This FSG contains important information about AFA Pty Ltd (AFA). Please read it carefully as is designed to help you decide whether to use our services.
This Guide includes information about:
The services we offer you
The financial services we are authorised to provide
What information we maintain about you
Product Disclosure Statements
How we and our associates are remunerated
Our internal and external complaints and dispute resolution procedures and how you can access them
Our client compensation arrangements
AFA is committed to protecting your privacy. We maintain a record of your personal profile from information supplied to us by you (or your intermediary). We only use it for the purposes of providing our services to you and administering your and our rights under your insurance policies. That record contains information provided by you and, about insurance policies that we have arranged for you.
If you wish to access your file, please contact our Privacy Officer on 02 9259 8222.
If you are a retail client and decide to acquire an insurance policy from our company, you will be given a Product Disclosure Statement (PDS) before or at the time you acquire the insurance. The PDS is designed to assist you to make informed choices about your insurance needs.
It gives a summary of the features, benefits and risks associated with, including general information about, the insurance as well as a policy wording (that sets out the specific terms, conditions and exclusions of the cover provided).
Unless we tell you otherwise AFA will receive commission, which is percentage of the Insurer’s gross premium (i.e. premium excluding stamp duty, fire services levy, GST or other government charges, taxes, fees or levies) each time you buy a policy (including renewals) and for some variations. This does not increase the amount of premium paid by you.
Commission will be received only after the contract has been entered into and is payable to us at the end of each month.
Other remuneration information:
Our staff receive an annual salary.
If you were referred to us, we may pay the person who referred you up to half of the commission that would normally be payable. This does not increase the amount payable by you.
If there is a refund of premium payable as a result of the cancellation or adjustment of a policy, we reserve the right to retain our remuneration earned prior to the cancellation or adjustment. This is a percentage of the base premium for the period elapsed on the insurance contract as at the time of cancellation or adjustment.
You can ask us for further details of the remuneration that we receive. If you are interested in this information, you must ask us for it within a reasonable timeframe after receiving this FSG. You must ask us before we provide any financial services to you, such as placing your insurance.
After you apply for a AFA product and you have received the policy document, you have 21 days to check that the policy meets your needs. Within this time you may cancel the policy and receive a full refund of any premium paid, unless you have:
made a claim or become entitled to make a claim under your policy; or
exercised any right or power you have in respect of your policy or the policy has ended.
Your request will need to be in writing and forwarded to us via your intermediary or to AFA Pty Ltd, P.O. Box 463, North Sydney NSW 2059.
You can cancel your policy at any time after the cooling–off period.
In some cases we may automatically renew your insurance to ensure you continue to be covered. At that time we will send you an offer to renew the insurance policy and invoice you for the cost of renewal. If there is a change to your circumstances or if you want to change the details of the cover, contact us as soon as you receive the renewal offer. This will allow us to assess whether your insurance is appropriate for your circumstances.
If you have a complaint about an insurance product we have issued or service you have received from us, please contact your intermediary to initiate the complaint with us. If you are unable to contact your intermediary, you can contact us directly on 1300 728 997. We will acknowledge receipt of your complaint within 24 hours or as soon as practicable.
If you are not satisfied with our initial response, you may use our internal dispute resolution process.
We will respond to your complaint within 15 business days provided we have all the necessary information and have completed any investigation required. If more information or investigation is required, we will agree reasonable alternative timeframes with you. We will keep you informed of the progress of your complaint at least every 10 business days unless otherwise agreed.
If you are not satisfied with our response or we cannot agree on reasonable alternative timeframes, your complaint will be registered as a dispute and it will be reviewed through our Internal Dispute Resolution process.
We will respond to your dispute within 15 business days of your request to review our decision provided we have all necessary information and have completed any investigation required. If we cannot meet this timeframe because additional information or investigation is required, we will seek to agree an alternative timeframe with you. We will keep you informed of the progress of your dispute at least every 10 business days unless otherwise agreed.
If you are still not satisfied with our response or we cannot agree on reasonable alternative timeframes, you can refer the matter to the External Dispute Resolution.
You may take your complaint to the Australian Financial Complaints Authority (AFCA) at any time and if we are unable to resolve your complaint within 45 calendar days from the date you first made your complaint.
AFCA is an independent external dispute resolution scheme. We are a member of this scheme and we agree to be bound by its determinations about a dispute. AFCA provides fair and independent financial services complaint resolution that is free to you.
Their contact details are:
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001.
If your complaint or dispute falls outside the AFCA Rules, you can seek independent legal advice or access any other external dispute resolution options that may be available to you.
AFA has professional indemnity insurance in place which covers AFA and our employees for any errors or mistakes relating to our insurance services. This insurance meets the requirements of the Corporations Act and meets claims relating to an employee even after they cease to be an employee of AFA, provided that the Insurer is notified of the claim when it arises and this is done within the relevant policy period.
To provide instructions, or if you need further information about AFA’s products or services, or have any queries please contact our office
on 02 9259 8222.
Please keep this FSG along with your policy documents in a safe place for your reference and any future dealing with us.