Financial Services Guide
|Cyber Data Risk Managers Pty LtdACN: 161 961 422Authorised Representative No. 438443||119 Willoughby Road, Crows Nest NSW 2065 Tel: (02) 8987 1913|
FINANCIAL SERVICES GUIDE
THE PURPOSE OF THIS GUIDE
This Financial Services Guide (FSG) (effective as at 1st October 2013) is designed to assist you in deciding whether to use any of our services and contains important information about:
- The services we offer you
- How we and others are paid
- Any potential conflicts of interest we may have
- Arrangements that are in place to compensate for losses
- What to do in the event of a complaint
RESPONSIBILITY FOR SERVICES PROVIDED
We are an Authorised Representative (AR) of PSC Connect P/L (PSC), who hold an Australian Financial Services Licence (AFSL) 344648, ABN 23 141 574 914 and we are authorised by them to advise and deal in the full spectrum of general insurance products. PSC are responsible for the financial services provided to you, or through you to your family members, including the distribution of this FSG.
We will provide you with further information whenever we provide you with advice which takes into account your objectives, financial situation and needs. This information may be contained in a Statement of Advice (SOA)
When you ask us to recommend an insurance policy for you, we will usually only consider the policies offered by the insurers or insurance providers that we deal with regularly. In giving you advice about the costs and terms of recommended policies we have not compared those policies to other policies available other than from those insurers we deal with regularly.
WHO DO WE ACT FOR
We usually act on your behalf and in your interests in all matters. Sometimes, it may be more appropriate for us to access insurance or manage claims where we act as an agent of the insurer. If and when this situation arises we will explain and highlight this to you.
OUR SERVICES AND PRODUCTS
We offer a range of services to assist you to protect your assets and guard against unexpected liabilities including reviewing and advising on your insurance needs, identifying risk factors to avoid claims and seeking competitive premium quotations.
If we offer to arrange the issue of an insurance policy to you, we will also provide you with a Products Disclosure Statement (PDS) which will contain information about the particular policy to enable you to make an informed decision about purchasing that policy.
Under the Corporations Act 2001 (The Act) Retail Clients are provided with additional protection from other clients. The Act defines Retail Clients as: Individuals or a manufacturing business employing less than 100 people or any other business employing less than 20 people and that are purchasing the following types of insurance covers: Motor vehicle, home building, contents, personal and domestic property, sickness/accident/travel, consumer credit and other classes as prescribed by regulations. Some of the information in this FSG only applies to Retail Clients and it is important that you understand if you are covered by the additional protection provided.
Typically we only provide General Advice to our Retail Clients. General Advice does not take into account your particular needs and requirements and you should consider the appropriateness of this advice to your circumstances prior to acting upon it. We will provide you with a General Advice Warning in such cases.
If you are a new Retail Client purchasing Personal Accident or Sickness insurance and obtain Personal Advice, that is, advice that takes into account your particular circumstances, we will give you a SOA, that sets out the advice provided and the basis on which the advice is made and our remuneration should you purchase the product.
We may maintain a record of your personal profile, including details of insurance policies that we arrange or issue for you. We may also maintain records of any recommendations or advice give to you. We will retain this FSG and any other FSG given to you as well as any SOA or PDS that we give or pass on to you for the period required by law.
WHAT WE EXPECT FROM YOU
To enable us to provide the right advice we need you to provide us with complete information about the risk(s) that you face and those that you want to be insured for. You should also tell us about any relevant changes so we may review your insurance accordingly.
PSC hold a Professional Indemnity Policy which also provides coverage for us. This policy is designed to pay claims by Third Parties (including our clients) arising out of our Professional Negligence. The policy extends to cover PSC for work done by us after we cease to work for PSC and satisfies the requirements for compensation arrangements under Section 912B of The Act.
PSC’S SOURCES OF INCOME
PSC earns between 0% and 30% of the base premium you pay. We also have a set of standard non refundable Broker Fees that they charge you for services such as:
- Market research on products available.
- Assessing the claims paying ability of insurers.
- Sourcing alternative quotations and coverage.
- Risk analysis and portfolio co-ordination.
All fees payable for services will be advised to you at or before the time of providing the advice or service.
PSC is a Steadfast Group Limited (STEADFAST) Network Broker. Steadfast has exclusive arrangements with some insurers and funders (Partners) under which they receive between 0.5 – 1.5% commissions on the premium placed by us with those Partners. Steadfast is also a shareholder of some partners.
As an authorised representative of a Steadfast Network Broker we have access to member services including operating and compliance tools, advice and assistance from professional bodies, group insurance arrangements, product comparison and placement support, claims support and purchasing arrangements. These member services are either funded or subsidised by Steadfast or available exclusively to Steadfast Network brokers for a fee.
PSC is part of the PSC Insurance Group which provides financial services including underwriting agencies which operate independently from PSC.
HOW WILL YOU PAY FOR THE SERVICES PROVIDED
Payment for the services we provide you are payable directly to PSC. For each insurance product, the Insurer will charge a premium that includes any relevant taxes, charges and levies. In some case you will also be a charged a fee which will be shown on the invoice sent to you. You can choose to pay for our services by any of the payment methods set out on the invoice. You are r