HWA Insurance Brokers | Financial Services Guide
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Financial Services Guide

 

The Purpose of this Guide
This Financial Services Guide (FSG) is designed to assist you in deciding whether to use any of our services and contains important information about:

  • The services we offer you
  • How we and our associates are paid
  • Any potential conflict of interest we may have
  • What to do in the event of a complaint

 

Who is responsible for the financial services provided
Haywood Wilkins & Associates (Vic) P/L trades as HWA Insurance Brokers. We hold a current Australian Financial Services License (No.243534.) to provide General Insurance Broking Services. We are authorised to advise and deal in the full spectrum of general insurance products.

HWA Insurance Brokers is responsible for the financial services provided to you, or through you to your family members, including the distribution of this FSG.

In order to be granted and then retain our license we are required to commit to meeting stringent requirements in areas such as: staff training, organisational competence, management expertise, financial control and compliance disciplines.

We have an ongoing requirement to maintain and enhance our professionalism to ensure that you receive fair and honest Financial Services from us.

 

Who do we act for
We usually act on your behalf and in your interests in all matters. In some situations, it may be more appropriate for us to access insurance arrangements or manage claims where we act as the agent of the insurer. If and when this situation arises we will clearly explain and highlight this to you.

 

How to contact us
You are able to contact us by phone, in writing, by fax, email or in person.

 

Our Services
We offer a range of services to assist you to protect your assets and guard against unexpected liabilities including:

  • Reviewing and advising on your insurance needs
  • Identifying risk factors to avoid claims
  • Seeking competitive premium quotations

 

Our Products
We can advise and arrange a broad range of insurances on your behalf including:

  • Home Building and Contents
  • Private and Commercial Motor
  • Farm
  • Business Packages
  • Construction
  • Liability
  • Industrial and Professional covers.

 

Retail Clients
Under the Financial Services Reform Act 2001 (The Act) Retail Clients are provided with additional levels of protection from other insurance purchasers. The Act defines Retail Clients as:

Individuals or a small manufacturing business employing less than 100 people or any other business employing less than 20 people.

And that are being provided a financial service or product that relates to the following insurance covers:

  • Motor Vehicle
  • Home building
  • Contents
  • Personal and domestic
  • Sickness and Accident or 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 whether you are covered by the additional protection provided or not.

 

Retail Client Issues
Typically we only provide General Advice to our Retail Clients. General Advice does not take into account your particular needs and requirements and you should consider the appropriateness of this advice to your circumstances prior to acting upon it. We will provide you with a General Advice Warning in such cases.

If you are a new Retail Client purchasing Personal Accident or Sickness insurance and obtain Personal Advice, that is , advice that takes into account your particular circumstances, we will give you a Statement of Advice (SOA) .

This sets out the advice provided and the basis on which the advice is made and our remuneration should you purchase the product.

For existing Retail Clients we may not provide an SOA but rather provide the advice to you orally. In such cases you may request us to provide you with a Record of Advice (via phone or in writing) which we will provide to you within 28 days of such request.

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.

If we recommend the purchase of a particular financial product, we will also give you a Product Disclosure Statement at that time, which sets out details specific to that product and the key benefits and risks in purchasing the product.

 

What we expect from you
To enable us to provide the right advice we need you to provide us with complete information about the risk(s) that you face and those that you want to be insured for.

This should include information about your situation, needs and objectives. You should also tell us about any relevant changes as they occur so that we can review your insurance needs accordingly.

If we do not have your complete information, we will be unable to properly review your circumstances, limiting our ability to give you the right advice. In such cases you should assess the appropriateness of our advice to your needs before acting on it.

Of course we also ask you to pay our invoices on time and complete all proposal forms honestly, accurately and most importantly return them to us by the required date.

 

Personal Information
The Federal Privacy Act 2000 sets out the standards for the collection and management of personal information. With your consent, we will only use your personal information in relation to general insurance services. Further information on this is available upon request

 

Claims
We will try and take the pain out of the claims process by assisting and advising you in regard to the scope of cover and explaining how the claims process works.

