The financial services referred to in this financial services guide (FSG) are offered by:
Tudor Insurance Australia ( Insurance Brokers) pty Ltd ABN 19 876 513 568
1st Floor 9 Clyde Road Berwick Victoria
Phone No. (03) 9707 3033 Fax. (03) 9707 4568
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:
You will receive a statement of advice (SOA) whenever we provide you with advice which takes into account your objectives. financial situation and needs. The SOA will contain the advice. which will enable you to make an informed decision about your insurance needs.
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 polices we have not compared those policies to other policies available, other than from those insurers we deal with regularly.
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 from the insurer. The PDS will contain information about the particular policy which will enable you to make an informed decision about purchasing that policy.
This FSG applies from 26/1/05 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.
You can contact us to give us instructions by post, phone, fax or email on the contact numbers or details mentioned above.
Tudor Insurance Australia is responsible for the financial services that will be provided to you, or through you to your family members, including the distribution of this FSG.
Tudor Insurance Australia is a Steadfast Group Limited (Steadfast) Network Broker. Steadfast has exclusive arrangements with some insurers and premium funders (Partners) under which Steadfast will receive between 0.5 - 2% commission for each product arranged by us with those Partners. Steadfast is also a shareholder of some Partners.
We may receive a proportion of that commission from Steadfast at the end of each financial year (or other agreed period).
As a Steadfast Network Broker 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, product comparison and placement support, claims support and group purchasing arrangements. These member services are either funded by Steadfast, subsidised by Steadfast or available exclusively to Steadfast Network Brokers for a fee.
You can obtain a copy of Steadfast's FSG at http://www.steadfast.com.au
If we arrange premium funding for you we may be paid a commission by the premium funder. We may also charge you a fee (or both). The commission that we are paid by the premium funder is usually calculated as a percentage of your insurance premium (including government fees or changes). 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 .05% to 2% 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. The amount of our commission and any fee that we charge will set out in the premium funding contract.
We provide services to Insurers that are not directly related to the service provided to you and we receive remuneration in recognition for those services. This remuneration may be a management or administration fee received from an Insurer, or revenue based upon the volume or profitability of insurance business placed across an entire portfolio with a given Insurer, in particular QBE Commercial Insurance, over a specified period. These payments recognise the services we provide to the Insurer over that given period.
We also inform you that we receive interest from our Banking Institution on all monies that are deposited into the Trust Account from time to time until such monies are withdrawn and paid to the insurer.
If you are an individual or small business and purchase retail or personal insurance, we may recommend that you use the services of various Premium
Funding Companies. Tudor Insurance Australia may receive commission from these companies if their premium funding product is purchased by you.
Generally the commission is in the range of 0.5% to 2%
We and our representatives are covered under professional indemnity insurance that we believe meets the requirements of section 912B of the Corporations Act.
The insurance (subject to its terms and conditions) will continue to cover claims in relation to our representatives/employees who no longer work for us (but who did at the time of the relevant conduct).
Tudor Insurance Australia is 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.
Sometimes we will act under a binder or agency from the insurer. When we act under a binder or agency we will be acting as the agent of the insurer. This means that we represent and act for the insurer, not for you. We will tell you when we act under a binder or agency to arrange your insurance or advise you about your insurance needs.
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, issue insurance policies to 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.
We maintain a record of your personal profile, including details of insurance polices that we arrange or issue for you. We 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.
If you wish to look at your file please ask us. We will make arrangements for you to do so.
We often receive a payment 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 time set out on the invoice.
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.
View a summary of our commission percentages
P = The amount you pay for any insurance policy (less any government fees or charges included in that amount).
Any fees that we charge you will be either set fees for that particular class of insurance or dependant entirely on time taken in tailoring your insurance needs in these particular cases we would advise you accordingly.
We do not often pay any commissions, fees or benefits to others who refer you to us or refer us to an insurer. If we do, we will pay commissions to those people out of our commission or fees (not in addition to those amounts), in the range of 0% to 50% of our commission or fees.
Our employee that will assist you with your insurance needs will be paid a market salary only.
If we give you a SOA, we will list in that document 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 above for information on the Steadfast association and commission.
In the event of requested cancellation of your policy by either yourself and/or your premium funder if applicable, we will rebate the unexpired portion of premium which includes all statutory charges together with that portion of our commission received from the insurer excluding our administration fee as shown on our original invoice to you.
The rebate will be calculated by the number of days left unexpired to the particular policy end date. These circumstances will also apply in the event of a requested alteration to your policy resulting in a credit.
Please Note that if you have entered into a letter of engagement of our services with us or otherwise specifically agreed in writing there will be a nil rebate of commissions or fees in such circumstances.
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 48 hours, please contact our Complaints Officer on (03) 9707 3033 or put your complaint in writing and send it to Tudor Insurance Australia ( Insurance Brokers) Pty Ltd 1st Floor 9 Clyde Road Berwick Victoria. We will try and resolve your complaint quickly and fairly.
Tudor Insurance Australia 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 1300 780 808, fax 03 9613 6399, email firstname.lastname@example.org or website www.fos.org.au.
If you have any further questions about the financial services Tudor Insurance Australia provides, please contact us.