Financial Services Guide

My life Insured Financial Services Guide

 

Purpose of this Document

The purpose of this Financial Services Guide (FSG) is to help you make an informed decision about the services and information on how to engage with one of our authorised representatives.

This document covers the following:

• Information about Choice Financial Advisors as a licensee
• Details on how you may instruct your Authorised Representative
• Who will be responsible for providing the financial service
• Details of the financial services and/or products Choice Financial Advisors can provide
• Remuneration received by your Authorised Representative
• Other forms of remuneration or benefits
• The complaints procedure
• The Authorised Representatives profile

Choice Financial advisors (ACN 83086835832) is an Australian Financial Services Licensee, AFSL No. 324987).

General Advice Warning The service we provide is of a general nature. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. Before you take any action or purchase any financial product you should consider whether it is appropriate having regard to your own objectives, financial situation and needs. You should obtain the Product Disclosure Statement (PDS) that is related to the relevant financial product. The PDS contains full details of the terms and conditions of the relevant financial product and you should consider it before making any decision about whether to acquire the financial product. If you would like personal financial advice, we are able to provide this service at a predetermined fee payable by you.  If we have provided you with personal advice in the past we may have knowledge of your personal objectives, financial situation and needs, meaning we are no longer able to provide you general advice, any advice provided will then come under the “personal advice” banner and we will inform you of our fees for personal advice should you want to proceed at this point.

 

You, Your Authorised Representative and Choice Financial Advisors

You have decided that you would like the services of an Authorised Representative. Regulatory requirements and the Law require all Authorised Representatives offering general advice, to either hold an Australian Financial Service License (AFSL for short) or to be authorised by an AFSL holder. This is where Choice Financial Advisors comes in. Your Authorised Representative has chosen to be associated and appointed as an Authorised Representative of Choice Financial Advisors and is therefore able to provide you with general advice under the Choice Financial Advisors AFSL.

Choice Financial Advisors provides your Authorised Representative with Training, Research, Compliance, Technical and Operational support, Professional Indemnity insurance and access to a free dispute resolution service. Choice Financial Advisors is ultimately responsible for the service provided by your Authorised Representative and has obligations to fulfil to maintain the AFSL. One of these obligations includes monitoring the service your Authorised Representative provides to you, their client. Your Authorised Representative is authorised by Choice Financial Advisors to provide you with the types of service and product detailed in their Authorised Representative profile.

Licensee Authorisations

We are licensed to provide general advice on the following services:

• Life insurance
• Superannuation

We can provide general advice in the following products:

• Life insurance (personal and business); and
• Superannuation

How to give instructions

Your Authorised Representative may accept your instructions by phone, letter, email or fax. In some instances, your Authorised Representative can only accept written instructions from you, and they will let you know when this occurs.

Documents you may receive

When your Authorised Representative provides a service to you, you may receive one or more of the following documents:

• Privacy Policy
• Product Disclosure Statement

You may request in writing a copy of any document up to seven (7) years after the general advice has been given.

AFSL Holder Remuneration

Choice Financial Advisors receives a flat fee for administration of the license and audits of the Authorised representative.  Additionally, Choice Financial Advisors receives a fixed Professional Indemnity insurance fee per Authorised Representative for the provision of services required under its AFSL.

Other forms of benefit or remuneration

Choice financial advisors and/or its Authorised Representatives may receive non-monetary benefits:

• The amount is less than $300 and identical or similar benefits are not given on a frequent basis.
• The benefit has a genuine education or training purpose (including attendance to conferences) and is relevant to providing financial product general advice; and/or

• The benefit consists of the provision of information technology software or support and is related to the provision of financial product general advice in relation to the financial products issues or sold by the benefit provider. Payments or benefits received are disclosed in a register. A copy of the register is available upon request.

