Financial Services Guide
The financial services referred to in this financial services guide (FSG) are offered
Mainstay Underwriting PTY LTD – ABN 47 123 301 762 – AFS 477690
42 Bundall Rd
Bundall, Queensland, Australia 4217
Ph: 07 56 809 945
This 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 when personal advice is given
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 policies we have not
compared those policies to other policies available, other than from those insurers we
deal with regularly.
From when does this FSG apply?
This FSG applies from the 1st of November 2016 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 or email on the contact
number or details mentioned on page 1 of this FSG.
Who is responsible for the financial services provided?
Mainstay Underwriting PTY LTD 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.
Mainstay Underwriting PTY LTD holds a current Australian Financial Services
Licensee no: 477690. The contact details for Mainstay Underwriting PTY LTD are
on the front of this FSG.
What kinds of financial services are you authorised to provide to me and what
kinds of financial product/s do those services relate to?
Mainstay Underwriting PTY LTD is authorised to provide general advice and deal in
general insurance products to wholesale clients.
We act as wholesale broker for the purposes of providing placement services in
respect of the risks agreed and instructed by an Australian Financial Services
licensed retail insurance broker.
Contractual Liability and your insurance cover
Mainstay Underwriting Pty Ltd is insured under a professional indemnity policy
(PI policy) held by Mainstay Underwriting Pty Ltd.
The PI Policy covers us and our employees for claims made against us by clients
as a result of the conduct of us and our employees in the provision of financial
services as required under the Corporations Act. This cover will continue even
after our employees cease working with us, provided that the Underwriters are
notified of the claim when it arises and this is done within the relevant policy
What information do you maintain in my file and can I examine my file?
We maintain a record of your personal profile, including details of insurance
policies that we arrange or issue 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.
ensure the privacy and security of your personal information. A copy of our
If you wish to look at your file please ask us. 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. 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
What should I do if I have a complaint?
Making a Complaint
We will do everything possible to provide a quality service to you. However, we
recognise that occasionally there may be an aspect of our service or a decision
we have made that you wish to query or draw to our attention. We have complaints
and dispute resolution procedures which undertake to answer your queries or
complaints within fifteen (15) working days. If you have any queries or
complaints, please contact:
Lloyd’s Australia Limited,
Level 9, 1 O’Connell St Sydney NSW 2000
Telephone: (02) 8298 0782
Alternative +44 (0) 207 327 7382
who will refer your dispute to Policyholder & Market Assistance at Lloyd’s
If you are not satisfied with our response, you may lodge a complaint with the
Australian Financial Complaints Authority ("AFCA").
The contact details for the AFCA are as follows.
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority
GPO Box 3 Melbourne VIC 3001
If you have any further questions about the financial services Mainstay
Underwriting PTY LTD provides, please contact us.
Please retain this document for your reference and any future dealings with
Mainstay Underwriting PTY LTD.