Compliance – an overview
Insurance Advisory Service have our own Australian Financial Service License (AFSL). As an AFS licensee, we have a general obligation to do all things necessary to ensure that we provide our financial services efficiently, honestly and fairly. This is to ensure that you “the client” are looked after and treated with respect and fairness.
We have specific obligations relating to:
- conduct and disclosure
- the provision of our financial services
- the competence, knowledge and skills of our responsible managers, as well as their good fame and character
- the training and competence of our representatives
- ensuring our representatives) comply with the financial services laws
- compliance, managing conflicts of interest and risk management
- the adequacy of our financial, technological and human resources, and
- our dispute resolution and compensation arrangements
We must comply with the conditions of our licence as well as the Corporations Act 2001.
Insurance Brokers Code of Practice
All reputable professions are governed by a strong Code of Practice – and insurance broking is no different.
The Insurance Brokers Code of Practice is an agreement between NIBA and its members (and other brokers who subscribe to the Code), which sets out the minimum service standards that clients can expect from brokers. It also outlines how complaints and disputes regarding potential breaches of the Code can be resolved.
The Code aims to:
- build professional competence in the broking profession; and
- increase consumer confidence in insurance brokers – and the role they play in the insurance process.
Financial Services Guide (FSG)
The Financial Services Guide (FSG) is an important document. It is designed to assist you in deciding whether to use any of the financial services offered by us, as described in this FSG. We are required to give you an FSG if we provide certain financial services to you and you are a retail client.
Terms of Appointment & Uninsured Risks
It is our pleasure to confirm your appointment of our company as your insurance broker. We would like to takethis opportunity for our mutual benefit to record the terms of our appointment and to advise you of matters arisingunder The Insurance (Agents & Brokers) Act 1984 and the Insurance Contracts Act 1984.
One of our roles as your adviser is to highlight areas where you, may have an exposure to loss but are presentlyuninsured. The link below has a summary of some common insurance examples that may assist you to identify riskareas you hadn’t previously thought about insuring.
Statement of Advice (SOA)
A document that sets out the advice given to a consumer by their licensed financial planner or adviser. It must include the basis on which the advice is given, details of the providing entity, and information on any payments or benefits the adviser or licensee will receive.