We will promptly forward to you all claims documentation, insurance company settlement cheques and other information.

 

Our sources of income
We have the following sources of income:

When we place insurance for you, we usually receive payment from the insurer. The amount payable varies between 0% and 25% of the base premium you pay. This is known as the commission. Full details on commission will be included in any Statement of Advice we send you.

We have a set of standard Broker Fees that we charge you for the cost of services that are not covered by the commissions received from insurers.

 

Our sources of income
We have the following sources of income:

When we place insurance for you, we usually receive payment from the insurer. The amount payable varies between 0% and 25% of the base premium you pay. This is known as the commission. Full details on commission will be included in any Statement of Advice we send you.

We have a set of standard Broker Fees that we charge you for the cost of services that are not covered by the commissions received from insurers.

Activities that such fees cover include:

  • Market research on products available.
  • Assessing the claims paying ability of insurers.
  • Sourcing alternative quotations and coverage.
  • Risk analysis and insurance portfolio co-ordination.

All fees payable for our services will be advised to you at the time of providing the advice or service.

Any premiums received from you are held in a trust account prior to forwarding to your insurer. The interest earned on this money will be retained by us.

HWA Insurance Brokers are shareholders of a buying group know as Steadfast . The Steadfast group receives up to 1.5% commission on premiums paid from certain insurers. This income is used to operate the group and any surplus funds may be paid to us as a dividend or as a rebate.
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 ,product comparison and placement support, claims support and group purchasing arrangements. Those member services are either funded by Steadfast, subsidized by Steadfast or available exclusively to shareholders for a fee.

Premium funding products enable you to pay your premiums by installments. Premium funders do charge interest. We can arrange premium funding for if you require it. We may receive a commission based on a percentage of the premium from the premium funder for doing so. We will tell you the basis and amount of any such payment if you ask us.

When you pay us your premium it will be banked into our trust account. We retain the commission from the premium 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.
You can obtain a copy of Steadfast’s FSG at www.steadfast.com.au

 

How our representatives are paid
Some of our staff may receive a commission for the sale of a product to you. This will be shown on your SOA if they do. Our focus is on ensuring that staff concentrate on your needs first in all dealings with you.

Our representatives may receive bonuses payable based on the overall performance of our business. Any such bonuses are not directly and solely linked to the sale of Financial Services.

If a person has referred you to us, we may pay them a part of any fees or commission received. This will be disclosed in any Statement of Advice you receive.

 

Cooling off provisions
All retail products are subject to a 14 day ‘cooling off period’. This means that if you are not happy with the product, you have 14 days to withdraw from the contract at no cost to you.

 

Complaints
Clients who are not fully satisfied with our services should contact our complaints officer. We are members of the Financial Ombudsman Service (FOS), a free consumer service. Further information is available from our office, or contact FOS directly on 1300 780 808 or visit www.fos.org.au

We also follow the General Insurance Brokers Code of Practice.

 

Conflicts of interest
As a business we have relationships with and receive income from various third parties as detailed in this FSG. For Retail Clients receiving Personal Advice, details of relationships that impact this advice will be included in any SOA or invoice documentation we send you. All material conflicts that impact our advice, that are not mentioned in this FSG , will be advised to you on the invoices related to that advice.

Steadfast is a shareholder of Miramar Underwriting Agency Pty. Ltd As a shareholder of Miramar, Steadfast may receive dividends form Miramar. These amounts will indirectly contribute towards the benefits we receive from Steadfast Compensation

We hold a professional Indemnity Policy. This policy is designed to pay claims by third parties (including our clients) arising out of our professional negligence. The policy extends to cover us for work done for us by representatives/employees after they have ceased to work for us and satisfies the requirements for compensation arrangements under section 912B of The Act.

 

When does this fsg apply from
This FSG was prepared on the 5/03/2009
Version 8

 

HWA-FSG-July-2013

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