A guide to our relationship with you and others.
document is a Financial Services
Guide (FSG). The Financial Services covered by this FSG are provided by:
Kelly & Coe Insurance
Brokers Pty Ltd
Suite 1, 98 Alfred Street Milsons Point NSW 2061
Our ABN is 87 002 406 180 and
our Australian Financial Services Licensee no is 247278.
guide contains important information about: The services we offer,
how we are paid (remuneration), any potential conflict
(associations) of interest we may have and our internal and external dispute
resolution procedures and how you can access them, arrangements we
have in place to compensate
clients for losses and information management (records). It is
an important document. Please read it carefully and keep it in a safe
you are a retail client and we agree to give you personal advice we will
provide you with a Statement of
Advice (SOA). This will
contain our advice, the basis of our advice taking into account your
needs, objectives and financial situation. It will also contain
information on any remuneration, associations or other interests that
might reasonably have influenced us in giving our advice. If we arrange
or recommend an insurance policy for you, you will receive a Product Disclosure Statement (PDS)
when required, prepared by the insurer containing important policy
information. The PDS will
enable you to make an informed decision about purchasing that
policy. We will usually only consider
the policies offered by the insurers or insurance providers that we deal
are able to provide financial product advice (personal and general) and
deal in general insurance products. These include but are not limited to
– Motor vehicle insurance; Home building and/or contents insurance;
Sickness and accident insurance and Travel insurance. We are authorised
to provide you with personal advice as to the suitability of general
insurance policies to meet your particular needs. We will agree with you
when this service is to be provided and the scope of our personal advice
based on a needs analysis and confirmed in a Statement of
services we can provide include: general advice services- this is
where we provide advice on an insurance product which is not based on our
consideration of your personal needs; dealing services- this is
the services of arranging insurance policies, whether on your behalf or
the insurer’s. In doing so we can provide factual information about
insurance polices such as: the nature, coverage and options available
under an insurance policy including the premium payable and payment
options available. As an insurance broker we generally act for you.
may be paid in a number of ways which vary according to the service you
require and our arrangements with the relevant insurer. Unless we tell
you otherwise, we are remunerated by commission from the relevant insurer
whenever you enter into an insurance policy arranged by us (including
renewal and some variations). The commission is a percentage of
the insurer's base premium (ie: premium excluding stamp duty, fire
services levy, GST or any other government charges, taxes, fees or
levies). The rate ranges between 0 and 27%. The commission rate
does not represent our profit margin as it also reimburses us for
administrative and other expenses we incur in providing our services. It
also covers the cost of performing the distribution functions of the
insurer such as data entry, marketing, annual renewal marketing and
We may charge you an administration fee (broker
fee) in addition to commission when you enter into an insurance
policy. This maybe a flat fee for arranging an insurance policy or a fee
based upon the time we spend advising you. You will be informed of the
nature and amount of any fee involved prior to us performing the service
for you. All Premiums paid by you are deposited into our Insurance Brokers Account.
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
receive Interest on these
deposited funds from the date you pay us to the date we remit the payment
to the Insurer. The Interest paid to us is calculated by the Banking
Institution on a standard commercial basis. Finally if we arrange a Premium Funding solution for you
we will receive a Commission from the Premium Funder based on a
percentage of the amount financed ranging between .5 and 1.5% plus GST.
we provide personal advice to you as a retail client, we will tell
you the remuneration that is to be paid for providing the advice in the
Statement of Advice.
Cancellations during a Policy Term
a refund of premium is due as a result of the cancellation or
adjustment of the policy, Insurer’s deduct our previously earned
commission. We reserve the right
to retain our remuneration earned prior to the cancellation or
adjustment of your Policy. We will detail to you any amount retained and
this will be in the form of a Cancellation Remuneration disclosure. Our
standard procedure is to apply a Broker Fee to the Return Premium to show
you the amount of adjusted remuneration. If you need further explanation
of what this means please ask us.
of what may be perceived as Conflicts of Interest
conflict of interest arises in circumstances where some or all of the
interests of people (clients) to whom a licensee (or its representative)
provides financial services are inconsistent with, or diverge from, some
or all of the interests of the licensee or its representatives. This
includes actual, apparent and potential conflicts of interest. To ensure
that the services we provide to
you are not affected as a result of these relationships we have prepared
and implemented a conflict of interest policy which our staff are
required to comply with and we have implemented specific rules including,
segregating responsibilities for insurer/provider relationship from staff
advising clients, and system based controls to prevent any conflicts
affecting our services
interests of our clients are always paramount. To comply with our
obligation to manage conflicts of interest, we believe it important to
disclose the following information to you.