Privacy

Your Authorised Representative will maintain a record of your personal information. If you wish to examine your file, please ask your Authorised Representative and they will arrange for you to do so. In order to provide you financial products or services and undertake the management and administration of those products and services, it may be necessary for us to disclose your personal information to third parties. Your Authorised Representative must provide you with a copy of our Privacy Policy. If you require an additional copy please ask or, download a copy from My Life Insured website at www.mylifeinsuredcom.au

Reporting your concerns

If you have a complaint about any financial service provided to you by your authorised representative, you should take the following steps:

1. Contact the Responsible Manager of Choice Financial Advisors to discuss your complaint.

Phone 03 9686 4976
Email admin@choicecapital.com.au
Mail Responsible Manager
Level 3/ 163 Eastern Road, South Melbourne Vic 3205

2. We will acknowledge receipt of a complaint immediately, however, where this is not possible, acknowledgement will be made as soon as practicable.

3. We will then investigate the complaint and respond to you within 45 days. Some complex matters may require an extension to thoroughly investigate the complaint and bring it to resolution.

4. If you are not fully satisfied with our response, you have the right to lodge a complaint with the Australian Financial Complaints Authority (AFCA), an External Disputes Resolution Scheme, of which Choice Financial Advisors is required to be a member of.

The contact details for AFCA are:

Phone 1800 931 678 (free of charge)
Fax 03 9613 6399
Online www.afca.org.au
Email info@afca.org.au
Mail GPO Box 3, Melbourne VIC 3001

Professional Indemnity

Choice Financial Advisors holds Professional Indemnity Insurance that is required under section 912B of the Corporations Act (2001). This insurance policy meets ASIC requirements and covers the conduct of present and past representatives.

About your Authorised Representative

The following contains important information about your Authorised Representative. This includes their Authorised Representative and Corporate Authorised Representative number, qualifications, areas of general advice and types of financial services they can provide, details of how they get paid and fees that you may be charged.

Your Authorised Representative

MRJT PTY LTD Trading as My Life Insured
Corporate Authorised Representative No. 472751

Contact Details

Address: level 3, 163 Eastern Road, South Melbourne Vic 3205
Postal Address: level 3, 163 Eastern Road, South Melbourne Vic 3205
Phone: 1300 113 219
Email: marc@mylifeinsured.com.au

Marc Rummel

Authorised Representative No. 330956
I am an Authorised Representative of MRJT PTY LTD T/A My Life Insured (“the Practice”) which is a Corporate Authorised Representative (No. 472751) of Choice Financial Advisors- the Licensee.
I hold the following qualifications:
Diploma of Financial Planning
Tax Financial Adviser
SMSF Specialist Adviser

Authorised Representative Remuneration.

When your Authorised Representative provides a general advice service to you, your Authorised Representative may be remunerated through:

• A commission payment from product providers.

All commissions are initially paid to Choice Financial Advisors before being distributed to your Authorised Representative or to their relevant business.

How We Get Paid.

Choice Financial Advisors receives all remuneration for services provided by your Authorised Representative.
Choice Financial Advisors then pays MRJT PTY LTD of all remuneration received less $2,200 monthly license fee.

Commissions and Fees

The following is a guide as to how commissions and/or fees may be charged.
All fees are inclusive of GST.

Fee Type	Minimum %	Maximum %
Life Insurance Commission – New Policies (1st Year Only) This commission is payable by the insurance company and is a percentage of the insurer’s base premium. i.e. premium excluding stamp duty, fire services levy, GST, modal loadings or any other government charges, taxes, fees or levies. Example If the annual premium was $1,000, Sustainable Life Solutions would receive up to $660 in the first year based on the maximum percentage.	0%	66%
Ongoing Life Insurance Commission – New Policies (Year 2 Onwards) Sustainable Life Solutions may also receive a renewal commission from the insurance company each year while your policy is in force. This is a percentage of the base annual premium you pay. Example If your annual premium is $1,000, Sustainable Life Solutions would receive up to $330 in the second year and onwards based on the maximum percentage.	0%	33%
Claims Administration Processing In the event of a claim, we provide 2 hours of initial support at no cost. Following this, we may charge an hourly rate of up to $400 for processing. Your consultant may discuss a fixed fee option with you or the person making the claim. This can be offset with any financial advice benefit payable by an insurance company.	$0	$400

 

Other Remuneration I may receive.

None.

Referral Fees

If a third party referred you to us, that third party may receive a referral fee.
From this remuneration, the Corporate Authorised Representative may pay referral commissions of up to 100% of all remuneration received.

Questions?

Please ask me to explain anything you do not understand in my Authorised Representative profile or FSG.