Effective Date:
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About this guide.
This is a Financial Services Guide (FSG) to help you decide whether to use any of the insurance services offered by BankSA.1
It contains information about: • who we are and how to contact us
• the insurance services and products we can offer you • any remuneration, commissions or other benefits that
may be paid to BankSA or other relevant persons • how our internal and external dispute resolution
procedures work and how you can access them.
Some other documents you might get from us.
Product Disclosure Statement (PDS).
Whenever we provide advice about an insurance product which takes your specific needs, objectives or financial situation into account (personal advice), or offer, issue, or arrange insurance, we’ll usually give you the relevant PDS. The PDS includes information to help you make an informed decision about whether to purchase the insurance, including what’s covered and when, and the benefits payable.
Statement of Advice.
If we provide personal advice about life insurance, we’ll also give you a Statement of Advice (SOA). The SOA will clearly set out the advice, including the information on which that advice is based, to help you make an informed decision about whether to purchase life insurance.
We’ve got you covered.
Need insurance? Well, we’re here to help.BankSA offers a wide range of insurance services to help you protect the people and things you care about – from your house to your car to your family’s lifestyle.
For the things you own.
• Home and contents • Investment property • Car, caravan and boat • Business
• Farm
For you and the people you love.
• Home loan protection • Life and income protection • Credit card and • Travel insurance
loan protection
If you’d like to know more, we’ll be happy to answer your questions or help you apply. You can also check the relevant PDSs for full details.
More information about our
insurance services.
The things you should know.
The general and life insurance products we can help you with may be issued by related companies in the Westpac Group, or by other companies (the ‘insurer’).
BankSA is authorised to:
• Provide you with financial advice about these products
• Arrange for the issue, change or cancellation of general and life insurance products on behalf of the insurer
• Issue general and life insurance products on behalf of the insurer
• If necessary, refer you to the insurer for further information and assistance.
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Insurance
type Insurer Can we issue policies on behalf of the insurer? Commission (as a percentage of premium) Home and Contents, Landlord Westpac General
Insurance Limited Yes Up to 100%, First Year: Subsequent Years (i.e. on
renewal): Up to 20% Motor
Vehicle CGU Insurance Limited No 10% Caravan CGU Insurance Limited
AAI Limited trading as CIL Insurance
No No
10% 10% Boat CGU Insurance Limited
Allianz Australia Insurance Limited trading as Club Marine
No Yes
10% 15% Commercial AAI Limited trading as
Vero Insurance CGU Insurance Limited National Transport Insurance, a joint venture between CGU Insurance Limited and AAI Limited, managed by NTI Limited ABN 84 000746109 AFSL 237246 QBE Insurance (Australia) Limited Zurich Australian Insurance Limited Yes No Yes No No Up to 22.5% Up to 23.5% Up to 15% Up to 22.5% Up to 20% Farm CGU Insurance Limited
QBE Insurance (Australia) Limited No No Up to 23.5% Up to 15% Home Loan
Protection St.George Life Limited Yes Up to 20% Life Westpac Life Insurance
Services Limited and Westpac Securities Administration Limited as trustee for the Westpac Master Trust
Yes First Year: Up to 110% Subsequent Years: Up to 30% Credit card and loan protection
St.George Life Limited and Swann Insurance (Aust) Pty Ltd
Yes Up to 20% Travel CGU Insurance Limited No Up to 40%
Our remuneration and other benefits.
BankSA and related companies in the Westpac Group may receive the following upfront and ongoing fees when you buy insurance through us.
For example:
1. Your yearly home and contents insurance policy premium is $580 before government charges. We may receive commission of up to $580 in the first year and up to $116 in subsequent years on renewal.
We maintain a register that outlines the material alternative forms of remuneration that we receive from providers of some of the products that are available through us. The register is publicly available and you can obtain a copy by contacting us on 13 13 76.
We may also receive a marketing allowance of up to 1.5% of all premiums (excluding commission) from CGU Insurance.
The fees we pay to referrers.
If you’re referred to us for insurance (by a person or a company), BankSA or other companies in the Westpac Group may pay a fee to the referrer. This may be up to 100% of our fees (where the referral is made within the Westpac Group), a percentage of the total amount invested or paid through the referral, or a flat fee.
The amounts we pay to our staff.
All our staff receive a salary and may also be eligible for monetary and non-monetary incentives, promotions, competitions and rewards based on the number and value of the insurance products they sell.
If we give you personal advice about insurance, we’ll also tell you about the remuneration or benefits to be received – either at the time or as soon as practicable afterwards. If we can’t calculate the remuneration or other benefits when we give you personal advice, we’ll tell you how they’re going to be calculated at the time or as soon as practicable afterwards.
The Westpac Group.
BankSA is a division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 – which is part of the Westpac Group of companies.
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exempt from the compensation requirements in the Corporations Act. We nonetheless hold professional indemnity insurance, which provides cover for claims that relate to the financial services that we and our representatives provide, including claims that may arise after their employment with us has ceased for conduct while they were employed.
Privacy.
We collect personal information from you so that we can provide advice, recommend, issue or arrange for the issue of insurance for you and administer any insurance products issued. We may also use your information to comply with legislative or regulatory requirements in any jurisdiction, prevent fraud, crime or other activity that may cause harm in relation to our services, and help us run our business.
If you do not provide all the information we request, we may not be able to arrange insurance for you or properly administer any insurance products issued.
We may disclose your personal information to other members of the Westpac Group, anyone we engage to do something on our behalf (including external service providers located in India), other organisations that assist us with our business, and external insurers. Our privacy policy is available by calling 13 13 76 or at
banksa.com.au. It covers:
• how you can access the personal information we hold about you and ask for it to be corrected;
• how you may make a complaint about a breach of the Privacy Act 1988 (Cth), or a registered privacy code, and how we will deal with your complaint; and • how we collect, hold, use and disclose your personal
information in more detail.
If you have a complaint.
Making sure you get great service is one of the most important things we do. So if you have a complaint, we’d like you to contact us straight away. We welcome the opportunity to fix any problems. 1. Talk to us. We’re here to help you. So if you have a concern or complaint, please talk to the staff at your local branch, the BankSA person you first spoke to (your Financial Adviser, for example). Alternatively, you can call the BankSA Insurance Contact Centre on 1300 554 002. We may need to refer to you to the relevant insurer.
2. Tell our Customer Relations Team.
If our staff can’t resolve your concern or complaint, you should call our dedicated Customer Relations Team. They’re there to help you find a solution to any issue by looking into it in full.
BankSA Customer Relations. Phone: 13 13 76
Fax: (08) 8424 5950
Email: [email protected] Mail: Customer Relations Department
GPO Box 399, Adelaide SA 5001
3. Financial Services Dispute Resolution Schemes.
If our best efforts still don’t satisfy you, you can contact an independent dispute resolution service, such as:
The Financial Ombudsman Service (FOS).
GPO Box 3, Melbourne, VIC 3001
Phone: 1300 780 808
Toll Free: 1800 337 444 Fax: +61 3 9613 6399
BankSA - A Division of Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. BSA05483 (21/09/13)
