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Finance Services Guide

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

Holdfast Insurance Brokers Pty Ltd
ACN 007 972 009

Trading as Holdfast Insurance Brokers
ABN 35 194 842 340

This financial services guide 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 our associates are paid
– any potential conflict of interest we may have.
– our internal and external dispute resolution procedures and how you can access them.

Product disclosure statement

Each time we offer to arrange the issue of an insurance policy to you, we are required by law to pass on to you a product disclosure statement (PDS), unless you already have an up to date PDS from that insurer. The PDS will contain information about the particular policy which will enable you to make an informed decision about purchasing that policy.

Our Services

Our general insurance broking services include:

– Review and advising on your insurance needs
– Arranging and renewing insurance contracts on your behalf
– Arranging premium funding or payments by installments, if required
– Assisting with insurance claims

General Insurance products

We have access to an extensive range of general insurance products which can be arranged to protect your personal or business assets, cash flow and legal liabilities.

From when does this financial services guide apply?

This FSG applies from 01/11/09 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.

Who is responsible for the financial services provided, and how can you instruct us?

Holdfast Insurance Brokers 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.

Holdfast Insurance Brokers Pty Ltd holds a current Australian Financial Services licence Number 234526. The contact details for Holdfast Insurance Brokers Pty Ltd are on the back of this FSG. You can contact us to give us instructions by post, phone, fax or email.

Do we have any relationships or associations with the insurers who issue the insurance policies or any other material relationships?

Holdfast Insurance Brokers Pty Ltd is a shareholder of Steadfast Group Limited (Steadfast). Steadfast has exclusive arrangements with some insurers under which Steadfast will receive between 0.5 - 1% commission for each policy arranged by us with those insurers. This is used to operate Steadfast. Depending on the operating costs of Steadfast and the amount of total premium we place with the participating insurers in any financial year, we may receive a proportion of that commission for all products arranged with the participating insurers in each financial year, and at the end of each financial year. 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. These member services are either funded by Steadfast, subsidised by Steadfast or available exclusively to shareholders for a fee.

Steadfast is also a minority shareholder in Miramar Underwriting Agency Pty Limited (Miramar). As a shareholder. Steadfast may receive dividends from Miramar. These amounts will indirectly contribute towards the benefits we receive from Steadfast.

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

We are also members of The Australian & New Zealand Institute of Insurance & Finance (ANZIIF), & we encourage our staff & directors to participate on these industry bodies & to serve on committees & boards.

We also inform you that we participate in a program provided by Zurich under which we may obtain additional benefits by way of business support services. In each year we are also entitled to the provision to us by Zurich, at its cost, of business support services to a value of $3000.

What kinds of financial services are you authorised to provide to me and what kinds of financial product/s do those services relate to?

Holdfast Insurance Brokers Pty Ltd is authorised to advise and deal in general insurance products to "retail" and/or "wholesale" clients and will do this as your broker unless you are told otherwise.

A "retail" client is:
(i) a person or an individual; or
(ii) the general insurance product is or would be for use in connection with a small business ie. A business employing less than 100 people for a manufacturer of goods or otherwise a business employing 20 people or less
And a "prescribed" general insurance product is provided

A "wholesale" client is:
(i) Any other case, when a general insurance product is 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 of the information we ask for, any advice you receive may not be appropriate to your needs, objectives and financial situation.

Before you get our advice.

Who is my Adviser?

The individual assistance provided to you will be given either by a salaried Representative or Authorised Representative. A contact name will be on the invoice.

Should you require any further details of our Authorised

Representatives/Representatives please contact our office on (08) 8273 0900.

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.

Binder Arrangement

Where a Binder facility exists, you will be informed via your Invoice/Statement of Advice. The Binder arrangement means that Holdfast Insurance Brokers will act as an Agent of the Insurance Company not as a Broker.

This means that where we recom-mend their products or services we shall arrange and issue a contract on behalf of the Insurance Company.

As an Authorised Agent under a binder arrangement we may also receive an underwriting bonus calculated after all expenses including administration, claims, underwriting costs and commissions are paid.

What are my terms for payment?

You can choose to pay us by any of the payment methods set out in the invoice. You are required to pay us on receipt of our invoice or by the "pay by date" that we specify.

What information do you maintain in my file & can I examine my file?

We maintain records 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 you.

We are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information. A copy of our privacy policy is available on request.

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 and how are any commissions, fees or other benefits calculated for providing the financial services?

We charge a broker administrative fee for each insurance transaction we arrange and this is shown on the invoice that we send to you.

This fee charged to you usually ranges from $30-$100 plus GST which is based upon the time we spend providing you with the advisory services and will vary depending on the complexity of those requirements.

We usually receive a payment called commission, which is paid to us by the relevant insurer or insurance provider for the work we undertake to arrange insurances on your behalf. They will pay us an amount based on a percentage of the premium (less any government fees or charges included in that amount) ranging from 0% to 30% depending on the type of general insurance product provided.

