This Financial Services Guide (FSG) is designed to assist you in deciding whether to use any of our 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.
What to do in the event of a complaint.
Our internal dispute resolution procedures and how you can access them.
Retail Client advice
If you are a Retail Client and require personal advice, that is, advice that takes into account your particular circumstances, we will give you a Statement of Advice, for certain policies.
If recommendations about the purchase of a particular financial product are made, we will also give you a Product Disclosure Statement at that time, which sets out details specific to that product.
Who is Responsible for the Financial Services Provided
Pollard Advisory Services Pty Ltd trading as Pollard Insurance Brokers holds a current Australian Financial Services Licence (No : 247077) to provide general insurance broking services. We are authorised to advise and deal in a broad range of general insurance products.
Pollard Insurance Brokers is responsible for the financial services provided to you, or through you to your family members, including the distribution of this Financial Services Guide.
In order to be granted and then retain our license we are required to commit to meeting, maintaining and enhancing stringent requirements in areas such as: staff training, organisational competence, management expertise, financial control and compliance disciplines to ensure you receive fair and honest Financial Services from us.
Who do we act for ?
We usually act on your behalf and in your interests in all matters. In some situations, when you ask us to recommend an insurance policy for you, we may 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.
How to Contact Us
You are able to contact us by phone, in writing, by fax, email or in person.
We offer a range of services to assist you to protect your assets and guard against unexpected liabilities including:
Reviewing and advising on your insurance needs.
Identifying risk factors to avoid claims.
Seeking competitive premium quotations.
We can advise and arrange a broad range of insurance products on your behalf including: Home Building and Contents, Private and Commercial Motor, Farm, Business Packages, Construction, Liability, Industrial and Professional covers.
Under the Corporations Act, Retail Clients are provided with additional levels of protection from other insurance purchasers. The Act defines Retail Clients as:
Individuals or a small manufacturing business employing less than 100 people or any other business employing less than 20 people.
And that are being provided a financial service or product that relates to the following insurance covers:
Motor Vehicle, Home building, Contents, Personal and Domestic, Sickness and Accident or Travel, Consumer Credit and other classes as prescribed by regulations.
Some of the information in this FSG only applies to Retail Clients and it is important that you understand whether you are covered by the additional protection provided.
What We Expect From You
To enable us to provide the right advice we need you to provide us with complete information about the risk(s) that you face and those that you want to be insured for.
This should include information about your situation, needs and objectives. You should also tell us about any relevant changes as they occur so that we can review your insurance needs accordingly.
If we do not have your complete information, we will be unable to accurately review your circumstances, limiting our ability to give you the right advice. In such cases you should assess the appropriateness of our advice to your needs before acting on it.
Of course we also ask you to pay our invoices on time and complete all proposal forms honestly, accurately and most importantly return them to us by the required date.
The Privacy Amendment Act 2012 sets out the standards for the collection and management of personal information. With your consent, we will only use your personal information in relation to general insurance services. Further information on this is available upon request.
We will try and take the pain out of the claims process by assisting and advising you in regard to the scope of cover and explaining how the claims process works. We will promptly forward to you all claims documentation, insurance company settlement cheques and other information.
Our Sources of Income
We have the following sources of income:
When we place insurance for you, we usually receive payment from the insurer. The amount payable varies between 0% and 22.5% of the base premium you pay. This is known as the commission and is payable to Pollard Insurance Brokers. If you are a Retail Client, full details on commission will be included in any invoice that we will send you. We have a set of standard Broker Fees that average between $20 and $500 for the cost of services that are not covered by the commissions received from insurers.
Activities that such fees cover include:
Market research on products available.
Assessing the claims paying ability of insurers.
Sourcing alternative quotations and coverage.
Risk analysis and insurance portfolio co-ordination.
All fees payable for our services will be advised to you at the time of providing the advice or service. Any premiums received from you are held in a trust account prior to forwarding them to your insurer. The interest earned on this money will be retained by us.
We are a shareholder of the Steadfast Group Ltd. Steadfast has exclusive arrangements with some insurers and may receive between 0.5 to 1% commission should we place insurance with those insurers. These payments are used to operate Steadfast. Depending on the operating costs of Steadfast and the business that we place we may receive a portion of that commission at the end of each financial year. Steadfast provides us with access to member services such as operating/compliance tools, procedures, manuals and group purchasing arrangements. These services are either funded by Steadfast or available to shareholders for a fee. You can obtain a copy of the Steadfast FSG at www.steadfast.com.au.
If we arrange premium funding for you, we may be paid a commission by the premium funder and it is calculated as a percentage of your insurance premium (including government fees or charges). If you instruct us to arrange or issue a product, we are entitled to a commission.
We have an association with Zurich Australia Insurance Limited due to our participation in their Zenith Program, QBE Insurance, Allianz Insurance and Macquarie Premium Funding. We may receive benefits and a profit share component. The profit share is determined by the amount of premium placed and the claims experience. They may provide subsidised training, compliance and support services that contribute to the professional development of our business. Steadfast Group Limited is a shareholder of Pollard Advisory Services Pty Ltd.
How our Representatives are Paid
Our representatives do not receive any benefit directly from the sale of a product to you. Staff are paid an annual salary. If a person has referred you to us, we may pay them a part of any fees or commission received. If you are a Retail Client this will be disclosed in any invoice you receive.
Cooling Off Provisions
All retail products are subject to a 14 day ‘cooling off period’. This means that if you are not happy with the product, you have 14 days to withdraw from the contract at no cost to you.
Pollard Insurance Brokers has a Professional Indemnity insurance policy (PI policy) in place. The PI policy covers us and our representatives (including our Authorised Representatives) for claims made against us and our representatives by clients as a result of the conduct of us, our employees or representatives in the provision of financial services. Pollard Insurance Brokers PI policy covers us for claims relating to the conduct of representatives who no longer work for us.
If you have a complaint please contact your Account Manager and tell them about your complaint. We will do our best to resolve it quickly.
If your complaint is not satisfactorily resolved within 72 hours, please contact our Complaints Manager, Karen Furlonger, at our office, alternatively please put your complaint in writing and send it to the “Complaints Manager – Pollard Insurance Brokers Attention : Karen Furlonger, P.O. Box 261, Frankston, VIC 3199”.
We are members of the Financial Ombudsman Service (FOS). We also adopt the General Insurance Brokers Code of Practice.
Further information is available from our office, or contact FOS directly on 1300 780 808 or email firstname.lastname@example.org. You can also contact the Financial Ombudsman Service by visiting www.fos.org.au