Further information about our advice
We will provide you with further information whenever we provide you with advice that 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 or short-form PDS from the insurer. The PDS or short-form PDS will contain information about the particular policy, which will enable you to make an informed decision about purchasing that policy.
From when does this FSG apply?
This FSG applies from 19 April 2006, 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 you instruct us?
You can give us instructions by mail, telephone, facsimile, email or by visiting our website as detailed above.
Who is responsible for the financial services provided?
LMI Group 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.
LMI Group holds a current Australian Financial Services Licence No. 283777. The contact details for LMI Group are set out above.
What kind of financial services are you authorised to provide to me and what kind of financial product(s) do those services relate to?
LMI Group is authorised to advise and deal in general insurance products to wholesale and/or retail clients. However, LMI Group does not at this stage, arrange general insurance products.
Will I receive tailored advice?
No. Generally, we do not provide any personal advice directly to the public, but we do have direct contact through your insurance adviser. Our staff can only provide you with factual information and, in some circumstances, may provide general financial product advice. However, we may need information about your personal objectives, details of your current financial situation and other 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 document that we provide before making a decision about an insurance policy. Staff do not take your personal circumstances into consideration when providing general financial product advice. If you require personal financial product advice that takes into your account your objectives, financial situation and needs, you will need to need to contact your financial adviser.
What information do you maintain in my file and can I examine my file?
We will maintain a record of your personal profile only if you have given us your consent to retain information, including details of insurance policies that we arrange for you and any recommendations or advice given to you. We may also use and disclose the information you provide to us to your financial adviser or the insurer to assist with matters on your behalf. We will retain this FSG and any other documents that we provide or pass on to you, for the period required by law.
LMI Group is 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, and is also available on our website, www.LMIGroup.com.
If you wish to look at your file, please ask. 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, which is paid by you to the insurer directly or to your insurance intermediary. In this case, as we do not arrange general insurance products, we do not receive commissions or rebates from any financial services provider or insurer for your insurance product transactions.
However, in some cases we will charge you a fee. This will be shown on the invoice that we send you, and you will be informed of the nature and amount of any fee involved prior to us performing any service for you. You can choose to pay by any of the payment methods set out in the invoice. You are also required to pay us in the timeframe set out on the invoice. In some cases, these fees may be met by the insurance intermediary or insurer that you engage.
LMI Group's research companies, Policy Comparison International Pty Ltd and Policy Coach International Pty Ltd, charge a separate subscription for independent product research. These related entities do not sell, rent, trade, or use your personal information.
How are any fees or other benefits calculated for providing the financial services?
Any fees that we charge you will be based on the time that we spend advising you as well as any incurred expenses on your behalf. Our employee(s) who assist you with your insurance needs, will be paid a market salary. We do not pay any commissions, fees or benefits to others who refer you to us or refer us to an insurer.
If we give you personal/general advice, we will inform you of any fees or other payments that 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.
Do you have any relationships or associations with the insurer who issues the insurance policies or any other material relationships?
LMI Group companies provide a range of services to the insurance industry, including loss adjusting services, training, policy comparisons, policy drafting and technical advice. This said, we value our independence highly, and we do not receive nor would we accept any inducement to recommend any product or insurer over another.
What should I do if I have a complaint?
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 21 days, please contact Wendy Hunter, our Business Manager, on (03) 9835 9900 or put your complaint in writing and send it to the LMI Group address noted at the beginning of this FSG. We will try and resolve your complaint quickly and fairly.
LMI Group is a member of the Insurance Brokers Disputes Limited ("IBD"). If your complaint cannot be resolved by us to your satisfaction, you have the right to refer the matter to IBD. IBD can be contacted on 1300 780 808.
Any questions?
If you have any further questions about the financial services that LMI Group provides, please contact us.
Please retain this important document for your reference and any future dealings with LMI Group.
