Financial Services Guide
This Financial Services Guide (FSG) sets out the services that we can offer you.
Purpose of this Financial Services Guide
This FSG sets out the services that we offer you. It is designed to assist you in deciding whether to use any of those services and contains important information about:
The Financial Service is provided by:
About your Spoke Insure Corporate Authorised Representative (CAR):
Name: Alastair Dart
CAR No.: 464276
Tel: (07) 3194 8586
Spoke Insure P/L is a Corporate Authorised Representative of YourCover P/L ACN 169 038 466, AFSL No. 461299.
Our Financial Services authority:
Our Australian Financial Services licence authorises us to advise and deal in general insurance products to wholesale and/or retail clients.
Date and currency of this FSG
This FSG applies from 29 August, 2014 and remains valid unless another FSG is issued to replace it. If we give you a supplementary FSG or other documents relating to our services or any products, they will not replace this FSG however you should read them carefully.
We are able to receive your instructions personally, or by any of the contact methods shown above.
The Corporations Act 2001 (The Act) provides Retail Clients with additional protection than other clients. Under The Act, a Retail Client is defined as:
We do not arrange Life Insurance, Trauma cover, Income Protection or Superannuation as these products are not covered by our license. It is important that you understand if this definition applies to you or your business, as some of the information and additional protection in this FSG only applies to Retail Clients.
Who we act for
We act for you as your insurance broker unless we advise you otherwise. Sometimes we may arrange with an insurer to act under a binding arrangement or as their agent. When we do this we will be representing the insurer, and not you. We will tell you at the time when we are acting for the insurer and not for you.
The advice we give
If you are a Retail Client, then typically you will be provided with General Advice. General Advice does not take into account your personal needs and financial circumstances at the time therefore you will need to consider whether this advice suits your requirements prior to acting upon it. On these occasions we will give you a General Advice Warning. If you are a retail client and we agree to give you Personal advice, we will give you a Statement of Advice (SOA). The SOA will contain advice we have given, the basis on which it was given, and details of relationships, associations, remuneration and other interests that may have influenced the advice we have given. If we arrange an insurance policy for you, or if we recommend you buy a particular insurance policy, we will also give you, or give you access to a Product Disclosure Statement (PDS). The PDS is produced by the insurer, and is designed to give you important information about the policy you are considering purchasing.
For placing your insurance we usually receive a commission paid by the insurer as a percentage of the premium you pay. This is the standard way insurance brokers are remunerated and depending on the type of insurance our rates of commission typically range from 10% to 30%, before any government fees or charges. On occasions we may also charge a broker service fee, which varies according to the level of services rendered and the commission we receive. This fee will always appear on your invoice.
Duty of Disclosure
In order to make an informed assessment of the risk and calculate the appropriate premium, your insurer needs information about the risk you are asking it to insure. For this reason, before you enter into a contract of insurance, you have a duty under the Insurance Contracts Act 1984 to disclose to your insurer every matter that you know, or could reasonably be expected to know, is relevant to the insurer’s decision whether to accept this risk and, if so, on what terms. The duty also applies when you renew, extend, vary or reinstate a contract of insurance. You do not have to disclose anything that:
If you do not comply with your duty of disclosure, your insurer may be entitled to reduce its liability in respect a claim or may cancel your contract of insurance. If the non-disclosure was fraudulent, the insurer may be able to avoid the contract of insurance from its beginning. This would have the effect that you were never insured.
Cooling off period – Retail insurance only
If you decide that you do not need a contract of retail insurance which has been arranged on your behalf, you may change your mind during the cooling off period. Most insurers offer a cooling off period of 14 days, although some offer a longer cooling off period. Refer to the Product Disclosure Statement (PDS) for details of the cooling off period applicable to your insurance, and how to cancel your insurance during the cooling off period. You cannot cancel the insurance if you have made, or are entitled to make, a claim under it.
Cancellation and refunds
If you decide that you do not need a contract of insurance you may cancel this policy by giving notice in writing. However your right to request a refund of premium ceases after the transit commences. Where the insurer wishes to cancel the policy, they are only permitted to do so in accordance with the Insurance Contract Act 1984.
Other remuneration information
In addition to the above, we may receive commission from a premium funder if we arrange this service on your behalf. We may also charge you a fee for the service. The commission we receive from the premium funder is usually calculated as a percentage of the total amount funded and the rates are in the range of 0% and 3%. Our employees are paid a market salary that may include bonuses based on performance. We and our staff may also receive non-monetary benefits such as sponsorships of conferences and functions, and meals and entertainment. We closely monitor these activities to ensure they do not create a conflict with your interests. Where a third party such as a trade association or other business has referred you to us or endorsed our services to you, we may share a part of our remuneration with them or pay an agreed referral rate. We will pay the third party out of our total commission and/or fees and never in addition to these amounts.
Protection against giving you negligent wrong advice
We have professional indemnity insurance in place which covers us, our employees and our distributors for any errors or mistakes relating to the financial services provided. This insurance meets the requirements of the Corporations Act and meets claims relating to an employee or distributor (even after they cease to be an employee or distributor), provided that our insurer is notified of events likely to give rise to a claim and within the relevant policy period.
The NIBA Code of Conduct
Spoke Insure Pty Ltd is a member of the National Insurance Brokers Association and is bound by their Code of Conduct (The Code). The Code sets out standards for brokers to follow when dealing with clients, including requirements to inform clients of remuneration arrangements and possible conflicts of interest. You can ask us for a copy of the Code, or go to the NIBA Website, www.niba.com.au.
Complaints and disputes
We are committed to providing quality advice to our clients. If you should have any concern or complaints about the service we have provided you, then contact us and tell us about it. If your complaint is not satisfactorily resolved within 7 days, ask to be put in touch with our Complaints Officer at YourCover Pty Ltd, by phoning (02) 8297 4455 or our claim service line 1300 563 099 or put your complaint in writing and send it to us at Complaints Officer – YourCover Pty Ltd, Level 5, 320 Adelaide Street, Brisbane, QLD 4000. Please mark the envelope “Notice of Complaint”. We will try and resolve your complaint quickly and fairly. YourCover Pty Ltd is a member of the Financial Ombudsman Services (FOS). If you are still not satisfied with our determination, you have the right to take your complaint to the Financial Ombudsman Service. FOS can be contacted on 1300 780 808. You can write to them at Level 5, 31 Queen Street, Melbourne, Victoria. 3000, or fax (03) 9613 6399. Website address is www.fos.org.au