The financial services referred to in this financial services guide (FSG) are offered by:
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:
Further information when personal advice is given
We will provide you with further information whenever we provide you with advice which takes into account your objectives, financial situation and needs. This information may include the advice that we have given you, the basis of the advice and other information on our remuneration and any relevant associations or interests. This information may be contained in a statement of advice (SOA).
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 policies 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. The PDS will contain information about the particular policy which will enable you to make an informed decision about purchasing that product.
This FSG applies from 6th October, 2016 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.
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.
BMT 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.
BMT Insurance Brokers Pty Ltd holds a current Australian Financial Services Licensee no: 487261. The contact details for BMT Insurance Brokers Pty Ltd are on the front of this FSG.
BMT Insurance Brokers Pty Ltd is authorised to provide financial product advice for general insurance products and to deal in financial products by applying for, acquiring, varying or disposing of a financial product of another person in respect of general insurance products, to retail and wholesale clients. We will do this for you as your broker unless we tell you otherwise.
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.
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.
Where we provide you with advice about your insurance arrangements, that advice is current at the time that we give it. We will review your insurance arrangements when you inform us about changes in your circumstances.
We maintain a record of your personal profile, including details of insurance policies that we arrange for you. We may 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 for the period required by law.
If you wish to look at your file please ask us. We will make arrangements for you to do so.
For each insurance product the insurer will charge a premium that includes any relevant taxes, charges and levies. We often receive a payment based on a percentage of this premium (excluding relevant taxes, charges and levies) 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.
If there is a refund or reduction of your premium as a result of a cancellation or alteration to a policy, or based on a term of your policy (such as a premium adjustment provision), we will retain any fee we have charged you. We will also retain commission depending on our arrangements with the insurer, or charge you a cancellation fee equal to the reduction in our commission.
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.
Our commission will be calculated based on the following formula:
X = Y% x P
In this formula:X = our commission Y% = the percentage commission paid to us by the insurer. Our commission varies between 0% and 25%.
P = the amount you pay for any insurance policy (less any government fees or charges included in that amount).
Generally we will not charge any fee for our services but if we do the fee will be clearly advised.
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). If you are a retail client and personal advice is provided full remuneration details will be provided at the time in the SOA or invoice directly related to the advice.
Our employees that will assist you with your insurance needs will be paid a market salary. They may be eligible for salary increases based on individual performance and the overall performance of our business.
If we give you personal advice, we will inform you of 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 below for information on the Steadfast association and commission.
BMT Insurance Brokers Pty Ltd is a Steadfast Group Limited (Steadfast) Network Broker. Steadfast has exclusive arrangements with some insurers and premium funders (Partners) under which Steadfast will receive between 0.5 – 1.5% commission for each product arranged by us with those Partners. Steadfast is also a shareholder of some Partners.
We may receive a proportion of that commission from Steadfast at the end of each financial year (or other agreed period).
As a Steadfast Network Broker 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 Steadfast Network Brokers for a fee.
You can obtain a copy of Steadfast's FSG at www.steadfast.com.au
BMT Insurance Brokers Pty Ltd has arrangements with insurers independent of their Steadfast membership and will be paid commission directly from those insurers when arranging products with them on your behalf.
In the event that we arrange premium funding for you, we may be paid a commission by the premium funder. We will provide further information regarding specific remuneration details on request.
With the Australian Financial Complaints Authority (AFCA) if lodged on or after 1 November 2018
Phone: 1800 931 678 (free call)
Mail: Australian Financial Complaints Authority, GPO Box 3, Melbourne, VIC 3001
Time limits may apply to complain to FOS or AFCA and so you should act promptly or otherwise consult the FOS and AFCA websites to find out if or when the time limit relevant to your circumstances expires.
BMT Insurance Brokers Pty Ltd has a professional indemnity insurance policy (PI policy) in place.
The PI policy covers us and our employees for claims made against us and our employees by clients as a result of the conduct of us or our employees in the provision of financial services. Our PI policy will cover us for claims relating to the conduct of representatives who no longer work for us.
If you have any further questions about the financial services BMT Insurance Brokers Pty Ltd provides, please contact us.
Please retain this document for your reference and any future dealings with BMT Insurance Brokers Pty Ltd.