Top
Financial Services Guide (FSG)
20 April 2012 Version
8.0
of
ASIC Authorised
Representative No: 249630
Fax 03 6235 5518
CashMasters
Investments Pty Ltd only provides the services described in this FSG
through the individuals named below:
|
Authorised Representative |
ASIC AR Number |
|
|
Keith Lello |
249554 |
keith@cashmasters.com.au |
|
Pam Fletcher |
251748 |
pam@cashmasters.com.au |
|
Colleen Webberley |
311757 |
colleen@cashmasters.com.au |
|
Janet Ellis |
409439 |
janet@cashmasters.com.au |
CashMasters Investments Pty Ltd and the individuals named above are
authorised representatives of:
· AMP GI Distribution Pty Limited
ABN 40 098 080 810
AFS Licence No 232703
18 Jamison Street Sydney NSW 2000
GPO Box 1884 Sydney NSW 2000
Ph: 13 14 36
Fax1300 655 839
Email: GID@ampgid.com.au
SECTION A:
RELATIONSHIPS & GENERAL INFORMATION ABOUT
OUR SERVICES
We conduct
a general insurance advisory business as authorised representatives, providing
general insurance advisory
and dealing services to our customers.
These services are provided under the authority and on behalf of
AMP GI Distribution Pty Limited (AMPGID).
Our relationship with AMPGID
AMPGID has an Australian Financial Services licence to provide advice and dealing services in relation to general insurance products.
On 31 December 2011, AMPGID became a wholly owned subsidiary of Suncorp Insurance Services Ltd (ABN 79 000 746 092) (‘Suncorp’). GIO is also part of the Suncorp group. AMPGID may receive operational support services and other resources from Suncorp and its related bodies corporate, including GIO. Further to this, from 31 December 2011, AMPGID is no longer part of the AMP group and uses the ‘AMP’ name under licence from AMP.
AMPGID’s Relationship with GIO General Limited (“GIO”) (ABN 22 002 861 583) (AFSL 229873)
AMPGID has an arrangement with GIO where:
· AMPGID distributes general insurance products issued by GIO (the insurer) and branded AMP. The products are distributed under AMPGID’s licence by AMPGID’s representatives. AMPGID receives payments from GIO under this arrangement as set out in this document, as well as an annual marketing payment to promote GIO products.
· AMPGID has no binding authority (underwriting authority) to arrange for its representatives to issue general insurance policies on behalf of NTI Limited or CGU Insurance Limited.
AMPGID’s Relationship with NTI Limited (“NTI”)
AMPGID has an arrangement with NTI where:
AMPGID distributes NTI commercial motor vehicle insurance products only. These products are branded AMP. These products are distributed under AMPGID’s licence by AMPGID’s representatives. AMPGID receives payments from NTI under this arrangement as set out in this document, which includes a marketing fee of 2.5 % for business placed by us on an ongoing basis. NTI Limited (ABN 84 000 746 109)(AFSL 237246) is the manager for National Transport Insurance, an equal partner joint venture of CGU Insurance Limited (ABN 27 004 478 371) and Vero Insurance Limited (ABN 48 005 297 807).
Vero is also part of the Suncorp group.
AMPGID’s Relationship with CGU Insurance Limited (“CGU”) (ABN 27 004 478 371)(AFSL 238291)
AMPGID has entered into an arrangement with CGU where:
AMPGID distributes CGU farm Insurance products only. These products are branded AMP. These products are distributed under AMPGID’s licence by AMPGID’s representatives. AMPGID receives payments from CGU under this arrangement as set out in this document, which includes a distribution allowance of 2 % for business placed by us on an ongoing basis.
AMPGID has also entered into arrangements with other general insurance companies and underwriting agencies to make available travel insurance and certain wholesale general insurance products which GIO may not issue. We will only make recommendations on, or deal in, products which are on the Approved Product List issued by AMPGID when acting on behalf of AMPGID. Currently, apart from travel insurance and certain wholesale (i.e. commercial) general insurance products, the majority of products on AMPGID’s Approved Product List are issued by GIO. Commercial motor products are issued by NTI and farm insurance products are issued by CGU.
AMPGID has authorised us to provide you with
this FSG.
Who is responsible for the
financial services we provide to you?
AMPGID is
responsible to you for the general insurance services we provide.
AMPGID acts on your
behalf when we provide services to you as their authorised representative.
Authorised Representative – Keith Lello is also an authorised
representative of AMP Financial Planning
Pty Limited. If we provide financial
services outside general insurance, then we will provide details in a
separate
financial services guide. When providing
financial services outside general insurance, we do
not represent AMPGID.
AMPGID is covered by professional indemnity
insurance satisfying the requirements under the
Corporations Act for compensation
arrangements.
The
insurance is subject to terms and exclusions. However the insurance covers
claims arising from
the actions of former employees or representatives of
AMPGID even where subsequent to these actions
they have ceased to be employed
by or act for AMPGID.
You
do not have a direct right to claim under this insurance which is taken out to
ensure sufficient resources
will be available to meet claims against AMPGID.
What information do
you need to give us to receive personalised general insurance advice?
You need to provide
us with specific details of your property and risks to be insured and any other
relevant information, so that we can give you the most appropriate advice
possible.
You do not have to
give us your personal information.
However, if you do not, the advice that you
receive may not be
appropriate to your particular objectives and needs.
How should
instructions be provided to us?
