Financial Services Guide
The financial services referred to in this Financial Services Guide (FSG) are offered by:
Bendigo Insurance Brokers Pty Ltd ABN 46 005 874 902 Australian Financial Services Licence No 257989 41-43 Bull Street BENDIGO VIC 3550
Phone: 03 5440 6800
The 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 conflicts of interest we may have. • Our internal and external dispute resolution procedures, and how you can access them.
This FSG applies from 17 August 2017 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.
Statement of Advice
If we provide you with personal financial product advice (rather than general financial product advice), you are also entitled to receive a Statement of Advice (SOA). Personal financial product advice will take into account one or more of your objectives, your financial situation and needs. The SOA will contain the advice, the basis on which it is given and information about fees, commissions and any associations with product issuers or other parties or any potential conflicts of interest that may have influenced the advice.
When you ask us to recommend an insurance policy for you, we will usually only consider the policies offered by the insurers that we deal with regularly. In doing so our recommendation is limited to those products and Insurers with whom we regularly deal.
Product Disclosure Statement
If you choose to apply for or acquire a particular financial product we will also provide you with a Product Disclosure Statement (PDS) on behalf of the issuer. The PDS contains information to assist you in making an informed decision about the particular product including its features, benefits, fees and risk associated with that product.
Responsibility for the financial services provided
Bendigo Insurance Brokers Pty Ltd (Bendigo) is responsible for the financial services that will be provided to you. Bendigo Insurance Brokers holds an Australian Financial Services Licence Number 257989.
Relationships and associations we have
Bendigo Insurance Brokers is a shareholder of Steadfast Group Limited (Steadfast). Steadfast has exclusive arrangements with some insurers under which Steadfast will receive between 0.5 – 2% commission for each product arranged by us with those insurers. These payments are used to operate Steadfast. Depending on the operating costs of Steadfast (including the costs of member services provided by Steadfast to us and other Steadfast shareholders) and the amount of total business we place with the participating insurers in any financial year, we may receive a proportion of that commission at the end of each financial year. As a shareholder of Steadfast we have access to member services including model operating and compliance tools, procedures, manuals and training, legal, technical, banking and recruitment advice and assistance, group insurance arrangements. These member services are either funded by Steadfast, subsidised by Steadfast or available exclusively to shareholders for a fee. You can obtain a copy of Steadfast’s FSG at www.steadfast.com.au
Bendigo Insurance Brokers has a relationship with Attvest Finance, Premium Funding and Macquarie Pacific Funding where it directs premium funding business in return for commission and/or fees related to the amount funded.
Bendigo Insurance Brokers has entered into an agreement with Bendigo Underwriting Agency Pty Ltd to provide new products and services to clients of Bendigo Insurance Brokers which will be underwritten by The Hollard Insurance Company Pty Ltd.
The shareholders of Bendigo Underwriting Agency Pty Ltd are either Directors and/or employees of Bendigo Insurance Brokers. As shareholders, they may from time to time expect to receive a share in the company’s profit based on a profit share formula after deduction of claims and expenses. The % of profit payable may vary and is not guaranteed.
Bendigo Insurance has entered into an agreement with QBE Insurance (Australia) Ltd, CGU Insurance Ltd & other insurers which could result in us receiving a potential profit share. The % of profit payable may vary and is not guaranteed. Subsequently we may earn additional income above the level of our standard commission although this is not guaranteed.
We only recommend products where we feel they are appropriate to our clients needs. Irrespective of any of the before-mentioned agreements we are maintaining our relationship with all our supporting Insurers and would always seek to place business in the best interest of our clients. Bendigo Insurance Brokers has not entered into any agreements that are based wholly on the volume of business.
Financial Services we are authorised to provide to you
Bendigo Insurance Brokers is authorised to provide financial product advice about general insurance products, to issue, acquire, apply for, vary, and dispose of general insurance products and to act for retail and wholesale clients. We will do this either for you, as your broker or as an agent for the insurer in which case we will act under a binder from the Insurer. When we act under a binder we will represent and act for the insurer, not for you. We will tell you when we act under a binder to arrange your insurance or advise you about your insurance needs.
Personal information we maintain
How will I pay for the services provided?
We often retain commission, which is paid to us by the insurers.
However, in some cases we will also charge you a fee. The fee will be shown on any invoice that we send you. You are required to pay us within the time set out on the invoice.
How Bendigo Insurance Brokers Pty Ltd, our staff and other parties are remunerated
For each insurance product, the insurer will charge a premium that includes any relevant taxes, charges and levies. We often receive payment based on a percentage of this premium (excluding relevant taxes, charges and levies) called commission, which is paid to us by the insurers. Some insurers pay us more than others. The rate of commission can vary between 0% – 35%. In some cases we will also charge you a fee and this will be shown on the invoice that we send you. If there is a refund of premium owed to you as a result of cancellation or alteration to a policy, we will retain any fee we have charged you. We may also retain commission depending on our arrangements with the insurer.
We do not generally pay any commissions, fees or benefits to others who refer you to us. If we do, we will pay commissions to those people from our earnings (not in addition to those earnings), of up to 50% of our earnings. Our employees receive an annual salary as remuneration for the work they do.
Interest on Premiums collected
When you pay us your premium it will be banked into our trust account. We retain the commission from the premium as 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.
If we arrange premium funding for you, we may earn a commission from the premium funder. This is usually calculated as a percentage of the premium (including government charges, levies and taxes) and may be between 0 to 3%.
Should a complaint arise?
Contact us and tell us about your complaint. We will do our best to resolve it quickly and fairly. If your complaint is not satisfactorily resolved within 20 business days, please contact The Complaints Manager on (03) 5440 6800 or put your complaint in writing and send it to the address noted at the beginning of this FSG. Bendigo Insurance Brokers 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 1800 367 287. This is a free service to you.
If you have any further questions about the financial services Bendigo Insurance Brokers provides, please contact us. Please retain this document for your reference and any future dealings with Bendigo Insurance Brokers P/L.