Commission percentages can vary between insurers who offer a similar product. We may be entitled to receive additional commissions where we use electronic data interface (Sunrise) to process your policy with certain underwriters. Where this is the case, the amount will be disclosed in your Statement of Advice.

Home Insurance 0 to 25%
Motor Vehicle Insurance 0 to 11%
Personal Accident Insurance 0 to 20%
Boat Insurance 0 to 15%
Travel Insurance 0 to 30%
Business & other insurance 0 to 22.5%
Workers Compensation Insurance 0 to 5%

We will adjust our broker administration fee by an amount to equal the usual commission that we receive from the insurers we deal with regularly, in cases where an insurer or insurance provider pays us less than the usual commission.

We may not refund all our commissions and fees if you decide to cancel the policy.

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).

See above for information on the Steadfast association and commission.

Our invoice will show the Credit Card charge we pass on to you when we provide this payment option.

If we hold your money in trust pending payment to the insurer, we will also receive the interest earned. Holdfast Insurance Brokers Pty Ltd employees who will assist you with your insurance needs will be paid a market salary which may include, for the policies we arrange for you, a small percentage of your commission or fees.

Our Authorised Representatives are provided with business equipment or services such as computers, rent, software and administration staff support. The monetary amount for the above can be up to 35% of commission earned, plus a Broker Fee.

Premium Funding

If we arrange for you to pay for your insurance by installments by a Premium Funding facility offered by a Finance Company they will charge you interest and fees. Holdfast Insurance Brokers may receive a commission from the premium funder which is usually calculated as a percentage of the insurance premium you fund.

One of the premium funding companies with whom we deal is Advance Finance Pty Ltd. The Directors of Holdfast Insurance Brokers also have a financial interest in this company.

If we arrange premium funding with Macquarie Premium Funding for you, we will be paid a commission by Macquarie Premium Funding. We may also charge you a fee. The commission is calculatred as a percentage of the funded premium. If you instruct us to arrange for you premium to be funded, we will become entitled to the commission. The amount of our commission and any fee that we charge will set out in the premium funding contract.

We are a shareholder of Steadfast Group Limited (Steadfast). Steadfast has a shareholding in Macquarie Funding. Under its agreement with Macquarie Premium Funding. Steadfast will receive 0.5% of your insurance premium (including government fees or charges (funded premium).

Also, an equity shareholder of Macquarie Premium Funding. Steadfast may also receive dividends from profits of Macauarie Premium Fiunding. The amount of the Steadfast divident is based on the share of profit attributable to funding arranged by Steadfast shareholders.

The payments (commission and dividends) that Steadfast receives from Macquarie Premium Funding are used to operate Steadfast. Depending on the operating costs of Steadfast and the amount of total business we place with Macquarie Premium Funding in any financial year, we may receive a portion of those amounts at the end of each financial year.

Other Revenue

We provide services to insurers that are not directly related to the service provided to you and we receive remuneration in recognition for those services, This remuneration may be a management or administration fee received from an Insurer, or revenue based upon the volume or profitability of insurance business placed across an entire portfolio with a given Insurer over a specific period. These payments recognise the services we provide to the Insurer over that given period.

When a SOA is provided, we will list in that document 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.

Other Benefits

The management of Holdfast Insurance Brokers understands that staff may receive hospitality, gifts & the like from Insurers, but have a procedure in place to ensure these do not influence us in our recommendations to you as far as placement of insurance. As part of our commitment to ongoing training & development, we encourage our staff to attend industry as well as product training some of which is provided by insurers.

What should I do if I have a complaint?

1. Contact us and tell us about your complaint. We will do our best to resolve it quickly.

2. If your complaint is not satisfactorily resolved within 10 days, please contact our Customer Relations Manager by phone or by putting your complaint in writing and sending it to us at the address on the front of this FSG. We will try and resolve your complaint quickly and fairly.

3. Holdfast Insurance Brokers Pty Ltd is a member of the Financial Ombudsman Service (FOS). If your complaint cannot be resolved to your satisfaction by us you have the right to refer the matter to FOS.

Their contact details are:
Level 12, 717 Bourke Street,
Docklands VIC 3008
GPO Box 3
Melbourne VIC 3000
Phone Toll Free: 1300 78 08 08
Fax: 03 9613 6399
info@fos.org.au www.fos.org.au

Any questions?

If you have any further questions about the financial services Holdfast Insurance Brokers Pty Ltd provides, please contact us. Please retain this document for your reference and any future dealings with us.

Holdfast Insurance Brokers Pty Ltd

Compliance Statement

Holdfast Insurance Brokers Pty Ltd makes a firm commitment to each and every client to provide quality client service, research and advice. There is an ongoing commitment from all Advice Providers to professionalism and integrity.It is a clear objective of Holdfast Insurance Brokers Pty Ltd to ensure that the Company, as an Australian Financial Services Licensee, and its Advice Providers, comply with all relevant aspects of the Corporations Act 2001, the Trade Practices Act and Common Law. Strict adherence to the procedures set down in our Operations and Compliance Manual is expected and will be monitored to ensure that clients are receiving accurate, thorough and complying advice.

 

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