Purpose of this Financial Services Guide
This FSG sets out the services that we 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.
- How we and our associates are paid.
- Any potential conflict of interest we may have.
- Professional indemnity insurance arrangements.
- Our internal and external complaints resolution procedures.
The Financial Service is provided by:
YourCover Pty Ltd, ABN 35169038466, AFSL 461299
GPO Box 111, Brisbane QLD 4001
Ph (07) 3010 9746
Email firstname.lastname@example.org Website www.yourcover.com.au
Our Financial Services authority:
Our Australian Financial Services licence authorises us to advise and deal in general insurance
products to wholesale and/or retail clients.
Date and currency of this FSG
This FSG applies from 1 October, 2014 and remains valid unless another FSG is issued to replace
it. If we give you a supplementary FSG or other documents relating to our services or any
products, they will not replace this FSG however you should read them carefully.
We are able to receive your instructions personally, or by any of the contact methods shown
The Corporations Act 2001 (The Act) provides Retail Clients with additional protection than other
clients. Under The Act, a Retail Client is defined as:
- Individuals or a manufacturing business employing less than 100 people; and
- A business employing less than 20 people; and
- who are purchasing the following types of insurance cover:
- Motor vehicle,
- home contents,
- sickness and accident,
- pleasure craft,
- personal property
- consumer credit,
We do not arrange Life Insurance, Trauma cover, Income Protection or Superannuation as these
products are not covered by our license.
It is important that you understand if this definition applies to you or your business, as some of the
information and additional protection in this FSG only applies to Retail Clients.
Who we act for
We act for you as your insurance broker unless we advise you otherwise. Sometimes we may
arrange with an insurer to act under a binding arrangement or as their agent.
When we do this we will be representing the insurer, and not you. We will tell you at the time
when we are acting for the insurer and not for you.
The advice we give
If you are a Retail Client, then typically you will be provided with General Advice. General
Advice does not take into account your personal needs and financial circumstances at the time
therefore you will need to consider whether this advice suits your requirements prior to acting
upon it. On these occasions we will give you a General Advice Warning.
If you are a retail client and we agree to give you Personal advice, we will give you a Statement of
Advice (SOA). The SOA will contain advice we have given, the basis on which it was given, and
details of relationships, associations, remuneration and other interests that may have influenced
the advice we have given.
If we arrange an insurance policy for you, or if we recommend you buy a particular insurance
policy, we will also give you, or give you access to a Product Disclosure Statement (PDS). The
PDS is produced by the insurer, and is designed to give you important information about the
policy you are considering purchasing.
For placing your insurance we usually receive a commission paid by the insurer as a percentage of
the premium you pay. This is the standard way insurance brokers are remunerated and depending
on the type of insurance our rates of commission typically range from 10% to 30%, before any
government fees or charges.
On occasions we may also charge a broker service fee, which varies according to the level of
services rendered and the commission we receive. This fee will always appear on your invoice.
Duty of Disclosure
In order to make an informed assessment of the risk and calculate the appropriate premium, your
insurer needs information about the risk you are asking it to insure. For this reason, before you
enter into a contract of insurance, you have a duty under the Insurance Contracts Act 1984
to disclose to your insurer every matter that you know, or could reasonably be expected to know, is
relevant to the insurer’s decision whether to accept this risk and, if so, on what terms. The duty
also applies when you renew, extend, vary or reinstate a contract of insurance. You do not have to
disclose anything that:
- Reduces the risk to be undertaken by the insurer;
- Is common knowledge;
- Your insurer knows, or in the ordinary course of business ought to know; or
- If the insurer has waived your obligations to disclose.
If you do not comply with your duty of disclosure, your insurer may be entitled to reduce its
liability in respect a claim or may cancel your contract of insurance. If the non-disclosure was
fraudulent, the insurer may be able to avoid the contract of insurance from its beginning. This
would have the effect that you were never insured.
Cooling off period – Retail insurance only
If you decide that you do not need a contract of retail insurance, which has been arranged, on your
behalf, you may change your mind during the cooling off period. Most insurers offer a cooling off
period of 14 days, although some offer a longer cooling off period. Refer to the Product
Disclosure Statement (PDS) for details of the cooling off period applicable to your insurance, and
how to cancel your insurance during the cooling off period. You cannot cancel the insurance if
you have made, or are entitled to make, a claim under it.
Cancellation and refunds
If you decide that you do not need a contract of insurance you may cancel this policy by giving
notice in writing. However your right to request a refund of premium ceases after the transit
commences. Where the insurer wishes to cancel the policy, they are only permitted to do so in
accordance with the Insurance Contract Act 1984.
Other remuneration information
In addition to the above, we may receive commission from a premium funder if we arrange this
service on your behalf. We may also charge you a fee for the service. The commission we receive
from the premium funder is usually calculated as a percentage of the total amount funded and the
rates are in the range of 0% and 3%.
Our employees are paid a market salary that may include bonuses based on performance. We and
our staff may also receive non-monetary benefits such as sponsorships of conferences and
functions, and meals and entertainment. We closely monitor these activities to ensure they do not
create a conflict with your interests.
Where a third party such as a trade association or other business has referred you to us or endorsed
our services to you, we may share a part of our remuneration with them or pay an agreed referral
rate. We will pay the third party out of our total commission and/or fees and never in addition to
Protection against giving you negligent wrong advice
We have professional indemnity insurance in place, which covers us, our employees and our
distributors for any errors or mistakes relating to the financial services provided. This insurance
meets the requirements of the Corporations Act and meets claims relating to an employee
or distributor (even after they cease to be an employee or distributor), provided that our insurer is
notified of events likely to give rise to a claim and within the relevant policy period.
The NIBA Code of Conduct
YourCover Pty Ltd is a pending member of the National Insurance Brokers Association and will
be bound by their Code of Conduct (The Code). The Code sets out standards for brokers to follow
when dealing with clients, including requirements to inform clients of remuneration arrangements
and possible conflicts of interest. You can ask us for a copy of the Code, or go to the NIBA
Complaints and disputes
We are committed to providing quality advice to our clients. If you should have any concern or
complaints about the service we have provided you, then contact us and tell us about it. If your
complaint is not satisfactorily resolved within 7 days, ask to be put in touch with our Complaints
Officer at YourCover Pty Ltd, by phoning (02) 8297 4455 or our claim service line 1300 563 099
or put your complaint in writing and send it to us at Complaints Officer – YourCover Pty Ltd,
Level 5, 320 Adelaide Street, Brisbane, QLD 4000. Please mark the envelope “Notice of
Complaint”. We will try and resolve your complaint quickly and fairly.
YourCover Pty Ltd is a member of the Financial Ombudsman Services (FOS). If you are still not
satisfied with our determination, you have the right to take your complaint to the Financial
FOS can be contacted on 1300 780 808. You can write to them at Level 5, 31 Queen Street,
Melbourne, Victoria. 3000, or fax (03) 9613 6399. Website address is www.fos.org.au
We collect personal information to ensure we can offer or provide you with products and services
most appropriate to your needs, as outlined in this FSG. We value your privacy and have adopted
the principles set out in the Privacy Act 1988 as part of our commitment to maintain client
confidentiality in the collection, use, disclosure or handling of personal information. For further