Financial Services Guide (FSG)
The financial services referred to in this Financial Services Guide (FSG) are offered by:
Perryman O’Grady Philpott Pty Ltd ACN 007 767 455
trading as Perrymans, ABN 35 007 767 455, AFS Licence No. 240525
PO Box 596, KENT TOWN SA 5071, 28 Magill Road, NORWOOD SA 5067
T: 08 8362 7127 | F: 08 8362 3131 | E: email@example.com | W: www.perrymans.com
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 others are paid.
- any potential conflict of interest we may have.
- our internal and external dispute resolution procedures and how you can access them.
- arrangements we have in place to compensate clients for losses.
LACK OF INDEPENDENCE
Why we are not independent, impartial, or unbiased in relation to the provision of personal advice and the impact of this on you
Perrymans are not independent, impartial, or unbiased pursuant to section 923A of the Corporations Act because we may receive commission when we provide personal advice to you in relation to insurance products and other financial products.
Further information about these benefits and relationships is set out in this Financial Services Guide. If you have any questions about this information, please ask us.
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 include the advice that we have given you, the basis of the advice and other information on our remuneration and any relevant associations or interests. 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.
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. The PDS will contain information about the particular policy which will enable you to make an informed decision about purchasing that product.
From when does this FSG apply?
This FSG applies from 1 July 2021 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 I instruct you?
You can contact us to give us instructions by post, phone or email on the contact number or details mentioned on page 1 of this FSG.
Who is responsible for the financial services provided?
Perrymans are responsible for the financial services that will be provided to you, or through you to your family members, including the distribution of this FSG.
We hold a current Australian Financial Services Licensee no: 240525. Our contact details are on the front of this FSG.
What kinds of financial services are you authorised to provide to me and what kinds of financial product/s do those services relate to?
Perrymans are 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.
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, 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.
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.
Where we provide you with advice about your insurance arrangements, that advice is current at the time that we give it. We will review your insurance arrangements when you inform us about changes in your circumstances or upon renewal of your insurances.
Contractual Liability and your insurance cover
Many commercial or business contracts contain clauses dealing with your liability (including indemnities or hold harmless clauses). Such clauses may entitle your insurers to reduce cover, or in some cases, refuse to indemnify you at all. You should seek legal advice before signing and accepting contracts. You should inform us of any clauses of this nature before you enter into them.
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 for you. We may 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 for the period required by law.
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?
For each insurance product the insurer will charge a premium that includes any relevant taxes, charges and levies. We often receive a payment based on a percentage of this premium (excluding relevant taxes, charges and levies) called commission, which is paid to us by the insurers. However, in some cases 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 advised credit terms.
If there is a refund or reduction of your premium as a result of a cancellation or alteration to a policy, or based on a term of your policy (such as a premium adjustment provision), we will retain any fee we have charged you. We will also retain commission depending on our arrangements with the insurer, or charge you a cancellation fee equal to the reduction in our commission.
When you pay us your premium it will be banked into our trust account. We retain the commission from the premium you pay us and remit the balance to the insurer in accordance with our arrangements with the insurer. We will earn interest on the premium while it is in our trust account, or we may invest the premium and earn a return. We will retain any interest or return on investment earned on the premium.
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. Our commission varies between 0% and 26.5%.
P = the amount you pay for any insurance policy (less any government fees or charges included in that amount). We have a set of standard broker fees.
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 SOA you receive.
Our employees that will assist you with your insurance needs will be paid a market salary. Our employees do not receive any benefit directly from the sale of a product to you. Our employees may receive bonuses payable based on the overall performance of our business.
If we give you personal advice, we will inform you of 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 below for information on the Steadfast association and commission.
Do you have any relationships or associations with the insurers who issue the insurance policies or any other material relationships?
Perrymans are a Steadfast Group Limited (Steadfast) Network Broker. As a Steadfast Network Broker we have access to services including model operating and compliance tools, procedures, manuals and training, legal, technical, HR, contractual liability advice and assistance, group insurance arrangements, product comparison and placement support, claims support, group purchasing arrangements and broker support services. These services are either funded by Steadfast, subsidised by Steadfast, or available exclusively to Steadfast Network Brokers for a fee.
Steadfast has arrangements with some insurers and premium funders (Partners) under which the Partners pay Steadfast a fee to access strategic and technological support and the Steadfast Broker Network. Steadfast is also a shareholder of some Partners.
You can obtain a copy of Steadfast’s FSG at www.steadfast.com.au
If we arrange premium funding for you, we may be paid a commission by the premium funder. 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% to 1.5% 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 the other arrangements that were available to you.
If you pay by credit or debit card we will charge you a non-refundable processing fee, which will be advised at the time of payment. This fee covers the cost of bank charges associated with such facilities.
What should I do if I have a complaint?
Contact us and tell us about your complaint. We will do our best to resolve it quickly.
If your complaint is not satisfactorily resolved within 14 days, please contact our Complaints Officer on the contact details noted at the beginning of this FSG or put your complaint in writing and send it to the address noted at the beginning of this FSG. We will try and resolve your complaint quickly and fairly.
We are a member of the Australian Financial Complaints Authority (AFCA). If your complaint cannot be resolved to your satisfaction by us, you have the right to refer the matter to the AFCA. AFCA provides fair and independent financial services complaint resolution that is free to customers. The AFCA can be contacted at:
Mailing address – Australian Financial Complaints Authority, GPO Box 3, Melbourne, VIC 3001 Ph – 1800 931 678
What arrangements do you have in place to compensate clients for losses?
