Financial Services Guide
The services referred to in this Financial Services Guide (FSG) are offered by:
Empire Insurance Group Pty Ltd (“Empire”) ABN 47 168 051 929
Level 1, Cnr John & 59 Fitzgerald Streets, Northbridge, WA 6003
Phone: 08 6555 7728
This FSG sets out services that we can offer you. It 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 conflicts of interest we may have
- our internal and external resolution procedures and how you can access them
- Arrangements we have in place to compensate clients for losses.
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.
Retail client issues
We typically 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), that 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 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 insurance providers 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.
From when does this FSG Apply?
This FSG applies from 6 February 2019 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 or email on the contact details provided.
To ensure that we provide you with appropriate products and services, you agree to us calling you to discuss any new products and services. If you do not wish to receive such calls please advise us and we will place you on our Do Not Call Register.
Electronic delivery of disclosure Notices
Please note that where possible we prefer to provide all correspondence and disclosure notices (including Financial Services Guides and Product Disclosure Statements) to you electronically, via email attachments or links to documents/websites etc. If you have provided your email address to us we will typically use that email address for all correspondence and disclosure notices. Should you not wish to be sent disclosure documents electronically please advise us and we will update our records accordingly.
Who is responsible for the financial services provided?
Empire 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.
Empire holds a current Australian Financial Services Licensee no: 484569. The contact details for Empire are on the front 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?
Empire 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.
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 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.
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.
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?
We maintain a record of your personal profile, including details of insurance policies that we arrange for you. We may 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 for the period required by law.
If you wish to look at your file, please ask us. We will make arrangements for you to do so.
How will I pay for the services provided?
For each insurance product the insurer will charge a premium that includes any relevant taxes, charges and levies. We usually receive a payment based on a percentage of this premium (excluding relevant taxes, charges and levies) called commission, which is paid to us by the insurers. The amount varies between 0% and 30% of the base premium you pay.
If you are a Retail Client and we give you Personal Advice, commission amounts will be provided in any SOA or on any relevant invoices where an SOA is not provided. When we give you General Advice, full commission information (including dollar amounts) will be provided on request.
In some cases we will also charge you a fee. All fees payable for our services will be advised to you at the time of providing the advice or service.
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.
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 our commission.
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.
How are any commissions, fees or other benefits calculated for providing the financial services?
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. Our commission varies between 0% and 30%.
P = the amount you pay for any insurance policy (less any government fees or charges included in that amount).
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 30% of our commission or fees.
Our employees that will assist you with your insurance needs will be paid a market salary and may receive bonuses payable based on the overall performance of our business.
We may receive additional remuneration of up to 3% of the premium from insurers with whom we have profit share or volume bonus arrangements. This remuneration is payable if we meet certain agreed sales and/or profitability targets set by the insurer. As a business we have relationships with and receive income from various other third parties, as detailed in this FSG. For Retail Clients receiving Personal Advice, details of relationships that impact the 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.
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.
Do you have any relationships or associations with the insurers who issue the insurance policies or any other material relationships?
Empire 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 – 1.5% 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 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 0% to 3% 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 be set out in the premium funding contract.
What should I do if I have a compliant?
- 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 45 days, please contact Harry Lauren on 08 6555 7728 or put your complaint in writing and send it to him at the address noted at the beginning of this FSG. We will try and resolve your complaint quickly and fairly.
- Empire 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 AFCA. AFCA provides fair and independent financial services complaint resolution that is free to customers. The AFCA can be contacted at:
Mailing address – Australian Financial Complaints Authority, GPO Box 3, Melbourne, VIC 3001
Ph – 1800 931 678
Email – email@example.com
Website – www.afca.org.au
What arrangements do you have in place to compensate clients for losses?
Empire has a professional indemnity insurance policy (PI policy) in place. The PI policy covers us and our representatives (including our authorised representatives) for claims made against us and our representatives by clients as a result of the conduct of us, our employees or representatives in the provision of financial services.
Our PI policy will cover us for claims relating to the conduct of representatives who no longer work for us.
If you have any further questions about the financial services Empire provides, please contact us.
Please retain this document for your reference and any future dealings with Empire and its representatives.