This Financial Services Guide (FSG) explains:
Our products and services,
Other important information.
Please take the time to carefully read this FSG,
We aim to provide you with insurance products and services that protect you and/or enhance your business. To help us achieve this, it’s important that you understand what we do as your insurance broker. Our FSG contains important information about the products and services that Sphere Insurance Group offers. It also explains how we, and our representatives, may be remunerated and contains details of our internal and external complaints handling procedures. By continuing to engage Sphere Insurance Group to provide insurance services, you are, in the absence of a formal written retainer agreement, agreeing to the delivery of our services and our remuneration as described in this FSG. If you are buying a Retail Product (as defined in the Corporations Act 2001), we will, if and when required, also give you a Product Disclosure Statement. This contains information on the product and its features to assist you make an informed decision about whether or not to buy it. If we give your personal advice about a Retail Product, which takes into account your individual objectives, financial situations or needs, we will, if required, also give you a Statement of Advice. This contains the advice we have given, the basis of that advice and other information about our remuneration and any relevant associations or interests which may have influenced the advice provided.
Our products and services
As your insurance broker we are licensed to deal in and provide advice in relation to general insurance products. Under our licence, amongst other things, we are able to:
Arrange general insurance products to help you protect against insurable risks; Collect information that insurers require from you where needed, provide you with information and advice about general insurance products; and Where needed, assist you to make insurance claims.
We will endeavour to arrange insurance that meets your risks and needs. However, as it is you who best understands your risks and needs you should always consider the appropriateness of any advice we provide or any insurance we recommend to you before acting on our recommendations. We also rely on you for the accuracy and completeness of information you provide to us. Finally, please note that we cannot guarantee the availability of insurance for your particular risks or the solvency of insurers.
Who do we act for?
As your insurance broker we normally act for you in providing our insurance services. We’ll tell you before or at the time if we are not acting for you in providing any part of our service. For example, an insurer may give us ‘binding authority’ to arrange or enter into insurance products on their behalf. We could also agree to handle or settle claims on an insurer’s behalf. We will inform you if we act for an insurer in this way.
We use Authorised Representatives (AR) to provide our services. AR’s are third parties whom we have authorised to provide financial services on our behalf. When you are dealing with one of our AR’s in relation to a ‘Retail Product’ an AR Profile will be issued to you, setting out their company details, information about their industry experience and the services they are authorised to provide. The AR profile does form part of the FSG. Our AR’s are not employees and do not receive a salary. Instead they may be paid a percentage of the commission and/or other part of our remuneration for the financial services they provide.
This percentage may range between 0 percent and 50 percent of Sphere Insurance Group remuneration.