Financial Services Guide

Introduction

This Financial Services Guide (FSG) is designed to help you make an informed decision about whether to use any of the financial services we can offer you. It is an important document as it contains information about:

  • Who we are and how you can contact us
  • The financial services and products we can offer
  • Who is responsible for the financial services provided
  • The advice and documents we may give you
  • The cooling off period
  • How we and other related parties are renumerated
  • Any influencing associations we may have
  • Our Privacy Policy
  • What you should do if you have a complaint

We are regulated by the Australian Securities and Investment Commission (ASIC) and are required by legislation to provide this FSG to each of our retail clients. We, however, have decided to provide our FSG to all of our clients, as we would like you to have a better understanding of who we are and how we do business.

About us

The financial services referred to in this FSG are offered by ACI Broking Services Pty Limited (ABN 29005960243). We are a wholly owned subsidiary of Australian Consolidated Insurance Limited (ABN 94113206554) which is a public company. You can contact us for assistance or to give us instructions;

In Person: Visit us at 69 Grantham Street, Wembley WA 6014
By Mail: Write to us at PO Box 157, Mt Hawthorn WA 6 915
By Phone: Call us on (08) 9287 0400
By Fax: Send us a fax to (08) 9287 0435
By Web: Visit our website at www.acibroking.com.au
By Email: Send us an email to compliance.manager@australianconsolidated.com.au

What financial services and products we can offer?

ACI Broking Services Pty Limited are authorised under the Corporations Act (Cth 2001) to advise on and deal in general insurance products, as a general insurance broker, to both wholesale and retail clients. We can arrange a wide-range of insurance products and these include, but are not limited to, the following:

Retail products

  • Motor Vehicle Insurance
  • Home Building Insurance
  • Home Contents Insurance
  • Travel Insurance
  • Accident & Illness Insurance

Other Products

  • Business Insurance
  • Industrial Special Risks Insurance
  • Public/Products Liability Insurance
  • Professional Risks Insurance
  • Workers Compensation Insurance

Who is responsible for the financial services provided?

ACI Broking Services Pty Limited is responsible for the financial services that will be provided to you or through you to your family members, by our representatives, including the distribution of this FSG. ACI Broking Services Pty Limited holds a current Australian Financial Services Licence (AFSL No. 246539).

The advice and documents we may give you

Statement of Advice

Whenever we recommend or offer to arrange a retail insurance product for you, we are required to provide you with a Statement of Advice (SOA) if we have given you any personal advice that takes into account your personal needs, objectives or financial situation (from information we have collected from you). The SOA will set out the basis on which our advice or recommendation is provided and will include information about the remuneration, fees, commissions and other benefits we receive, as well as any associations we have with Insurers or other parties that may have influenced the advice or recommendation given.

General Advice Warning

If we only provide you with general advice and/or recommend a retail product that does not take into account your personal needs, objectives or financial situation, then we will give you a General Advice Warning at that time.

Will the advice we provide be appropriate for you and your circumstances?

You will need to consider the appropriateness of any advice (personal or general advice) you receive from us, in relation to your personal needs, objectives and financial situation. We ask you to carefully read any warnings contained in our documents before making any decisions about an insurance policy.

Any insurance product that we recommend to you, whether it be a retail product or some other product, will be from our Approved Product List. We consider a number of factors, including policy coverage, pricing, security and claims handling service, when we select our preferred insurers and products. We will not have compared those products to other products available, other than from those insurers we regularly deal with.

Product Disclosure Statements

If we recommend or offer to arrange a retail insurance policy for you, we are also required to provide you with the relevant Product Disclosure Statement (PDS) unless you have already received the most recent PDS applicable to that product from the insurer. The PDS will contain information about the particular policy which will enable you to make an informed decision about purchasing that policy.

Other Intermediaries documentation

On some occasions we may recommend or offer to arrange an insurance policy for you, through an “underwriting agency” or a “wholesale broker”. We may be required to provide you with their FSG and/or SOA, in addition to our own FSG and/or SOA at that time.

