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The financial services referred to in this Financial Services Guide (FSG) are offered by:
Ballyglisheen Pty Ltd T/as Steel Pacific Insurance Brokers and Heavy Motor & Machinery Insurance Solutions (HMIS)
AFS Licence: 230634
ABN: 47 078 780 353
This FSG sets out the services that we can 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 you.
- how we and our associates are paid.
- any potential conflict of interest we may have.
- our internal and external dispute resolution procedures and how you can access them.
Statement of advice
You will receive a statement of advice (SOA) whenever we provide you with advice which takes into account your objectives, financial situation and needs. The SOA will contain the advice, which will enable you to make an informed decision about your insurance needs.
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 polices we have not compared those policies to other policies available, other than from those insurers we deal with regularly.
Product disclosure statement
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 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.
From when does this FSG apply?
This FSG applies from Dec 04 2005 and remains valid unless a further FSG is issued to replace it. We may give you a supplementary FSG. It will not replace this FSG but will cover services not covered by this FSG.
How can you instruct us?
You can contact us to give us instructions by post, phone, fax or email on the contact number or details mentioned on page 1 of this FSG.
Who is responsible for the financial services provided?
Ballyglisheen Pty Ltd T/as Steel Pacific Insurance Brokers and HMIS is responsible for the financial services that will be provided to you, or through you to your family members, including the distribution of this FSG.
Steel Pacific Insurance Brokers holds a current Australian Financial Services Licensee no: 230634. The contact details for Steel Pacific Insurance Brokers are on the front of this FSG.
Do we have any relationships or associations with the insurers who issue the insurance policies or any other material relationships?
Ballyglisheen Pty Ltd is a shareholder of Steadfast Group Limited (Steadfast). Steadfast has exclusive arrangements with some insurers under which Steadfast will receive between 0.5 - 1% commission for each policy arranged by us with those insurers. This is used to operate Steadfast. Depending on the operating costs of Steadfast and the amount of total premium we place with the participating insurers in any financial year, we may receive a proportion of that commission for all products arranged with the participating insurers in each financial year, at the end of each financial year.
What kinds of financial services are you authorised to provide to me and what kinds of financial product/s do those services relate to?
Ballyglisheen Pty Ltd is authorised to carry on a financial services business to provide advice and deal in general insurance products to wholesale and/or retail clients. We will do this for you as your broker unless we tell you otherwise.
What kinds of financial services are you not authorised to provide to me?
Ballyglisheen Pty Ltd are not licenced to provide advice on the following financial services:
- Investment Planning
- Superannuation and rollovers
- Life Insurance products
- Retirement and estate planning (including information on Centrelink Benefits).
Although we are not licenced to provide advice on the above financial services we do have a strategic alliance with AON Financial Planning & Protection Ltd who can provide those services. We will be paid referral commission for all business you transact with them.
Will I receive tailored advice?
Maybe not in all cases. However, we may need information about your personal objectives, details of your current financial situation and any relevant information, so that we can arrange insurance policies for you, issue insurance policies to you or to give you advice about your insurance needs. We will ask you for the details that we need to know.
In some cases we will not ask for any of this information. If we do not ask, or if you do not give us all of the information we ask for, any advice you receive may not be appropriate to your needs, objectives and financial situation.
You should read the warnings contained in any SOA, or any other warnings that we give you, carefully before making any decision about an insurance policy.
What information do you maintain in my file and can I examine my file?
We maintain a record of your personal profile, including details of insurance policies that we arrange or issue for you. We also maintain records of any recommendations or advice given 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.
We are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information. A copy of our privacy policy is available on request. A copy is also available on our websites, www.steelpacific.com.au and www.hmis.com.au.
If you wish to look at your file please ask us. We will make arrangements for you to do so.
How will I pay for the services provided?
We often receive a payment called commission, which is paid to us by the insurers. However, we may also charge you a fee. These will all be shown on the invoice that we send you. You can choose to pay by any of the payment methods set out in the invoice. You are required to pay us within the time set out on the invoice.
How are any commissions, fees or other benefits calculated for providing the financial services?
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. This percentage will be between 0 and 25% depending on the product issuer and the type of general insurance product provided.
P = the amount you pay for any insurance policy (less any government fees or charges included in that amount).
Any fees that we charge you will be determined on a case by case basis with the amount of commission received, if any, considered in determining the fee.
We do not often pay any commissions, fees or benefits to others who refer you to us or refer us to an insurer. If we do, we will pay commissions to those people out of our commission or fees (not in addition to those amounts), in the range of 20 to 50% of our commission.
Our employees that will assist you with your insurance needs will be paid a market salary and may receive a bonus for achieving certain targets.
If we give you a SOA, we will list in that document any fees, commission or other payments we, our associates or anyone referring you to us (or us to any insurer) will receive in relation to the policies that are the subject of the advice.
See above for information on the Steadfast association and commission.
What should I do if I have a complaint?
1. Contact us and tell us about your complaint. We will do our best to resolve it quickly.
2. If your complaint is not satisfactorily resolved within 14 days, please contact the Complaints Officer on 1800 629 701 or put your complaint in writing and send it to Complaints Officer at the address noted at the beginning of this FSG. We will try and resolve your complaint quickly and fairly.
3. Ballyglisheen Pty Ltd is a member of the Insurance Brokers Disputes Limited (IBDL). If your complaint cannot be resolved to your satisfaction by us you have the right to refer the matter to IBDL. IBDL can be contacted on 1800 064 169.
Any questions?
If you have any further questions about the financial services Steel Pacific Insurance Brokers or HMIS provides, please contact us.
Please retain this document for your reference and any future dealings with Steel Pacific Insurance Brokers.
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