The financial services in this financial services guide (FSG) are offered by:
Insurance Brokers Australia Pty Ltd (IBA) AFS: 309265; ABN: 58 123 301 806
Location: Pegasus Centre, Suite 29, Level 1, 42 Bundall Road, Bundall QLD Australia 4217
Postal: PO Box 5695, Gold Coast; 9726
Telephone: (07) 55 046 888 – 1300 674771
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.
Frequently Asked Questions
From when does this FSG apply?
How Can you instruct us?
Who is responsible for the financial services provided?
Do we have any material relationships or associations with the Insurers who issue the insurance policies, or any other material relationships?
Steadfast has exclusive arrangements with many insurers under which Steadfast will receive between 0.5 – 1% marketing and administration fee for each product arranged by our Shareholders with those insurers. These payments are used to operate Steadfast.Steadfast also has exclusive arrangements with some premium funders under which Steadfast will receive 0.5% marketing and administration fee for each amount funded by our Shareholders with those premium funders. These payments are also used to operate Steadfast
Depending on the operating costs of Steadfast (including the costs of services provided by Steadfast to our Shareholders) and the amounts of total business Steadfast Shareholders place with participating insurers and premium funders in any financial year, Shareholders may receive a proportion of that marketing and administration fee at the end of each financial year.As a Shareholder of Steadfast, we have access to shareholder 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 Shareholders for a fee.Steadfastis also a shareholder of Miramar Underwriting Agency Pty Ltd (Miramar). As a shareholder,Steadfastmay receive dividends from Miramar. These amounts will contribute towards the running costs Steadfast.
Steadfastis also a shareholder of the Macquarie Premium Funding Pty Ltd (Macquarie). As a shareholder, Steadfast may receive dividends from Macquarie. These amounts will contribute towards the running costs of Steadfast.
You can obtain a copy ofSteadfast’sFSG atwww.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 charges). 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 – 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 other arrangements that were available to you.
What kinds of financial services are you authorized to provide to me and what kinds of financial products do those services relate to?
Insurance Brokers Australia Pty Ltd is authorised to advise 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.
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.
The insurer that has given us that binder would be shown on your Tax Invoice. We will only advise on, or arrange policies with the insurers in attachment 1, unless we tell you otherwise. If we do, we will give you another or supplementary FSG.
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 will 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.
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 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.
Before you make any decisions about whether to organize any policy, we recommend you should obtain and read the Product Disclosure Statement (PDS) of the policy.
What information do you obtain 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. 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.
If you wish to look at your file please ask us. We will make arrangements for you to do so.
What if I cancel my policy?
You may cancel your policy at any time by notifying us in writing. You are then refunded a proportion of the premium for the unexpired period of insurance excluding fees and commissions paid.
We are entitled to retain premium for the period during which the policy has been in force including fees and commissions.
If you have a total loss or your claim is settled by paying the full sum insured, the policy will come to an end and no refund of premium will be due to you.
What should I do if I have a complaint?
Insurance Brokers Australia Pty Ltd is a member of the Financial Ombudsman Service (FOS). If your complaint cannot be resolved to your satisfaction by us you have the right to refer the matter to FOS. FOS can be contacted on 1300 780 808 (FOS.ORG.AU)
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. Insurers may remit a commission between 0% and 22.5%
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 on the basis of staff and professional input and management and commission rebate by the arranged Insurer, at the Insurer’s determined rate.
We do not 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 remuneration fees (not in addition to those amounts) and advise you of that amount of commission or fees.
Our employee that will assist you with your insurance needs will be paid a market salary.
If we give you a SOA, we will list in that document any fees, remuneration or other payments we will receive in relation to the policies that are the subject of the advice.
If you have any further questions about the financial services Insurance Brokers Australia Pty Ltd provides, please contact us.
Please retain this document for your reference and any future dealings with Insurance Brokers Australia Pty Ltd