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Financial Services Guide for New Clients
The financial services referred to in this financial services
guide (FSG) are offered by:
Annis Parisi Pty Ltd
3-5 Railway Street, Baulkham Hills NSW 2153
Phone: 8852 8888 Fax: 8852 8899
info@annisparisi.com.au
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 revised FSG applies from 1 March 2005 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?
Annis Parisi 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.Annis Parisi
Pty Ltd holds a current Australian Financial Services Licensee
No: 243559 The contact details for Annis Parisi Pty Ltd are
on the front of this FSG.
Do we have any relationships or associations with
the insurers who issue the insurance policies or any other
material relationships?
Annis Parisi 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 (including the costs of member
services provided by Steadfast to us and to 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, subsidized by Steadfast or available
exclusively to shareholders for a feeIn addition we are proud
members of NIBA, a well-recognised professional body whose
Code Of Conduct we subscribe to. NIBA provides insurance brokers
with market-sensitive and other relevant information which
may effect our considerations.
What kinds of financial services are you authorised
to provide to me and what kinds of financial product/s do
those services relate to?
Annis Parisi Pty Ltd is authorised to advise and
deal in general insurance products to wholesale and 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. 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.
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 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, www.annisparisi.com.auIf
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?
We often receive a payment called commission, which is paid
to us by the insurers. However, in some cases we will also
charge you a fee. These will all be shown on the invoice that
we send you. 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.
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 commissionY% = the percentage commission
paid to us by the insurer. A summary of our commission percentages
is set out below:We earn commission on home building and contents,
personal property, personal accident and illness, combined
risks, marine hull and travel from o% to 22.5% and on motor
vehicle from 0 to 11.5%.P = the amount you pay for any insurance
policy (less any government fees or charges included in that
amount).Any fees that we charge you will be a maximum of 10%
on total premium including charges plus $50.00 plus GST.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 an 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?
- 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
20 days, please contact Don Crocker on 02 8852 8888 or put
your complaint in writing and send it to Don Crocker at
the Annis Parisi Pty Ltd address noted at the beginning
of this FSG. We will try and resolve your complaint quickly
and fairly.
- Annis Parisi Pty Ltd is a member of the Insurance Brokers
Disputes Limited (IBDL). If your complaint cannot be resolved
to your satisfaction by us you have the right to refer the
matter to IBDL.4. IBDL can be contacted on 1800 064 169.
What influences what we recommend?
We do not deal with all insurers or consider all
available products when we make recommendations to you. We
select the insurers that we deal with and the products that
we recommend based on research and our knowledge of factors
such as product terms and conditions, price and the insurers
security, strength and claims handling track record.
What influencing financial benefits do we get from
people other than you?
We are paid by the insurer and sometimes by the people acting
for them. Generally, we are also paid a fee (brokers fee)
by you.The commission that we are paid by an insurer is usually
calculated as a percentage of your insurance premium less
any fees or charges. If you instruct us to arrange a product,
this is when we become entitled to the commission, however
we are only entitled to draw the commission when the premium
has been paid by you. We get these payments even when we act
for you as your brokers.The commission amount that we receive
will depend on the type of product that we arrange for you.
Some insurers pay more commission than others for similar
products. This means that we may earn more if we recommend
the product which pays the highest commission. This will depend
on the amount of premium for that product compared to others
that we consider.Commission rates for retail products range
from nil to 25% and on wholesale products from nil to 25%Whilst
we display the amount of commission and fees earned on retail
policies on the SOA, should you wish to know the commission
amount on a wholesale policy, you need only request this information
for it to be supplied to you.If we arrange premium funding
for you, we may earn commission from the premium funder. The
commission paid is usually a calculated as a percentage of
the amount of premium funded and is generally between 0% and
3% of the total amount funded If you ask us to arrange premium
funding, we earn commission when the deposit has been paid
however, the commission may be reversed if the installments
are not made. When we arrange premium funding, you can ask
us what we will earn from your particular funding contract.
Are there any other financial benefits that we are
entitled to?
In addition to commissions and fees, as is common in most
commercial arrangements, underwriters and premium funding
companies may from time to time offer individuals within our
organization other benefits such as business lunches, attendances
at sporting functions or other social occasions. Any costs
involved or benefits offered in these activities are borne
by the underwriters or premium funding companies and are part
of their overall budgeted running costs. As such, any cost
to you are minimal and certainly less than the amounts set
as thresholds for disclosure.
Any questions?
If you have any further questions about the financial services
Annis Parisi Pty Ltd provides, please contact us. Please retain
this document for your reference and any future dealings with
Annis Parisi Pty Ltd.
