained by us.
Cancellation and refunds
If your policy is cancelled or altered prior to the expiry of the period of insurance, and there is a refund of premium due, we will usually retain the commission on any return premium involved.
If you are a Retail Client and we have given you Personal advice, commission amounts and other income information will be provided in the SOA or upon request.
Protection against giving you negligent or incorrect advice
As an AFS licensee, we must maintain adequate Professional Indemnity Insurance to compensate you or your beneficiaries for loss or damage suffered as a result of our giving you negligent or incorrect advice.
We are covered under Professional Indemnity Insurance that complies with the requirements of section 912B of the Corporations Act, 2001.
The NIBA Code of Conduct
M & S Insurance (Broker) Services Pty Ltd is a member of the National Insurance Brokers Association (NIBA) and is bound by their Code of Conduct (The Code). The Code sets out standards for brokers to follow when dealing with clients, including requirements to inform clients of remuneration arrangements and possible conflicts of interest. You can ask us for a copy of The Code, or go to the NIBA website, www.niba.com.au
Complaints and disputes
If you should have any concern or complaint or dispute (complaint) about the service we have provided you, then contact us to tell us about it. If your complaint is not satisfactorily resolved within 24 hours, ask to be put in touch with our Complaints Manager / Officer, Brendan Ryan on (03) 5857 0888. Alternatively you can put your complaint in writing to us at 7-9 Albion Street, Locked Bag 888, KYABRAM, VICTORIA, 3620 or [email protected]. Our Complaints Manager will attempt to resolve the matter satisfactorily within 21 days.
If you are still not satisfied with our determination, you have the right to take your complaint to the Financial Ombudsman Services (FOS):
31 Queen Street
MELBOURNE, VICTORIA, 3000
Telephone: 1300 780 808
Facsimile: (03) 9613 6399