This Financial Services Guide (FSG) is designed to assist you in deciding whether to use any of our services and contains important information about:
We are responsible for the financial services provided to you, or through you to your family members, including the distribution of this FSG.
We hold an Australian Financial Services Licence (no. 246992) and are authorised to advise and deal in the full spectrum of general insurance products.
We are authorised to advise and deal in general insurance products to wholesale and retail clients.
We act on your behalf and in your interests in most matters. Sometimes we will act under a binder or agency from the insurer. When we act under a binder or agency we will be acting as the agent of the insurer. This means that we represent and act for the insurer, not for you. We will tell you when we act under a binder or agency to arrange your insurance or advise you about your insurance needs.
We offer a range of services to assist you to protect your assets and guard against unexpected liabilities including:
When organising your insurance, the insurer will charge a premium that includes any relevant taxes, charges and levies. We often receive a payment based on a percentage of this premium (excluding relevant taxes, charges and levies) called commission paid to us by the insurers.
Our commission will be calculated based on the following formula:
X = Y% x P
In this formula:
X = our commission
Y% = the percentage commission paid to us by the insurer. Our commission varies between 0 and 30%.
P = the amount you pay for any insurance policy (less any government fees or charges included in that amount).
We will also charge you a fee. These will all be shown on the invoice that we send you. For services such as:
Where a policy is cancelled or a reduction in cover before the period of insurance has ended we will retain any fee we have charged you. We will also retain the commission, or charge you a cancellation fee equal to the reduction in our commission.
We may pay a portion of the commissions and/or fees to others who refer you to us. If we do, the payment is paid out of our commission or fees (not in addition to those amounts), in the range of 20% to 75% of our commission or fees.
Our employees that will assist you with your insurance needs will be paid a market salary and possibly a portion of the commission and fees relating to the insurance cover they have assisted in organising.
When you pay us your premium it will be banked into our trust account. We retain the commission from the premium you pay us and remit the balance to the insurer in accordance with our arrangements with the insurer. We will earn interest on the premium while it is in our trust account or we may invest the premium and earn a return. We will retain any interest or return on investment earned on the premium.
Premium funding products enable you to pay your premiums by instalments. Premium funders do charge interest. We can arrange premium funding if you require it. We may receive a commission based on a percentage of the premium from the premium funder for doing so. We will tell you the basis and amount of any such payment if you ask us.
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.
We are a Steadfast Group Limited (Steadfast) Network Broker. Steadfast has 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
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. Steadfast is a partial shareholder of our company.
One option we may utilise for premium funding is Melbourne Financial Services P/L (MFS), a company owned by interests associated with Mark Perree, a Director of both MIB & MFS. MFS earns interest on the premium funding contracts & may charge an application fee. MIB may receive remuneration for these transactions as outlined above.
We maintain an electronic record of your personal profile, including details of insurance policies that we arrange for you. We may also maintain records of any advice or recommendations given to you. We will retain this FSG and any other FSG given to you as well as any SOA (if applicable) or PDS that we give or pass on to you for the period required by law.
If we offer to arrange the issue of an insurance policy to you, we will also provide you with, or pass on to you, a product disclosure statement (PDS), unless you already have an up to date PDS. The PDS will contain information about the particular policy which will enable you to make an informed decision about purchasing that product.
Please note that where possible we prefer to provide all correspondence and disclosure notices (including Financial Services Guides and Product Disclosure Statements) to you electronically, via email or links to websites etc. If you have provided your email address to Us we will typically use that email address for all correspondence and disclosure notices. Should you not wish to be sent disclosure documents electronically please advise us and we will update our records accordingly.
We hold a Professional Indemnity Policy (PI policy). The PI policy covers us and our representatives (including our authorised representatives) for claims made against us and our representatives by clients as a result of the conduct of us, our employees or representatives in the provision of financial services.
The policy extends to cover Us for work done for Us by employees but not all representatives after they cease to work for Us and satisfies the requirements for compensation arrangements under Section 912B of The Act.
Clients not satisfied with our services should contact our Complaints Officer. We are members of the Financial Ombudsman Service (FOS), a free consumer service.
You are able to contact us by phone, in writing, by fax, email or in person.