You may provide
instructions to us by telephone, in writing or by email to the address on page
1.
What information will we keep
on file?
We will keep a
record of the personal information you provide to us. We will also keep records
of
any recommendations we make to you.
What about Privacy?
Your privacy is
important to AMPGID. To learn more about the collection and use of your
personal information, contact AMPGID on 13 14 36.
Will anyone be paid a fee for
referring you to us?
If we give you personal advice as
a result of someone referring you to us and if we pay
them a fee or commission
in relation to that referral, our Personal Advice Letter to you
will set out
that fee or commission.
Authorised Representative Keith Lello is the sole director and shareholder
of
CashMasters Investments Pty Ltd, a corporate authorised representative of
AMP
Financial Planning Pty Ltd. If we provide
you with any AMP Financial Planning
products or services no referral fees are
transferred from one AR entity to the other.
What should you do if you have
a complaint?
We are committed to ensuring that the services
provided to you meet your
expectations.
If you have a complaint, you should tell us about it by contacting
us
using the contact details on page 1. If
your complaint is not satisfactorily
resolved within 10 business days, please
notify or write to AMPGID using their
contact details which are also on page
1.
the right to complain to:
Financial
Ombudsman Service Limited
GPO
Box 3 Melbourne
VIC 3001
Ph. 1300 780 808 Fax.
(03) 9613 6399
Email:
info@fos.org.au Website: www.fos.org.au
AMPGID is a member of
this independent dispute resolution service.
General
We can also assist with Cover-More Travel Insurance, issued by Great Lakes
Reinsurance (UK)
Plc trading as Great Lakes Australia (100% subsidiary of
Munich Re). We can also assist with other
wholesale (ie commercial)
general insurance such as Professional Indemnity and
GIO Workers’
compensation.
What remuneration or other
benefits will we or any of our associates receive in
respect of the provision
of the financial services?
Commissions
For GIO issued
products AMPGID is paid a commission and distribution allowance if you
purchase
or renew general insurance products we arrange for you. We will receive
a
percentage of this amount from AMPGID.
No commission is paid if you do not buy
the recommended product. The
commissions are calculated as a percentage of the
base insurance premium of the
relevant general insurance product (excluding any
government taxes and
charges). It is not an extra charge to
you.
The
commission and distribution allowance that AMPGID receives depends on the
type
of insurance product that is sold and the amount of the premium. If we provide
you with
personal advice on a retail (i.e. personal) insurance product we will disclose
to you the distribution allowance amount paid to AMPGID and the amount of the
commission paid by AMPGID to us. We will
do this at the time we give you advice
or as soon as practicable after. If you
don’t receive personal advice on a retail product,
we can tell you how much distribution
allowance AMPGID receives if you ask.
For
NTI and CGU issued policies we receive a percentage of the payment paid to
AMPGID by NTI and CGU.
Adviser
Administration Fee
In addition to the premium payable on the
insurance product, we may charge an
Adviser Administration Fee. The fee charged may vary depending on your
circumstances.
If a fee is charged it will be applied when
you purchase an insurance product we recommend.
We will tell you the actual amount of the fee before you purchase an
insurance product.
The fee may
also be charged if we provide additional services to you or when you renew the
insurance product. If the fee is charged
when you renew your AMP branded GIO insurance
product, the amount payable
(which may change) will be set out in the renewal notice.
Depending on the circumstances, we may:
-
· reduce our commission (which may be to nil) and charge the fee; or
-
· charge the fee in addition to receiving commission.
For AMP
branded GIO products, GIO collects the fee on our behalf and passes the fee on
to us.
Alternatively we may invoice you directly for the fee. The fee is in
addition to the premium
payable on the insurance product.
If we charge a
fee for AMP branded NTI and CGU products, we will invoice you directly
If
you cancel the insurance product, we may refund a portion of the fee, depending
on the
circumstances. For AMP branded GIO
insurance products, GIO is not responsible for
refunding the fee despite GIO collecting
the fee on our behalf..
Payments to advisers
Individual authorised representatives engaged
by CashMasters Investments Pty Ltd
are employees and receive a salary only.
Other
Benefits
In addition to the
remuneration described above, we may receive other benefits which
could be
considered to influence our recommendations to you. These may include
non-monetary rewards or
benefits eg tickets to sporting events, attendance at golf
days and competition
prizes, which can include items such as gift vouchers, wine
or dinners. We may also receive other benefits from
AMPGID or other licensees
such as financial or marketing assistance.
GIO will make
incentive payments to AMPGID if AMPGID meets or exceeds agreed
targets based on
growth in written premium and insurance trading results.
Conferences
Up to 20 general
insurance advisers and their partners and 3 AMPGID employees are
eligible to
qualify for attendance at an international conference for up to 7 days held every
second year and sponsored by AMPGID.
The conference
value depends on the destination and level of accommodation chosen.
Qualification is based on the growth of their
portfolio of business, subject to their compliance
with legislative
requirements and underwriting guidelines and observance of AMPGID’s
professional standards and conditions at all times.
Selling our general
insurance practice
If we leave the
general insurance industry, AMPGID may agree to buy back our ongoing
book of
general insurance business if we cannot otherwise sell it. The purchase price
for the book of business is valued at a predetermined rate based on, amongst
other things,
a multiple of the ongoing remuneration receivable by us on that
book of business. In limited
circumstances we may be permitted to sell part of our book of business under
these terms.
END