Our Privacy Policy
We are covered by the Federal Privacy Act and its National
Privacy Principles (NPPs), which set out standards for the
collection, use, disclosure and handling of personal information.
Personal information is essentially information or an opinion
about a living individual whose identity is apparent or can
reasonably be ascertained from the information or opinion
(e.g. a name and address).
Our Privacy Policy applies to any personal information we
collect, use or disclose after 21 December 2001. It does not
apply to our employee records.
How and why we collect personal information
We collect personal information either directly from
the relevant individuals or indirectly from third parties.
For example we collect information from brokers, sub brokers,
people you may refer us to, insurers, reinsurers, assessors,
claims handling consultants, Banks, Accountants, Solicitors,
witnesses, repairers, medical organisations, doctors, public
sources and third party sources to all these providers.
We collect personal information to be able to provide our
various services. These include, include insurance, risk management,
loss services, claims management, finance, computer hardware
and software maintenance companies for data handling needs
and others involved in the claims handling process.
We also use it to help to develop and identify products and
services that may interest clients, conduct market or customer
satisfaction research, develop, establish and administer alliances
and other arrangements with other organisations in relation
to the promotion, administration and use of our respective
products and services. For more information on our services
please contact us.
How we use and disclose personal information
We do not use or disclose personal information for
any purpose that is unrelated to our services and that you
would not reasonably expect (except with your consent).
We have a duty to maintain the confidentiality of our clients'
affairs, including personal information. Our duty of confidentiality
applies except where disclosure of your personal information
is with your consent or compelled by law.
We usually disclose personal information to third parties
who assist us or are involved in the provision of our services.
For example, in arranging and managing your insurance needs
we may provide information to insurers, reinsurers, other
insurance intermediaries, insurance reference bureaus, our
advisers such as loss adjusters, lawyers and accountants,
and others involved in the claims handling process. We may
also provide it to a potential purchaser of our business and
related companies.
We take reasonable steps to ensure that your personal information
is accurate, complete, and up-to-date whenever we collect
or use or disclose it.
If the required personal information is not provided, we
or any involved third parties may not be able to provide appropriate
services.
What we expect of you and third parties we deal with
When you provide us with personal information about
other individuals, we rely on you to have made them aware
that you will or may provide their information to us, the
purposes we use it for, the types of third parties we disclose
it to and how they can access it (as described in this document).
If it is sensitive information we rely on you to have obtained
their consent to the above.
If you have not done either of these things, you must tell
us before you provide the relevant information.
If we give you personal information, you and your representatives
must only use it for the purposes we agreed to.
Where relevant, you must meet the requirements of the National
Privacy Principles set out in the Privacy Act 1988, when collecting,
using, disclosing and handling personal information on our
behalf.
You must also ensure that your agents, employees and contractors
meet the above requirements.
Security of your personal information
We endeavour to protect any personal information
that we hold from misuse and loss, and to protect it from
unauthorised access, modification and disclosure.
For example - We maintain physical security over our paper
and electronic data stores and premises, such as locks and
security systems. We also maintain computer and network security
for example; we use firewalls (security measures for the Internet)
and other security systems such as user identifiers and passwords
to control access to computer systems.
Transfer of information overseas
We may transfer your personal information overseas
where it is necessary to provide our service. For example,
we sometimes use the internet to collect and process information.
In addition, some insurers or reinsurers are based overseas
and we need to provide your personal information to them to
arrange your cover. In most cases, we only do this with your
consent.
Opting out
If we send you any information about services or
products, or you do not want us to disclose your personal
information to any other organisation (including related bodies
corporate) you can opt out by telephoning our Privacy Manager
on 02 8852.8888. We will for security reasons require your
option to be advised in writing and to be signed by the same
party who first supplied the information relevant to that
person.
How to contact us
If you wish to gain access to your personal information,
or you want us to correct or update it, or you have a complaint
about a breach of your privacy, or any other query relating
to our Privacy Policy, contact our Privacy Manager during
business hours on:
Telephone: 02 8852 8888
Mail: Annis Parisi Pty Ltd,
3-5 Railway Street, Baulkham Hills NSW 2153
Fax: 02 8852 8899
Email: info@annisparisi.com.au
Requests for information are treated in a time sensitive manner.
We may however charge the following rates for information
supplied:-
Photocopying at $2.00 per page
Labour is billed at $100.00 per hour or part thereof.
Postage, courier, and miscellaneous charges apply at the rates
incurred.
All requests for information must be in writing and be signed
by the entity from which that information is sought.
Where information is not archived, we will attempt to supply
all information within 7 calendar days.