We have a professional indemnity insurance policy (PI policy) in place. Our PI policy will cover us for claims relating to the conduct of representatives who no longer work for us. This policy satisfies the requirements for compensation arrangements under section 912B of the Corporations Act.
What do 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 as they occur so that we can review your insurance needs accordingly. Of course we also ask you to pay our invoices on time and complete all proposal forms honestly, accurately and return them to us by the required date.
How do we look after your insurance needs?
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
- Seeking competitive premium quotations
- Arranging and renewing insurance contracts on your behalf
- Assisting with making insurance claims
Contact us as soon as possible if you need cover for a risk or property that is not insured. If you need immediate cover, we can usually obtain an interim contract of insurance (which is generally valid for a month or less). To arrange this, we will need all details requested in respect of the property or risk together with any information which you need to disclose to the insurer. We will then send you a proposal for completion. You will need to complete and sign this and return it to us together with payment as soon as possible and before the interim cover expires. We will send the original insurance contract documents as soon as they are issued correctly by your insurer. As these are legal documents, you should keep them in a safe place.
Retail Insurance – We will give you at least 14 days notice of expiry of any insurance contract which we arranged or last renewed for you. Unless you tell us otherwise, if we are able to source cover we will automatically renew your retail insurances to ensure you continue to be covered and send you our documentation detailing the cover and the cost of renewal. If there is a change to your circumstances, please notify us as soon as possible. This will allow us to assess the appropriateness of your personal insurances and whether you require further advice from us.
Commercial (Wholesale) Insurance – Prior to your renewal we may forward a request for specific pre renewal information. Without this information we may be unable to provide you with your offer to renew and if this is the case we will provide you with advice in writing confirming the cessation of cover. In the event you do not return the information or the information is incomplete and the insurer still offers renewal, we will forward the renewal for your consideration. In these circumstances in offering the renewal you acknowledge and accept that the renewal may not be appropriate for your needs.
In some circumstances we may be able to arrange for the insurer to cover you temporarily before payment is received, but we cannot guarantee this.
If you arranged or renewed insurance directly with an insurer or through another broker, we will not be responsible for notifying you of expiry or arranging renewal unless you ask us to do so.
Variations / Amendments
You should carefully monitor and review that your insurance contract is adequate to cover your assets or business activities. If you want to vary any cover, eg by increasing the sum insured or adding other property, please provide us with details of the changes you require and any other information you need to disclose to the insurer. We will arrange the variation with the insurer and provide you with written confirmation.
Should an amendment to your policy result in a premium credit, we will refund the net premium we receive from your insurer. We will not refund our original commission for arranging the insurance.
We will receive your claims notifications, assist and advise you regarding the scope of cover and pass the information to the insurer. If a loss adjustor is appointed we shall, with your permission, pass on your contact details and co-ordinate meetings. In the case of a major loss, we can attend the initial meeting with the loss adjustor if you wish us to. We will also be available to assist in ongoing negotiations in respect of your claim. We will promptly forward to you all claims documentation, insurance company settlement cheques and other information.
If any claims are outstanding when you terminate our appointment as your insurance broker, we will either negotiate settlement on your behalf subject to a claim service fee (to be agreed) or, provide details of the claim(s) to your new insurance broker so that they may continue to negotiate settlement on your behalf.
If a contract of insurance is cancelled before the expiry of the period of insurance, we will refund the net premium we receive from your insurer. We will not refund our fees or commission for arranging the insurance.
We cannot cancel a contract of insurance without written instructions from a person(s) who is authorised to represent each of the parties who are named insureds in the contract of insurance. We cannot cancel any contract of insurance which is subject to the Marine Insurance Act 1909. You can provide us with instructions by email or in writing.
Minimum and Deposit Premiums and Cancellation
Some insurance contracts include a minimum and deposit premium, a percentage cancellation fee or penalty, or a non- cancellation clause which may impact on the amount of return premium that you receive. This information should be contained in the Policy Schedule or Product Disclosure Statement.
Premium Funding and Cancellation
Whilst an associated service, the agreement/contract is between you and the premium funder (for the purpose of funding insurance premiums). In the event that you fund insurance policies that have a minimum and deposit premium, a percentage cancellation fee or penalty, or a non-cancellation clause, there may be a short-fall in the amount refunded to you by the insurer/s and the residual amount payable to the premium funder in respect of the contract.
What happens if our services are terminated?
If our services as your broker are terminated by you and you require assistance, information and documentation thereafter, we will charge an hourly rate for any such services at a pre-agreed rate.
Electronic delivery of disclosure notices
Please note that where possible we prefer to provide all correspondence and disclosure notices (including Financial Services Guides and Product Disclosure Statements) to you electronically, via email or links to websites etc. If you have provided your email address to us we will typically use that email address for all correspondence and disclosure notices. Should you not wish to be sent correspondence and disclosure documents electronically please advise us and we will update our records accordingly.
To ensure that we provide you with appropriate products and services, you agree to us calling you to discuss any new products and services. If you do not wish to receive such calls please advise us and we will place you on our Do Not Call Register.
Contact us for further information or enquiries.
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