Financial Services Guide
The financial services referred to in this Financial Services Guide (FSG) are offered by:
PK Insurance Brokers Pty Ltd t/as Ian Hewitt & Associates
ABN 45 625 793 035 Australian Financial Services Licence No. 509454
Address: Suite 16 Skiptons Arcade, 1st Floor, 541 High Street, Penrith, NSW 2751
Mailing: PO Box 4204, Penrith NSW 2750
Telephone: 02 4731 5335, Fax: 02 4721 0439 Email: firstname.lastname@example.org Website: www.ianhewitt.com.au
Why we are not independent, impartial, or unbiased in relation to the provision of personal advice and the impact of this on you
We, PK Insurance Brokers Pty Ltd t/a Ian Hewitt and Associates are not independent, impartial, or unbiased pursuant to section 923A of the Corporations Act because:
- We may receive remuneration, commission when we provide personal advice to you in relation to insurance products and other financial products;
- We may be subject to direct or indirect restrictions relating to the financial products in respect of which personal advice is provided; and/or
- We may have associations or relationships with issuers of insurance products and other financial products.
Further information about these benefits and relationships is set out in this Financial Services Guide. If you have any questions about this information, please ask us.
The 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:
- the services we offer you
- how we and others are paid
- any potential conflict of interest we may have
- our internal and external dispute resolution procedures, and how you can access them
- arrangements we have in place to compensate clients for losses
Further information about our advice
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 polices 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 its features, benefits and risks, which will enable you to make an informed decision about purchasing that policy
This FSG applies from 07 March 2022 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
You can contact us to give us instructions by post, phone, fax, email or visit our office at the above address
Ian Hewitt & Associates 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.
Ian Hewitt & Associates holds a current Australian Financial Services Licence No. 509454. The contact details for Ian Hewitt & Associates are detailed above
Ian Hewitt & Associates 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.
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 any 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 decisions 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, or at the time of any scheduled status review or upon renewal of your insurances.
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.
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.
If you wish to look at your file please ask us. We will make arrangements for you to do so.
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.
Our commission will be calculated based on the following formula:
X = Y% x P
X = our commission
Y% = the percentage commission paid to us by the insurer. Our commission varies between 0% and 25%.
P = the amount you pay for any insurance policy (less any government fees or charges included in that amount).
Any fees that we charge you will be disclosed in dollar amounts and or advised prior to us performing any relevant services for you. We may charge you a broker/ administrative fee in addition to commission when you enter into an insurance policy.
We do not often pay any commissions, fees or benefits to others who refer you to us or refer us to an insurer. If we do, we will pay commissions to those people out of our commission or fees (not in addition to those amounts), in the range of 0% to 40% of our commission or fees.
Our employee that will assist you with your insurance needs will be paid a market salary and in addition may receive bonuses which are included in our commission or fees.
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.
Ian Hewitt & Associates 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 member 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. member 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 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 0.25% to 0.4% % 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. The amount of our commission and any fee that we charge will be set out in the premium funding contract.
- Contact us and tell us about your complaint. We will do our best to resolve it quickly.
- If your complaint is not satisfactorily resolved within 20 days, please contact Paul Bentvelzen on 02 4731 5335 or put your complaint in writing and send it to him at the Ian Hewitt & Associates address noted above. We will try and resolve your complaint quickly and fairly.
- Ian Hewitt & Associates is a member of the Australian Financial Complaints Authority, or AFCA. If your complaint cannot be resolved to your satisfaction by us you have the right to refer the matter to AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers. AFCA can be contacted at:
Street Address: AFCA, GPO Box 3, Melbourne VIC 3001
Mailing address: Financial Ombudsman Service, GPO Box 3 Melbourne 3001
Ph: 1800 931 678 (FREE CALL)
Email: email@example.com Website: www.afca.ord.au
Ian Hewitt & Associates has a professional indemnity insurance policy (PI policy) in place.
The PI policy covers us and our employees for claims made against us and our employees by clients as a result of the conduct of us or our employees 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.
If you have any further questions about the financial services we provide, please contact us.
Please retain this important document for your reference and any future dealings with Ian Hewitt & Associates