Unless payment is made in advance for retrieval of information
and costs, we will not supply the information
These provisions also apply subject to the Insurance Brokers
Dispute Facility, and this policy will not override legal
privilege where litigation is a consideration of Annis Parisi
Pty Ltd or any of its related entities.
Any unresolved complaints should be referred to the Privacy
Commissioner.
Terms of Trade
We take this opportunity, for our mutual benefit, to detail
the terms of any direction made in relation to the appointment
of Annis Parisi Pty Ltd as your insurance brokers.
New Business
If you need cover for property or a risk not currently
insured, you will need to advise Annis Parisi as soon as practical.
If you want immediate cover, we will endeavour to arrange
interim cover under a cover note, but in order to do so we
will, in all instances, need to have details of the property
or risk (eg. nature of risk, location, sums insured, etc.)
and all information to be disclosed to the insurer. We will
then send you a proposal for completion, which we ask you
to return to us as soon as possible. Interim cover is provided
for a limited period (eg. one month or sometimes less) and
will lapse unless the proposal is submitted to the insurer
during its currency. The insurer should issue the policy within
approximately two months.
Renewals
We will attempt to give you at least fourteen days
notice of expiry of any cover arranged or last renewed by
us on your behalf. This is obviously dependant on receiving
all information from you and the insurance company.
We do not accept liability for giving you notice of expiry
of any cover arranged or last renewed direct with the insurer
or through another broker.
Our invoice for renewal of the cover will include all details
of the cover as expiring. In order for us to secure the renewal
on your behalf, we must receive before the expiry date your
instructions in writing to renew the cover. If you want the
cover to be altered in any way, please contact us immediately.
We do not accept responsibility for following you up to check
whether you wish to renew. If we do not receive payment of
our invoice or written renewal instructions by the expiry
date, cover will not be renewed.
Variations
If you want to vary any cover (eg. by increasing
the sums insured, or adding another location, etc.) please
contact us. You will need to give us not only the details
of the variation you are seeking, but also details of relevant
matters to be disclosed to the insurer which have not been
previously disclosed. We will then confirm the variation we
have effected with the insurer.
Advice
If you need advice on your insurance covers or rationalisation
of your insurance arrangements or if you have any other query
please contact your Account Managers (and not one of our junior
staff). The Account Manager will be happy to answer minor
queries, over the telephone, but written advice or confirmation
should be sought in relation to any matter on which you propose
to rely. We accept responsibility for written advice, but
we accept no responsibility for verbal advice.
We do charge for the service of providing advice if the matter
requires a significant amount of time. We shall discuss the
charge with you at the time.
Terms of Payment
When we arrange, renew or vary a cover on your behalf,
we will invoice you for the premium, statutory charges (eg.
stamp duty, fire services levies, etc.) and our brokerage
and/or fees.
In the case of renewal, if you wish to instruct renewal by
payment of our invoice, we must receive payment in full before
the expiry date.
In all other cases, our invoices are payable by you within
thirty days of the date of the invoice (notwithstanding that
the invoice may be addressed to some other party at your request).
The full amount is payable by you to us, including the premium
and statutory charges and/or brokerage and/or fees.
If a cover is cancelled before the expiry of the period of
insurance we will refund to you only the nett return premium
we receive from the insurer, that is nett of any commission
and fees. We will not refund any part of the brokerage we
received for arranging the cover.
Some insurers have a minimum premium. In these circumstances,
any refund will be based on the refundable amount as advised
by the insurer and subject to the same limitations as detailed
above.
Notices
In accordance with normal business procedures, we
will direct all notices and correspondence in relation to
covers we arrange or renew on your behalf to your address.
If you wish to change this address, or utilise a postal address
please advise us in writing of the new address. Unless you
do so, our records will not be altered and notices and correspondence
will continue to go to the existing address. We do not accept
responsibility for following up responses from you to correspondence
or notices sent to your address.
Insurers are not required to give notices to insureds when
covers are arranged through a registered insurance broker.
Thus you will not receive them from the insurer for covers
arranged by our company on your behalf. You will always be
supplied with the original policy document. If you do not
receive the document within a reasonable time after completing
all necessary documentation and payment in full has been made,
you should contact this office immediately.
It is imperative that you check all your insurance certificates
and policy wordings to ensure that they provide the cover
you require and that you fully understand their limitations.
In all cases, the documentation provided by Annis Parisi Pty
Ltd should be cross checked against any proposal form that
you have completed to ensure that all disclosable details
have been supplied to the insurer. If you have not retained
a copy of the proposals, they are available on request from
our office. We again stress that you should feel free to contact
us if you have any query.
Ammended 19.9.05
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