Financial Services Guide

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

Quantum Insurance Brokers. We hold a current Australian Financial Services License (No: 241251) to provide general insurance broking services. We are authorised to advise and deal in the full spectrum of general insurance products.

Quantum 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 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
  • Providing Product Comparison reports.

Our Products

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

  • Business Packs - Combining fire, burglary, money, glass, public and product liability and machinery breakdown.
  • Trade Pack Policies - Trades based insurance packs including public and product liability, cover on tools and equipment of trade.
  • Public liability - including scaffolders and other specialised businesses.
  • Workers compensation (ICARE)
  • Property Insurance
  • Business Interruption Cover
  • Industrial Special Risks (ISR)
  • Motor vehicle Fleet insurance - Accident, theft, hail, fire and third party property damage.
  • Heavy vehicle insurance - Tippers to B doubles
  • Salary Continuance,
  • Industrial and Professional covers.

Retail Clients

Under the Financial Services Reform Act (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 services or products 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.

Retail Client Issues

If you are a Retail Client and obtain personal advice, that is, advice that takes into account your particular circumstances, we will give you a Statement of Advice, that sets out the advice provided as well as the basis on which the advice is made.

If recommendations about the purchase of a particular financial product are made, we will also give you a Product Disclosure Statement at that time, which sets out details specific to that 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 to 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.

How our Representatives are Paid

Our representatives do not receive any benefit directly from the sale of a product to you. 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 also members of the Insurance Brokers Disputes Limited (IBD), a free consumer service.

We also adopt the General Insurance Brokers Code of Practice. Further information is available from our office, or contact IBD directly on 1800 064 169 or visit www.ibdltd.com.au

Policy Cancellation

If a policy is cancelled prior to the expiry of the period of insurance we will refund the net return premium received from the insurer. We will not refund any part of the commission or broker fee we receive for arranging the cover.