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FINANCIAL SERVICES GUIDE
Australian Financial Services Licence No: 239 292
THE PURPOSE OF THIS GUIDE
This Financial Services Guide (FSG) is designed to assist you in deciding whether to use our services as a general insurance broker and contains important information about:
WHO IS RESPONSIBLE FOR THE FINANCIAL SERVICES PROVIDED
Andrew Young & Associates hold a current Australian Financial Services Licence No: 239292 to provide general insurance broking services. We are authorised to advise and deal in the full spectrum of general insurance products.
We are responsible for the financial services provided to you, or through you to your family members, including the distribution of this FSG.
We are highly committed to meeting stringent requirements in areas such as: staff training, organisational competence, management expertise, financial control and compliance disciplines. We also have an ongoing requirement to maintain and enhance our professionalism to ensure that you receive fair and honest Financial Services from us.
WHO DO WE ACT FOR
As a general insurance broker we normally act on your behalf and in your interests in all matters. We provide advice about an insurance policy, obtain quotes from insurers for you and act on your behalf when we arrange or renew an insurance policy.
In some situations however, it may be more appropriate for us to access insurance arrangements or manage claims where we act as the agent of the insurer. If and when this situation arises we will clearly explain and highlight this to you.
HOW TO CONTACT US
You are able to contact us by phone, in writing, by fax, email or in person.
Suite1, Level 1 / 337A
PO BOX 2021
PHONE: (03) 9429 7777
We offer a wide range of services to assist you to protect your assets and guard against unexpected liabilities including:
We can advise and arrange an extensive variety of insurances on your behalf including: Home Building and Contents, Private and Commercial Motor, Farm, Business Packages, Special Risks, Construction, Public and Products Liability, Industrial and Professional Indemnity Covers, just to name a few.
Under the Financial Services Reform Act (The Act) Retail Clients are provided with additional levels of protection from other insurance purchasers.
The Act defines Retail Clients as:
Individuals or a small manufacturing business employing less than 100 people or any other business employing less than 20 people.
And that are being provided a financial service or product that relates to the following insurance covers:
Motor Vehicle, Home Building, Contents, Personal and Domestic, Sickness and 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 whether you are covered by the additional protection provided.
RETAIL CLIENT ISSUES
If you are a Retail Client and obtain personal advice, that is, advice that takes into account your particular circumstances, we will give you a Statement of Advice which sets out the advice provided as well as the basis on which the advice is made.
If recommendations about the purchase of a particular financial product are made, we will also give you a Product Disclosure Statement at that time, which sets out details specific to that product.
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.
This should include information about your situation, needs and objectives. You should also tell us about any relevant changes as they occur so that we can review your insurance needs accordingly. If we do not have your complete information, we will be unable to properly review your circumstances, limiting our ability to give you the right advice. In such cases you should assess the appropriateness of our advice to your needs before acting on it.
Of course we also ask you to pay our invoices on time and complete all proposal forms honestly, accurately and most importantly return them to us by the required date.
DUTY OF DISCLOSURE
You and everyone who is listed on the insurance policy as an insured party must comply with the duty of disclosure. Make sure you explain the duty to any other "insured" you may apply on behalf of.
You are required to tell the insurer certain matters which will help it decide whether to insure you and, if so, on what terms.
This requirement is applicable when you first apply for your policy and on any renewal, variation, extension or replacement of the policy.
The extent and details of your obligations under the Duty of Disclosure can vary according to the type of policy.
If we act on behalf of the insurer, you need to refer to the policy or proposal which will set out your obligations to disclose information.
If we act on your behalf, to assist us in protecting your interests, it is important that you tell us every matter:
that is relevant to the insurer's decision whether to insure you and, if so, on what terms.
We will then assist you in determining what needs to be disclosed to the insurer in order to meet your duty.
When you answer any questions asked by the insurer, you must give honest and complete answers and tell the insurer, in answer to each question, about every matter that is known to you and which a reasonable person in the circumstances could be expected to have told the insurer.
Examples of matters that should be disclosed are:
If you (or anyone who is an insured under the policy) do not meet specified obligations to disclose information, the insurer may cancel the policy and/or reduce the amount it pays in the event of a claim . If the failure to comply with the duty is fraudulent the insurer may treat the policy as if it never existed and pay nothing.
PRIVACY - PERSONAL INFORMATION
The Federal Privacy Act 2000 sets out the standards for the collection and management of personal information. With your consent, we will only use your personal information in relation to general insurance services. Further information on this is available upon request and you can check the information we hold about you at any time. We are committed to protecting your privacy.
We will try and take the pain out of the claims process by assisting and advising you in regard to the scope of cover and explaining how the claims process works.
We will promptly forward to you all claims documentation, insurance company settlement cheques and other information.
OUR SOURCES OF INCOME
We have the following sources of income:
When we place insurance for you, we usually receive payment from the insurer. The amount payable varies between 0% and 25% of the base premium you pay (ie. premium excluding stamp duty, fire services levy if applicable, GST or any other Government charges, taxes, fees or levies) . This is known as the commission. These payments do not increase the amount you are required to pay for your policy.
Full details on commission will be included in any Statement of Advice we send you. We have a set of standard Broker Fees that we charge you for administration and the cost of services that are not covered by the commissions received from insurers.
Activities that such fees cover include:
All fees payable for our services will be advised to you at the time of providing the advice or service.
HOW OUR REPRESENTATIVES ARE PAID
Our representatives and staff receive an annual salary that may include bonuses based on performance criteria established by us.
Any such bonuses are not directly nor solely linked to the sale of Financial Services. Our focus is to ensure that the staff concentrates on your needs first in all dealings with you. If a person has referred you to us, we may pay them a part of any fees or commission received. This will be disclosed in any Statement of Advice you receive.
COOLING OFF PROVISIONS
All retail and wholesale products are subject to a ‘cooling off period’. This means that if you are not happy with the product, you usually have 14 days to withdraw from the contract and return the policy. Details of your cooling off rights will be included in the Product Disclosure Statement for that particular policy.
Clients who are not fully satisfied with a product or service provided, should contact our complaints officer by phone or email (see ‘contact us’ page), who will try and resolve the matter within 20 working days.
If you remain dissatisfied, you have the right to refer your complaint to the Financial Ombudsman Service Limited (FOS), an external free consumer facility that we subscribe to for handling complaints against insurance brokers.
Further information is available from our office, or contact FOS directly on 1300 780 808 located at Level 12, 717 Bourke Street Melbourne (GPO Box 3 Melbourne Vic 3000) or visit www.fos.org.au
We also adopt the General Insurance Brokers Code of Practice.
WHAT ARRANGEMENTS DO WE HAVE IN PLACE TO COMPENSATE CLIENTS FOR LOSSES?
AY&A has a professional indemnity insurance policy (P.I. policy) in place.
Our PI policy covers us and our 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.
Important & Exciting Changes
Andrew Young & Associates (AYA)
will be joining
As of Monday 2nd of May 2016
Our new location & contact details will be:
Suite 13, 317 Whitehorse Road. Nunawading Vic 3131
Our office phone numbers will change to:
Tel (03) 9842 9333
National 1300 500 700
Facsimile (03) 9842 9912