Transport & General Pty Ltd ABN 73 062 852 475
Head Office:
Unit 8A/2994 Logan Road
Underwood
Phone. 07 3276 3400
Email. operations@tgib.com.au
T&G Insurance Brokers Pty Ltd is a Corporate Authorised Representative no. 343243 of Transport and General Pty Ltd who holds Australian Financial Licence Number 247096, under the Corporations Act to provide general insurance broking services. We are authorised to provide advice and arrange general insurance for you on behalf of Transport & General Pty Ltd.
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.
From when does this FSG apply?
This FSG applies from 17/01/2019 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.
How can I instruct you?
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.
Who is responsible for the financial services provided?
Transport & General 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.
Transport & General Pty Ltd holds a current Australian Financial Services Licensee no: 247096. The contact details for Transport & General Pty Ltd are on the front of this FSG.
What kinds of financial services are you authorised to provide to me and what kinds of financial product/s do those services relate to?
Transport & General Pty Ltd is authorised to advise and deal in general insurance products to wholesale and/or retail clients.
We will do this for you as your broker unless we tell you otherwise.
Will I receive tailored advice?
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.
Contractual Liability and your insurance cover
Many commercial or business contracts contain clauses dealing with your liability (including indemnities or hold harmless clauses). Such clauses may entitle your insurers to reduce cover, or in some cases, refuse to indemnify you at all. You should seek legal advice before signing and accepting contracts. You should inform us of any clauses of this nature before you enter into them.
What information do you maintain in my file and can I examine my file?
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.
We are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information. A copy of our privacy policy is available on request. A copy is also available on our website, www.tgib.com.au.
If you wish to look at your file, please ask us. We will make arrangements for you to do so.
How will I pay for the services provided?
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.
How are any commissions, fees or other benefits calculated for providing the financial services?
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 30%.
P = the amount you pay for any insurance policy (less any government fees or charges included in that amount).
Plus any fees that we may charge.
Our employees that will assist you with your insurance needs will be paid a market salary. They may also receive an incentive bonus based on New Business written and retention of renewals.
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.
Do you have any relationships or associations with the insurers who issue the insurance policies or any other material relationships.
Transport & General 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 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 broker 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
If we arrange premium funding for you, we will use various premium funding partners including Ausfunding Solutions Pty Ltd. Ausfunding Solutions Pty Ltd is a company owned by the directors of Transport and General. We may be paid a commission by the premium funder. The commission that we are paid by the premium funder is usually calculated as a percentage of your insurance premium (including government fees or changes). If you instruct us to arrange or issue a product, this is when we become entitled to the commission.
Our commission rates for premium funding are in the range of .0% to 4.5% of funded premium. When we arrange premium funding for you, you can ask us what commission rates we are paid for that funding arrangement compared to the other arrangements that were available to you.
Claims
We will receive your claims notifications, assist and advise you regarding the scope of cover and pass the information to the insurer. If a loss adjustor is appointed we shall, with your permission, pass on your contact details and co-ordinate meetings. In the case of a major loss, we can attend the initial meeting with the loss adjustor if you wish us to. We will promptly forward to you all claims documentation, insurance company settlement cheques and other information. If any claims are outstanding when you terminate our appointment as your insurance broker, we will provide details of the claim(s) to your new insurance broker so that they may continue to negotiate settlement on your behalf.
Privacy
At Transport and General the privacy of your personal information is important to us and we are committed to protecting your privacy. Telephone conversations with Transport & General may be recorded to ensure our service standards are met or exceeded and to allow records to be kept of the advice given and orders/instructions taken. We use the information you provide to advise about and assist with your insurance needs. We only provide your information to the insurance companies with whom you choose to deal (and their representatives).
We do not trade, rent or sell your information.
You can check the information we hold about you at any time. For more information about our Privacy Policy, please ask us for a copy or refer to our website www.tgib.com.au.
What should I do if I have a complaint?
What arrangements do you have in place to compensate clients for losses?
Transport & General 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.
Our PI policy will cover us for claims relating to the conduct of representatives who no longer work for us.
This policy satisfies the requirements for compensation arrangements under section 912B of the Corporations Act.
Any Questions:
If you have any further questions about the financial services Transport & General Pty Ltd provides, please contact us.
Please retain this document for your reference and any future dealings with Transport & General Pty Ltd.