This FSG sets out the services that we offer you. It is designed to assist you in deciding whether to use any of those services and contains important information about:
Shansina Pty Ltd trading as BMG General
an Authorised Representative (AR No. 285695) of
BMG Aviation Pty Ltd Australian Financial Services Licence holder AFSL: 234520
ABN: 64 100 631 105
Level 1 / 20 Innovation Parkway Birtinya QLD 4575
Phone : 07 5438 3811 Email: email@example.com
This document is issued under authority by BMG Aviation Pty Ltd
We are authorised to advise and deal in a broad range of General insurance products to wholesale and/or retail clients.
This FSG applies from the date received and remains valid unless another FSG is issued to replace it. If we give you a supplementary FSG or other documents relating to our services or any products, they will not replace this FSG however you should read them carefully.
We act for you as your insurance broker unless we advise you otherwise. Sometimes we may arrange with an insurer to act under a binding arrangement or as their agent. When we do this we will be representing the insurer, and not you. We will tell you at the time when we are acting for the insurer and not for you.
We are able to receive your instructions by phone, in writing, email or in person.
The Corporations Act 2001 (The Act) provides Retail Clients with additional protection than other clients. Under The Act, a Retail Client is defined as:
Individuals or a manufacturing business employing less than 100 people; and
A business employing less than 20 people; and
who are purchasing the following types of insurance cover:
sickness and accident,
It is important that you understand if this definition applies to you or your business, as some of the information and additional protection in this FSG only applies to Retail Clients.
If you are a Retail Client, then typically we can only provide you with General Advice. General Advice does not take into account your personal needs and financial circumstances at the time therefore you will need to consider whether this advice suits your requirements prior to acting upon it. On these occasions we will give you a General Advice Warning.
If you are a retail client and we agree to give you Personal advice, we will give you a Statement of Advice (SOA). The SOA will contain advice we have given, the basis on which it was given, and details of relationships, associations, remuneration and other interests that may have influenced the advice we have given.
If we arrange an insurance policy for you, or if we recommend you buy a particular insurance policy, we will also give you, or give you access to a Product Disclosure Statement (PDS). The PDS is produced by the insurer, and is designed to give you important information about the policy you are considering purchasing.
Please note that where possible we prefer to provide all correspondence and disclosure notices (including Financial Services Guides and Product Disclosure Statements) to you electronically, via email or links to websites etc. If you have provided your email address to us we will typically use that email address for all correspondence and disclosure notices. Should you not wish to be sent disclosure documents electronically please advise us and we will update our records accordingly.
If you should have any concern or complaint or dispute (complaint) about the service we have provided you, then contact us and tell us about it. If your complaint is not satisfactorily resolved within 24 hours, ask to be put in touch with our Complaints Manager/Officer, Damian Hooper Phone 0754 383838, or put your complaint in writing to us at BMG Aviation PO Box 545 Buddina QLD 4575 or email firstname.lastname@example.org who will attempt to resolve the matter satisfactorily within 21 days.
If you are still not satisfied with our determination, you have the right to take your complaint to the Financial Ombudsman Service Australia (FOS).
FOS can be contacted on 1800 367 287. You can write to them at Level 5, 31 Queen Street, Melbourne, Victoria. 3000. Website address is www.fos.org.au .
The AFS licensee must maintain adequate Professional Indemnity insurance to compensate you or your beneficiaries for loss or damage suffered as a result of our giving you negligent advice.
Authorised Representatives are covered under professional indemnity insurance that complies with the requirements of section 912B of the Corporations Act, 2001.
The insurance (subject to its terms and conditions) will continue to cover claims in relation to our representatives/employees who no longer work for us but who did at the time of the relevant conduct.
When placing your insurance they usually receive a commission from the insurer. The amount varies between 0% and 30% of the base premium you pay. Where a policy is cancelled before the period of insurance has ended we will usually retain the commission on any return premium involved.
BMG Aviation have a set of standard non refundable Broker Fees that they may charge you for services such as:
All fees payable for services will be advised to you at or before the time of providing the advice or service.
BMG Aviation may receive additional remuneration from insurers with whom they have profit share or volume bonus arrangements. This remuneration is payable if they meet certain agreed sales and/or profitability targets set by the insurer. If they have profit share arrangements with an insurer that apply to a product we recommend to you, we will advise you of this at the time of making any such recommendation if the amount involved is material.
BMG Aviation retain the interest on premiums paid by you that are held in their trust account before paying the insurer.
If you pay by credit card we may charge you a credit card (incl. arrangement & handling) fee, which is disclosed and shown separately on our invoices, they are non refundable. This fee covers the cost of bank charges etc. associated with such facilities.
Premium funding products enable you to pay your premiums by instalments. Premium funders do charge interest. We can arrange premium funding if you require it. We may receive a commission based on a percentage of the premium from the premium funder for doing so. We will tell you the basis and amount of any such payment if you ask us.
We receive between 0% and 80% of BMG Aviation’s income that is generated by our clients. 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 and receive Personal Advice remuneration details will be disclosed in the SOA or invoices related to the advice.
BMG Aviation is a shareholder of Insurance Brokers Network Australia Ltd (IBNA). IBNA have exclusive arrangements with some insurers where they receive between 0.5 – 1.5% commission on the premium placed by us with those insurers. These payments are used to operate IBNA.
Depending on the operating costs of IBNA (including the costs of shareholder services provided to us and other shareholders) and the amount of total business BMG Aviation place with the participating insurers in any financial year, BMG Aviation may receive some of that commission at the end of each financial year.
BMG Aviation is a member of the National Insurance Brokers Association and is bound by their Code of Practice (The Code). The Code sets out standards for brokers to follow when dealing with clients, including requirements to inform clients of remuneration arrangements and possible conflicts of interest. You can ask us for a copy of the Code, or go to the NIBA Website, www.niba.com.au .
If you have any further questions about the financial services we provide, please contact us.