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Financial Services Guide

This financial services guide is an important document and you should take time to read it and ask us any questions you may have.

It contains information about the products and services we offer, how we are remunerated and details of our complaints handling procedures.

At Macquarie Insurance Brokers (Australia) Pty Ltd we want you to make sure we provide you with the products and services you need. To do this effectively, we need your help in providing us with your personal details which will enable us to provide you with the best advice to suit your needs.

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

Macquarie Insurance Brokers (Australia) Pty Ltd
Licence Number: 250825
ABN 16 000 580 585
Level 3, 71-73 Archer Street, Chatswood NSW 2067

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 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.

Statement of advice
You will receive a statement of advice (SOA) whenever we provide you with advice which takes into account your objectives, financial situation and needs. The SOA will contain the advice, which will enable you to make an informed decision about your insurance needs.

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 policy.

From when does this FSG apply?

This FSG applies from [insert date FSG issued to client] 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 you instruct us?

You can contact us to give 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?

Macquarie Insurance Brokers (Australia) 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.
Macquarie Insurance Brokers (Australia) Pty Ltd holds a current Australian Financial Services Licensee no: 250825.

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

  1. Macquarie Insurance Brokers (Australia) 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 product arranged by us with those insurers. These payments are used to operate Steadfast.
  2. Depending on the operating costs of Steadfast (including the costs of member services provided by Steadfast to us and other Steadfast shareholders) and the amount of total business we place with the participating insurers in any financial year, we may receive a proportion of that commission 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. You can obtain a copy of Steadfast’s FSG at http://www.steadfast.com.au/.
Steadfast is also a minority shareholder in Miramar Underwriting Agency Pty Ltd (Miramar). As a shareholder, Steadfast may receive dividends from Miramar. These amounts will indirectly contribute towards the benefits we receive from Steadfast.
Macquarie Insurance Brokers (Australia) Pty Ltd has entered into an agreement with Connection Underwriting Pty Ltd, an underwriting agency underwritten by Hollard Insurance Company Limited and established to provide new products and services to our clients. Depending on profitability the owners and / or staff of Macquarie may from time to time receive a share in the company’s profits, based on the performance of the insurance portfolio.
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.

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

Macquarie Insurance Brokers (Australia) Pty Ltd 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. 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 maynot 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.

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 or issue for you. 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. A copy is also available on our website, http://www.macquariebrokers.com.au/
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?

When we place insurance for you, we may be paid from your insurer a percentage of the premium you pay. We may also charge a broker fee, which may vary depending upon the services rendered, and this is specified on our invoice. If there is a refund pf premium due to you as a result of the cancellation or adjustment of the policy, we reserve the right to retain the remuneration we earned prior to the cancellation or adjustment.
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.
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?

The commission we receive is generally in the range between 5% and 22.5%. The commission is calculated using the percentage commission paid to us by the insurer times the amount you pay for any insurance (less any government fees or charges Included)
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).
Our employee that 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 our commission or fees.
If we give you a SOA, 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.
See above for information on the Steadfast association and commission.

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 20 working days, please contact our complaints officer on 02 9410 0655 or put your complaint in writing and send it to The Complaints Officer at the Macquarie Insurance Brokers (Australia) Pty Ltd address noted at the beginning of this FSG. We will try and resolve your complaint quickly and fairly.
  3. Macquarie Insurance Brokers (Australia) Pty Ltd is a member of the Insurance Brokers Disputes Limited (IBD). If your complaint cannot be resolved to your satisfaction by us you have the right to refer the matter to IBD. IBD can be contacted on 1800 064 169.

Privacy Notice.

We are committed to protecting your privacy. We use the information you provide to advise about and assist with your insurance needs. We only provide your information to the companies with whom you choose to deal (and their representatives). We do not trade, rent or sell your information.

If you don’t provide us with full information, we can’t properly advise you and you could breach your duty of disclosure. You can check the information we hold about you at any time.

For more information about our Privacy Policy, ask us for a copy or visit our website.

Client File Retention Policy.

We hold your paperwork and correspondence regarding your general insurance matters for a period of 7 years, after which we will securely destroy the file.

Any questions?

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