We are 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% – 1.5% commission for each product
arranged by us with those Partners. Steadfast is also A shareholder of
We may receive a proportion of that commission from
Steadfast at the end of each financial year (or other agreed period).
Steadfast Network Brokers 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 www.steadfast.com.au.
instruct us to arrange premium funding with a Funding Partner for you, we may be paid a
commission by the Partner. We
may also charge you a fee (or both). The commission is calculated as a
percentage of the funded premium. The amount of our commission and any fee that we charge will be set out in the
premium funding contract.
The Insurance Brokers' Code of
Insurance Brokers Code of Practice is intended to promote good relations between
insurance brokers, policyholders and others in the insurance industry. In
addition the Code promotes efficiency in transactions by laying out
standards of good practice and levels of service that are expected of
brokers. The Code was developed by the National Insurance Brokers
Association (NIBA) as part of a national self-regulatory scheme.
respect to our brokerage the Code applies principally to general
insurance and also to associated services such as risk management and
arrangement of premium funding. The Code requires us to establish an
internal dispute resolution process. It also sets out standards to follow
when dealing with clients, including requirements to inform clients of
remuneration arrangements and any conflict of interest. Please ask our
office if you require any additional information about the Code of
Practice, we can supply a copy by email or mail if requested.
The Code is overseen by the Code
Compliance Committee. You can view the Insurance Brokers Code of Practice Committee Deed and Charter here- https://www.niba.com.au/resource/
NIBA_CCC_Deed_300614.pdf. This Deed sets out the obligations of NIBA, the Code Administrator and the Code Compliance Committee in relation to
Dispute Resolution - What should I do if I have a
value our client relationship and if for some reason a dispute arises, we
have an internal dispute resolution mechanism you can access. If you have
a complaint please contact us immediately. We will do our best to resolve it
quickly. If your complaint is not satisfactorily resolved within 24
hours, please contact Suzanne G Kelly on 02 99297155 or put your
complaint in writing and send it to the Manager at the address noted
above. We will try and resolve your complaint quickly and fairly.
Kelly & Coe Insurance Brokers Pty Ltd is a member
of the Australian Financial
Complaints Authority (AFCA) an external disputes facility. If your complaint cannot be resolved to
your satisfaction by us you have the right to refer the matter to AFCA.
Their contact details are as follows: AFCA, GPO Box 3, Melbourne VIC 3001, phone 1800 931 678,email AFCA email@example.com. You can also find
information about AFCA on their website http://www.afca.org.au/. Our AFCA Membership Number is 13957.
arrangements do you have in place to compensate clients for losses?
We have a professional
indemnity insurance policy (PI policy) in place.The PI policy covers us and our
employees for claims made against us and our employees by clients as a
result of the conduct of us or our employees in the provision of
We maintain a record of your personal profile,
including details of insurance policies that we arrange. 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
which will ensure the privacy and security of your personal information.
at your file please ask us. We will make arrangements for you to do so.
Is the advice
we provide limited in any way?
Yes. We may collect some
information about your objectives, some details of your current financial
situation and relevant information required to arrange specific insurance policies
requested by you. Our advice does not take into account all of your
objectives, financial situation or needs and our recommendations are
based on general trends, information and your instructions. We have not
considered your particular circumstances and for this reason, before you
act on our advice, you should consider its appropriateness taking into
account your own objectives, financial situation and needs. Before you
make a decision about whether to acquire the policy, you should obtain
and read the product disclosure statement. You should also read the
warnings contained in any SOA, or any other warnings that we give you
before making any decision about an insurance policy. A cooling off period may apply to
an insurance policy issued to you as a retail client. During the period
you may return the policy. Details of your cooling off rights will be
included in the relevant Product Disclosure Document.
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.
you have any further questions about the financial services we offer or
want to give us instructions please contact us by post, telephone, fax or
email. This FSG applies at this date Tuesday, 25 October 2016 and
remains valid unless a further FSG is issued to replace it.