FINANCIAL SERVICES GUIDE
THE FINANCIAL SERVICES REFERRED TO IN THIS FINANCIAL SERVICES GUIDE (FSG) ARE OFFERED BY:
SB Protect Pty Ltd
Corporate Authorised Representative No. 1276963
Suite 3, Santa Cruz House
56 Santa Cruz Boulevard
Clear Island Waters QLD 4226
Phone: 0402 722 000
Authorised Representative of:
McLardy McShane Partners Pty Ltd
ABN 14 064 465 309Level 3, Building 7, Botanicca Corporate Park
Level 3, Building 7, Botanicca Corporate Park
570-588 Swan Street, Richmond VIC 3121
Phone: (03) 9290 9200
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
McLardy McShane Partners and it’s Authorised Representatives are not independent, impartial, or unbiased pursuant to
section 923A of the Corporations Act because:
– We may receive remuneration, commission, and/or other benefits when we provide personal advice to you in relation to insurance products and other financial products;
– We may also be subject to direct or indirect restrictions relating to the financial products in respect of which personal advice is provided; and/or
– We may have associations or relationships with issuers of 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.
PURPOSE OF THIS FSG
This FSG sets out the services that we can offer you. It is designed to assist you in decided 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 that are in place to compensate clients for losses.
FURTHER INFORMATION WHEN PERSONAL ADVICE IS GIVEN
We will provide you with further information whenever we provide you with advice, which considers 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 from the insurer. The PDS will contain information about the 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, fax or email on the contact number or details mentioned above.
WHO IS RESPONSIBLE FOR THE FINANCIAL SERVICES PROVIDED?
McLardy McShane Partners Pty Ltd 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. The contact details for McLardy McShane Partners Pty Ltd on page 1 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?
SB Protect is authorised to advise and deal in general insurance products to wholesale and/or retail clients under McLardy McShane Partners Pty Ltd’s Australian Financial Service Licence. We will do this on your behalf as your broker unless we tell you otherwise. Sometimes we will act under a binder or agency McLardy McShane Partners Pty Ltd has from an 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.
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 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?
McLardy McShane Partners Pty Ltd maintains a record of your personal profile, including details of insurance policies that we arrange for you. McLardy McShane Partners Pty Ltd may also maintain records of any recommendations or advice given. to you. McLardy McShane Partners Pty Ltd 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.
HOW WILL I PAY FOR THE SERVICES PROVIDED?
Payment for the services we provide you are payable directly to McLardy McShane Partners Pty Ltd. For each insurance product, the insurer will charge a premium that includes any relevant taxes, charges, and levies. McLardy McShane Partners Pty Ltd often receive a payment based on a percentage of this premium (excluding relevant taxes, charges, and levies) called commission, which is paid to McLardy McShane Partners Pty Ltd by the insurers. In some cases, you will also be charged a fee. These will all be shown on the invoice that is sent to you. You can choose to pay for our services by any of the payment methods set out in the invoice. You are required to pay McLardy McShane Partners Pty Ltd within the time set out on the invoice. 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 commission. When you pay us your premium it will be banked into McLardy McShane Partners Pty Ltd’s trust account. McLardy McShane Partners Pty Ltd will retain the commission from the premium you pay us and remit the balance to the insurer in accordance with McLardy McShane Partners Pty Ltd ‘s arrangements with the insurer. McLardy McShane Partners Pty Ltd will earn interest on the premium while it is in their trust account or McLardy McShane Partners Pty Ltd may invest the premium and earn a return. McLardy McShane Partners Pty Ltd will retain any interest or return on investment earned on the premium.
HOW ARE ANY COMMISSIONS, FEES OR OTHER BENEFITS CALCULATED FOR PROVIDING FINANCIAL SERVICES?
McLardy McShane Partners Pty Ltd ‘s commission will be calculated based on the following formula: X = Y% x P
In this formula:
X = McLardy McShane Partners Pty Ltd ‘s commission
Y% = the percentage commission paid to McLardy McShane Partners Pty Ltd by the insurer.
McLardy McShane Partners Pty Ltd ‘s commission varies between 0 and 35%.
P = the amount you pay for any insurance policy (less any government fees or charges included in that amount).
SB Protect will receive 90-95% of McLardy McShane Partners Pty Ltd ‘s commission.
SB Protect may charge a fee for service as well as, or instead of commission. The fee charged will depend on the complexity and level advice sought and provided, and the time spent on your insurance needs. The fee will be shown on the invoice that we send to you. Occasionally we pay 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%. Our employees that will assist you with your insurance needs will be paid a market salary. They may receive bonuses payable based on performance criteria. 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?
McLardy McShane Partners Pty Ltd is a Steadfast Group Limited (Steadfast) Network Broker. As a Steadfast Network Broker, McLardy McShane Partners Pty Ltd has access to member 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 SB Protect FSG July 2021 Page 4 of 4 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 commission of between 0.5 – 1.5% for each product arranged by us with those Partners or alternatively 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 Stead fast’s FSG at www.steadfast.com.au If we arrange premium funding for you McLardy McShane Partners Pty Ltd may be paid a commission by the premium funder. We may also charge you a fee (or both). The commission that McLardy McShane Partners Pty Ltd is 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 McLardy McShane Partners Pty Ltd become entitled to the commission.
McLardy McShane Partners Pty Ltd ‘s commission rates for premium funding are in the range of 0% to 5%of funded premium. When we arrange premium funding for you, you can ask us what commission rates McLardy McShane Partners Pty Ltd are paid for that funding arrangement compared to the other arrangements that were available to you. Some Insurers may renumerate McLardy McShane Partners Pty Ltd based on the growth/profitability of insurance portfolios. Some insurers may give benefits such as sponsorship of annual conferences, training and invitations to social business functions. The receipt of these benefits may be based upon the volume of business placed with the Insurer or an ad hoc reward. Occasionally we may also receive small gifts and gratuities. Our decision to place business with an Insurer is based on
the fact that they provide the best solution for you and not based on any incentive.
WHAT SHOULD I DO IF I HAVE A COMPLAINT?
1. If you have a complaint about a service provided to you please contact SB Protect and tell us about your complaint. Will do our best to resolve it quickly.
2. If your complaint is not satisfactorily resolved within 21 Days, please contact Tracy Scarella the McLardy McShane Complaints Officer at email@example.com or put your complaint in writing and send it to the address noted on page 1 of this FSG. McLardy McShane Partners Pty Ltd will try to resolve your complaint quickly and fairly.
3. McLardy McShane Partners Pty Ltd is 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:
WHAT ARRANGEMENTS ARE IN PLACE TO COMPENSATION CLIENTS FOR LOSSES?
McLardy McShane Partners Pty Ltd has a professional indemnity insurance policy (PI policy) in place. The PI policy covers McLardy McShane Partners Pty Ltd and its representatives (including authorised representatives) for claims made against them by clients as a result of their conduct in the provision of financial services. The PI Policy will cover us for claims relating to the conduct of former authorised representatives/employees who no longer work for us.
This policy satisfies the requirements for compensation arrangements under section 912B of the Corporations Act.
If you have any further questions about the financial services that SB Protect or McLardy McShane Partners Pty Ltd provides, please contact us.
Please retain this document for your reference and any future dealings with SB Protect or McLardy McShane Partners Pty Ltd.