The cooling off period

A cooling off period may apply to a retail insurance policy issued to you as a retail client whereby you may return the policy. Details of the cooling off period will be included in the relevant PDS.

How we and other related parties are remunerated

We may be paid in a number of ways, which vary according to the service you require and our arrangements with the relevant insurer.

If we provide you with a SOA, it will document any commission, fees, or other payments we receive (or pay to others) in relation to the policy that is the subject of that advice such as;

Payment by the Insurer

Unless we tell you otherwise, we are renumerated by commission from the relevant insurer whenever we arrange an insurance product for you (including renewal and some endorsements). The commission is a percentage of the insurer’s base premium (i.e. premium excluding stamp duty, fire services levy, GST or any other government charges, taxes, fees or levies). The rate ranges between 0% and 25% and some insurers will pay more commission than others for similar products. When we make a recommendation to you, you can ask us what commission rates we are paid for the recommended product compared to the other products we considered for you. The commission rate does not represent our profit margin as it also reimburses us for administrative expenses we incur in providing our services such as data entry, marketing and distribution.

If we arrange an insurance product (including renewals and some endorsements) for you through another intermediary acting as a “wholesale broker“, we may receive a commission and/or fee from the wholesale broker, instead of commission from the insurer. The most we will receive from the wholesale broker is 10% of the base premium (ie premium excluding stamp duty, fire services levy, GST or any other government charges, taxes, fees or levies).

Fees paid by you

We may also charge you a broker or administration fee, or a combination of these.

A credit card fee will apply to payment of insurance premiums via credit card. This fee will be detailed on the tax invoice and is non-refundable if the policy is subsequently cancelled.

Other forms of remuneration

Where you have been referred to us by someone else, we may pay the referrer a share of any commission/fees we receive (including premium funding commissions/fees) or an agreed referral fee in relation to that referral. This will not increase the amount you are required to pay for your insurance.

We can arrange premium funding on your behalf to enable you to pay your premium by instalments. We do not deal with all premium funders or consider all available products when we make recommendations to you about premium funding. If we arrange premium funding for you, the premium funder will charge you interest and possibly a fee for this service. We may also charge you a fee. The commission that we are paid by the premium funder is usually calculated as a percentage of your insurance premium (including government fees or charges), termed as “funded premium“. We may be paid a commission rate in the range of 0% to 3% of the 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 other funding arrangements that were available to you.

While any insurance premium is in our insurance broking account, investment income may be earned on the premium and will be retained by us for our benefit.

Our representatives receive an annual salary that may include a bonus based on performance.

Associations we have with Insurers or other parties which might influence us in providing you with service

ACI Broking Services Pty Limited has no influencing associations.

Our Privacy Policy

We maintain a record of your personal profile, including details of insurance policies that we arrange for you. We also maintain records of any recommendations or advice given to you. We will retain a copy of this FSG and any other FSG, as well as any SOA that we give to you, for up to seven (7) years. If you wish to view your file please ask us and we will make arrangements for you to do so.

“Our client’s security is our priority” and we are committed to implementing and promoting a Privacy Policy which safeguards the privacy of your personal information. A copy of our privacy policy is available on request.

What you should do if you have a complaint

Stage 1 – Internal Review

If you are dissatisfied with a product or service, please contact us and advise us of your concern or complaint. We will do our best to resolve the matter quickly and fairly.

If your complaint is not resolved to your satisfaction, you can contact our Compliance Manager who will acknowledge your complaint in writing and endeavour to resolve the matter within 20 working days. Our contact details are noted in the Contact Us section.

Stage 2 – External Advice

ACI Broking Services Pty Limited is a member of the Financial Ombudsman Service (FOS), which is a dispute resolution scheme authorised to deal with complaints in relation to insurance advices.

If you are not satisfied with our internal review, you are recommended to lodge a complaint to the FOS:

Financial Ombudsman Service
GPO Box 3
Melbourne VIC 3001
Toll Free: 1300 780 808
Facsimile: (03) 9613 6399
Website: www.fos.org.au

Any other questions?

If you have any further questions about the financial services ACI Broking Services Pty Limited provides, please contact us.