Financial Services Guide

Version 14 : This FSG was prepared on 6 June 2014

The financial services covered by this Financial Services Guide are provided by:

Westminster Broking House Pty Ltd
ACN OO8 908 852

Level 1, 139 Newcastle Street
Perth WA 6000
ABN: 42 810 204 274
AFSL: 237466

This guide contains important information about:

  • the services we offer
  • how we and our associates are paid
  • any potential conflict of interest we may have
  • our internal and external dispute resolution procedures and how you can access them
Retail Clients
Under the Corporations Act 2001 (The Act) Retail Clients are provided with additional protection from other clients. The Act defines Retail Clients as:

Individuals or a manufacturing business employing less than 100 people or any other business employing less than 20 people and that are purchasing the following types of insurance covers:

Motor vehicle, home building, contents, personal and domestic, sickness/accident/travel, consumer credit and other classes as prescribed by regulations.

Some of the information in this FSG only applies to Retail Clients and it is important that you understand if you are covered by the additional protection provided.

What kinds of financial services are we authorised to provide and what kinds of Financial Product/s do those services relate to?
Typically we only provide General Advice to our Retail Clients. General Advice does not take into account your particular needs and requirements and you should consider the appropriateness of this advice to your circumstances prior to acting upon it. We will provide you with a General Advice Warning in such cases.
There are a wide range of insurance policies we can arrange. These include, but are not limited to, the following insurance policies for retail clients:
  • Motor vehicle insurance;
  • Home building insurance;
  • Home contents insurance;
  • Sickness and accident insurance;
  • Consumer credit insurance;
  • Travel insurance;
If you are new Retail Client purchasing Personal Accident or Sickness insurance and obtain Personal Advice, that is, advice that takes into account your particular circumstances, we will give you a Statement of Advice (SOA), that sets out the advice provided and the basis on which the advice is made and our remuneration should you purchase the product. For existing Retail Clients we not provide an SOA but rather provide the advice to you orally. In such cases you may request us to provide you with a Record of Advice (via phone or in writing) which we will provide to you within 28 days of such request.
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.

If we recommend the purchase of a particular financial product, we will also give you a Product Disclosure Statement at that time, which sets out details specific to that product and the key benefits and risks in purchasing the product.

How can you instruct us?
You can give us instructions by post, phone, fax or email.

We will acknowledge your instructions which will be your confirmation that we have received your communication. Once your instructions have been implemented we will confirm if and when your requirements have been satisfied.

Will you pay for the services we provide?
We may be paid in a number of ways which vary according to the service you require and our arrangements with the relevant insurer.

Where we receive payment by the insurer
Unless we tell you otherwise, we are remunerated on a commission basis from the relevant insurer whenever you enter into an insurance policy arranged by us (including renewals and endorsements).

The commission rebated to us by the insurer is a percentage of the insurer’s base premium (ie. premium excluding stamp duty, fire services levy, GST or any other government charges, taxes, fees or levies) and may range from zero percent to thirty percent depending on the type of policy and the amount of work we do on behalf of the insurer concerned. The commission rate does not represent our profit margin. It merely reimburses us for administrative and other expenses we incur in providing our services to you on behalf of the insurer. It covers our costs of performing the distribution functions of the insurer such as data entry, marketing, annual renewal marketing and underwriting, premium collection, GST payments and stamp duty payments in some cases, claims negotiation and handling, policy advice and general support.
Fees paid by you
We may charge you:
  • an administration fee in addition to the insurer’s commission for arranging the insurance policy based upon the time we spend in advising and servicing you
  • a flat fee for arranging an insurance policy or a fee based upon the time we spend advising or servicing you
  • an annual management fee by agreement You will be informed of the nature and amount of any fee involved prior to us performing the service for you.

We have in place professional indemnity insurance relating to errors and omissions arising from advice provided by our representatives, past or present. If you require further information regarding our Professional Indemnity Insurance, please contact our office on – (08) 6210 8888
Other remuneration information
Our staff receives an annual salary that may include bonuses based on performance criteria. Where a third party has referred you to us, we may share part of our commission or fees with them or pay them an agreed referral fee.
Where we provide personal advice to you as a retail client, we will tell you the remuneration that we and our associates are to be paid for providing the advice in the Statement of Advice.

If there is a refund of premium as a result of the cancellation or adjustment of the policy, we reserve the right to retain our remuneration earned prior to the cancellation or adjustment.

If you need further explanation please ask us.

A commission on loans funded may be payable by Premium Funders of zero to two percent. In addition Premium Funders may pay a Marketing and Administration Fee of up to one percent of loans funded.

Westminster Broking House Pty Ltd is a member of the IBNA group and may receive IBNA override commission paid by the insurers.

Your Insurance Premiums
Any insurance premiums received from you are held in a trust account prior to forwarding to your insurer. The interest earned on this money will be retained by us.

Do we have any relationships or associations with product issuers which might reasonably influence us?
Westminster Broking House Pty Ltd is a privately owned insurance advisory firm. We do not have any association or relationship with a product issuer which might reasonably influence us in providing our services.

What information do we maintain about you?
We maintain a record of your personal profile, including details of insurance policies that we have arranged for you. The record may also contain details of your objectives, financial situation and needs collected for the purpose of giving you advice. We also maintain records of any recommendations made to you.

We are committed to implementing and promoting a privacy policy, which will ensure the privacy and security of your personal information. This policy is available on request or at our website, If you wish to access your file please asks us.

Who do we act for when providing services?
When we provide you with financial services we act on your behalf. If we were to act as agent of the insurer and not for you, we will inform you accordingly.

Cooling Off Period
A cooling off period may apply to an insurance policy issued to you as a retail client. During the cooling off period you may return the policy. Details of your cooling off rights will be included in the relevant Product Disclosure Document.

What should I do if I have a complaint?

1.  Contact us and tell us about your complaint. We will do our best to resolve it quickly.

2.  If your complaint is not satisfactorily resolved within 24 hours, please contact our complaints officer on (08) 6210 8888 or put your complaint in writing and mark "personal” and send to:

Complaints Officer
Westminster Broking House
GPO Box D180
Perth WA 6849

We will try to resolve your complaint quickly and fairly.
3. Westminster Broking House Pty Ltd is a member of the Insurance Broking Division of the Financial Ombudsman Service Limited (FOS) If your complaint cannot be resolved to your satisfaction by us you have the right to refer the matter to FOS. They can be contacted on 1300 780 808 or you can write to them at:
GPO Box 3, Melbourne Vic 3001
4. Westminster Broking House Pty Ltd subscribes to the Insurance Brokers Code of Practice –details are available from
Any questions?
If you have any further questions about the financial services Westminster Broking House provides, please contact us.

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