FINANCIAL SERVICES GUIDE

This guide is intended to assist you in determining whether to use any of our services offered in this guide. It includes information about remuneration that may be paid to us or others in relation to the products or services offered, and what you can do if you have a complaint about our services. Key information is set out here in answers to specific questions. If you need more information or clarification, please ask us. This Financial Services Guide is issued with the authority of Worldwide Sports Insurance a business unit of PSC Horsell Insurance Brokers Pty Ltd. (Download this guide as a PDF)

Introduction

Retail Clients are entitled to receive a Statement of Advice whenever we provide any personal advice, which takes into account your objectives, financial situation or needs. This will occur when we provide recommendations concerning retail products. The information required in the Statement of Advice include information about the ($) amount and/or description of fees, commissions, other benefits and any associations that may have influenced the giving of this advice.

Where we provide a general advice service only (i.e. advice which does not take into account your specific needs, objectives or financial situation), we will give you a General Advice Warning at that time and you should consider the product information we provide in deciding whether it is appropriate for your specific needs, objectives or financial situation.

If we recommend that you acquire a financial product, or we offer to issue or arrange to issue you with a financial product, where required we may also provide you with a Product Disclosure Statement (PDS) containing information about that product. This will enable you to make an informed decision about the acquisition of that product.

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 those insurers we deal with regularly. We undertake a review of all insurers with which we deal with regularly on an annual basis. When considering the renewal of your insurance policy, we will only seek additional quotes where the premium quoted by your current insurer is greater than 20% of the prior year premium, or where there are changes to the policy wording, which may affect you. As Insurance Brokers though, we will arrange insurance cover through the underwriters with the best insurance arrangements for our clients.

About Us

PSC Horsell Insurance Brokers Pty Ltd is an Australian Financial Services Licensee authorised to provide advice and deal in general insurance products to wholesale and retail clients.

Who will be providing the financial service to you?

The financial services are to be provided by WWSI a business unit of PSC Horsell Insurance Brokers Pty Ltd, who is licensed under the Corporations Act 2001 to carry on a financial services business. Our advisers are detailed in the Adviser Profile attached. This Financial Services Guide is to be read in conjunction with the Adviser Profile.

Our Representatives are authorised by PSC Horsell under the Australian Financial Services Licence No 342385 and WWSI is responsible for the advice provided.

What Financial Services are we authorised to provide to you and what kind of products do these services relate to?

We offer advice and broking services on General Insurance products.

Contact Details

About our General Insurance Services

Who do we act for when providing services?

We act on your behalf.

What remuneration/other benefits do we receive for our Financial Services?

You are entitled to know how and what we will charge for our services. At the time of issuing this Financial Services Guide we are unable to provide you with the exact dollar amount of remuneration and/or benefits we may receive in relation to your policy/ies, however we will, either when the advice is given, or as soon as practicable after, provide retail clients, with information disclosing the exact dollar amount of any remunerations and/or benefits we will receive in a Statement of Advice.

We may be remunerated in any of the following ways, or by a combination of them:

1. An Administration Fee when we finalise your cover which will appear separately on your Tax Invoice;
2. Commission paid by the insurer for arranging the policy. The commission paid is based on a percentage of the premium less stamp duty, fire services levy, GST and any other government charges and taxes. The commission is included in the premium charged and covers various expenses we incur in arranging the insurance as well as a profit component. We retain the commission from the premium you pay us and remit the balance to the insurer. We also receive commission on each renewal and some variations of your policy.  The commission received ranges between 0 – 30%; and
3. A Broker Fee, which we may charge, rather than commission for the placement of the policy/ies. You will be informed of the nature and amount of any fee involved prior to us performing any service for you.

In the event of a refund for the cancellation or adjustment of a policy, we reserve the right to retain our remuneration.

Our staff receives a market salary that may include a bonus which is based on business performance criteria.

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.

If we arrange premium funding for you we may be paid a commission by the premium funder. We may also charge you a fee (or both). 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 2% 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. In addition to the commission payment, we may be entitled to receive an over ride payment of between 0 - 1% of the total premium funded by all our clients. The payment of the over ride is dependant upon the total amount funded with the providers.

How are fees and commissions calculated and deducted?

Our Admin and Broker Fees are based upon the time spent providing you with the advisory services you require.

The initial and renewal commission are calculated as a percentage of the annual cost of the insurance policy and is based on the following formula:

X = Y% x P

In this formula:

X =The commission;

Y = the percentage commission paid to us by the insurer;
P = the amount you pay for any insurance policy (less any government fees and charges in that amount).

We may be entitled to receive an additional amount of commission when we use electronic data interface (Sunrise) to process your policy with certain underwriters. This may result in 0 – 2.5% of additional commission being paid to WWSI. For retail clients, this amount is included in the commission amount declared in your Statement of Advice.

The amount of commission WWSI receives ranges between 0 – 30% depending upon the product type and insurer. Typically it is as follows:

What is WWSI's terms of payment?

We will invoice you for the premium, statutory charges (eg. stamp duty, GST, fire services levy if applicable etc) and any fees we charge for arranging your insurances. You must pay us within 14 days of the policy inception date, or in the case of a renewal, before the expiry date of the contract of insurance. If you do not pay the premium on time, the insurer may cancel the contract of insurance and you will not be insured. The insurer may also charge a short-term penalty premium for the time on risk.

Do we have any relationships or associations, which might influence the provision of our Financial Services?

PSC Horsell is part of WWSI and is involved in the management of the business. Sportscover Australia are considered major insurers and will always be chosen as your preferred insurer.