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ingenium insurance

financial 
services guide

 

The financial services referred to in this financial services guide (FSG) are offered by:

Ingenium Technology Solutions Pty Ltd (Ingenium) ABN 16 635 281 239 trading as Ingenium Insurance

Suite 1105, 109 Pitt Street Sydney NSW 2000

T  1300 175 228

E  admin@ingeniuminsurance.com.au

W ingeniuminsurance.com.au

Ingenium is the Authorised Representative of:

General Insurance Brokers of Australia (GIBA)
ABN 94 135 132 455

Suite 1105, 109 Pitt Street Sydney NSW 2000
PO Box R1856 Royal Exchange NSW 1225

T  02 9221 7122
E  info@giba.com.au
W  giba.com.au

GIBA holds a current Australian Financial Services Licence No: 342546 and is responsible for the financial services that Ingenium provides to you.  Ingenium’s Authorised Representative No is 1268634.  GIBA is also responsible for the content and distribution of this FSG.  The distribution of this FSG by Ingenium is authorised by GIBA.

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:

• 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.

 

PROVISION OF GENERAL ADVICE

If we provide you with General Advice (or assist you in obtaining a Retail insurance product as defined in the Corporations Act 2001), we are providing you with a general recommendation or opinion about a product which does not take into consideration your financial needs, situation or objectives. In these circumstances, we will provide you with a General Advice Warning. We recommend that you read the relevant Product Disclosure Statement (PDS) in order to determine if that product is right for you. The PDS will contain information about the particular policy which will enable you to make an informed decision about purchasing that policy.

 

FURTHER INFORMATION WHEN PERSONAL ADVICE IS GIVEN

We will provide you with further information whenever we provide you with advice, which takes into account 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 polices 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 particular policy, which will enable you to make an informed decision about purchasing that product.

  

FROM WHEN DOES THIS FSG APPLY?

This FSG applies from 20 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 me/us to give me/us instructions by post, phone, fax or email on the contact number or details mentioned on page 1 of this FSG.

WHO IS RESPONSIBLE FOR THE FINANCIAL SERVICES PROVIDED?

GIBA is responsible for the financial services that will be provided to you, or through you to your family members, employees or association members, including the distribution of this FSG.

GIBA holds a current Australian Financial Services Licensee no: 342546.  The contact details for GIBA 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?

Ingenium is authorised to ‘advise and deal in general insurance products to wholesale and/or retail clients, under GIBA’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 GIBA 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.

 

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, 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 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, at the time of any scheduled status review 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?

GIBA maintains a record of your personal profile, including details of insurance policies that we arrange or issue for you. GIBA may also maintain records of any recommendations or advice given to you.  GIBA 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.

GIBA is and we are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information. A copy of GIBA’s privacy policy is available on request.  A copy is also available on GIBA’s website, www.giba.com.au and Ingenium’s website www.ingenium.com.au.
If you wish to look at your file please ask us. We will arrange for you to do so.

 

HOW WILL I PAY FOR THE SERVICES PROVIDED?

Payment for the services we provide you are payable directly to GIBA.  For each insurance product, the insurer will charge a premium that includes any relevant taxes, charges and levies. GIBA often receive a payment based on a percentage of this premium (excluding relevant taxes, charges and levies) called commission, which is paid to GIBA 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 GIBA 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 GIBA’s trust account. GIBA will retain the commission from the premium you pay us and remit the balance to the insurer in accordance with GIBA’s arrangements with the insurer. GIBA will earn interest on the premium while it is in their trust account or GIBA may invest the premium and earn a return. GIBA 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?

GIBA’s commission will be calculated based on the following formula:

X = Y% x P

In this formula:
X = GIBA’s commission
Y% = the percentage commission paid to GIBA by the insurer. GIBA’s 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 will receive 80% of GIBA’s commission for the provision of services.  The same percentage will also apply for any fees that GIBA or we charge you.

GIBA does not and we do not often pay any commissions, fees or benefits to others who refer you to us or refer us to an insurer.  If GIBA does, GIBA will pay commissions to those people out of its commission or fees (not in addition to those amounts), in the range of 0 to 25% of its commission or fees.

Ingenium may pay commissions, fees or benefits to others who refer you to us or refer us to an insurer.  If Ingenium does, Ingenium will pay commissions to those people out of its commission or fees (not in addition to those amounts), in the range of 0 to 25% of its commission or fees.

Ingenium may also act in the compacity of a secondary broker or Wholesale broker to you.    If Ingenium does, Ingenium will pay commissions to your lead broker or adviser out of its commission or fees (not in addition to those amounts), in the range of 0 to 75% of its commission or fees.

Our employees that will assist you with your insurance needs will be paid a market salary.

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 next section 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?

GIBA 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 GIBA with those Partners.  Steadfast is also a shareholder of some Partners.

GIBA 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, GIBA has 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 GIBA may be paid a commission by the premium funder.  We may also charge you a fee (or both). The commission that GIBA 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 GIBA become entitled to the commission.

GIBA’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 GIBA are paid for that funding arrangement compared to the other arrangements that were available to you.

There may be instances where Ingenium will refer you to other service providers or incorporate other service providers into our solution for you.  In these circumstances, Ingenium may receive a referral fee.  The referrer fee will be incorporated in the overall service fee charged to you and will not come as an additional cost to you. Below list’s the services that we may refer and the referral commission that we may receive:
• Workers Compensation and Occupational Health and Safety services (0 to 25%)
• Rehabilitation and Return to Work providers (0 to 10%)
• Technology companies (0 to 50%)

 

WHAT SHOULD I DO IF I HAVE A COMPLAINT?

1. Contact GIBA and tell GIBA about your complaint.  GIBA will do its best to resolve it quickly.

2. If your complaint is not satisfactorily resolved within 5 days, please contact Complaints Officer on 02 9221 7122 or put your complaint in writing and send it to PO Bx R1856 Royal Exchange NSW 1225 at the address noted at the beginning of this FSG.  GIBA will try to resolve your complaint quickly and fairly.
3. GIBA 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:

Mailing address:
Australian Financial Complaints Authority,
GPO Box 3, Melbourne, VIC 3001
Ph – 1800 931 678
Email – info@afca.org.au
Website – www.afca.org.au

  

WHAT ARRANGEMENTS ARE IN PLACE TO COMPENSATE CLIENTS FOR LOSSES?

GIBA has a professional indemnity insurance policy (PI policy) in place.

The PI policy covers GIBA 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.

This policy satisfies / these policies satisfy] the requirements for compensation arrangements under section 912B of the Corporations Act.

 

ANY QUESTIONS?

If you have any further questions about the financial services Ingenium or GIBA provides, please contact us.

Please retain this document for your reference and any future dealings with Ingenium or GIBA.