Financial Services Guide The financial services referred to in this financial services guide (FSG) are offered by Tymar (WA) Pty Limited atf
the Cob Unit Trust t/a Zenith Insurance Services (Zenith).
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 (retail clients* only)
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 (retail clients* only)
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) or short-form 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 applies from 9 April 2009 and remains valid unless a further FSG is issued to replace it.
this FSG apply? 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 You can contact us to give us instructions by post, phone, fax or email on the contact number or
instruct us? details at the bottom right hand corner of page 1 of this FSG.
Zenith is responsible for the financial services that will be provided to you, or through you to your Who is responsible
family members, including the distribution of this FSG. for the financial
services provided? Zenith holds a current Australian Financial Services License no: 232608. The contact details for
Zenith are on the front of this FSG in the bottom right hand corner.
Zenith is authorised to provide financial product advice and deal in general insurance products for What kinds of
wholesale and retail clients. We will do this for you as your broker unless we tell you otherwise. financial services
are you authorised
to provide to me
and what kinds of
do those services
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Maybe not in all cases. However, we may need information about your personal objectives, details Will I receive
of your current financial situation and any relevant information, so that we can arrange insurance tailored advice?
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 SoA (retail clients* only), or any other warnings that we give you, carefully before making any decision about an insurance policy. We maintain a record of your personal profile, including details of insurance policies that we What information
arrange for you. We may also maintain records of any recommendations or advice given to you. We do you maintain in
will retain this FSG and any other FSG given to you as well as any SoA, PDS or short-form PDS my file and can I
that we give or pass on to you for the period required by law. examine my file?
copy is also available on our website, www.zenithis.com.au
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, How will I pay for
charges and levies. We receive a payment based on a percentage of this premium (excluding the services
relevant taxes, charges and levies) called commission, which is paid to us by the insurers. In some provided?
cases we will also charge you a fee. The commission (retail clients* only) and fee will all be shown
on the invoice and other documents 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 of premium owed to you as a result of a cancellation or alteration to a policy, we
may retain any fee we have charged you. We may also retain commission depending on our arrangements with you. We may also charge you a cancellation fee. In some cases where there have
been multiple alterations to your policy we may offset any amount that you owe us from any
premium refund we receive on your behalf. You will be sent a final statement at the end of the
month showing the amount outstanding.
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: How are any
commissions, fees X = Y% x P or other benefits
In this formula: calculated for
providing the X = our commission
financial services? Y% = the percentage commission paid to us by the insurer. Our commission varies between 0% -
P = the amount you pay for any insurance policy (less any government fees or charges included in
We will also charge you a broker fee in addition to commission when you enter into an insurance policy. For retail clients* this will range from $0-$300 depending on the complexity of the insurance
being arranged for you. For other clients the amount of the broker fee (if any) will be negotiated with
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you prior to us providing any advice or arranging any insurance for you. For all clients the amount of
any broker fee charged will be shown on your invoice.
If we give you personal advice (retail clients* only), we will inform you of any fees, commission or
other payments we, our associates or anyone referring you to us will receive in relation to the
policies that are the subject of the advice at the time that the personal advice is given or as soon as
practicable after that time. Where the fees, commission or other payments are not calculable at the time the personal advice is given, the manner in which the remuneration or other benefits are to be
calculated will be disclosed at the time the personal advice is given or as soon as practicable after
Some aged care clients will have their policies arranged with CGU Insurance and CGU Professional
Risks because we have negotiated special terms and conditions with these insurers. These insurers
may pay us an additional 2%-3% commission above the range stated above. Some of this commission is refunded by Zenith to the relevant aged care industry associations. 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 5% to 30% of our commission and fees. At times we may act as a wholesale broker ie we will provide a financial service to you via another
broker (the retail broker). Your dealings will be with the retail broker who acts as your agent. In this
scenario, when an insurance product is arranged on your behalf, the insurer will pay any
commission to us in full. This commission will range from 10-20%. We then pass up to 50% of this commission to the retail broker.
Our employee that will assist you with your insurance needs will be paid a market salary. See below for information on the Steadfast association and commission.
Do we have any Zenith is a shareholder of Steadfast Group Limited (Steadfast). Steadfast has exclusive
relationships or arrangements with some insurers under which Steadfast will receive between 0.5% - 1% commission for each product arranged by us with those insurers. These payments are used to associations with
operate Steadfast. the insurers who
issue the insurance
Depending on the operating costs of Steadfast (including the costs of member services provided policies or any by Steadfast to us and other Steadfast shareholders) and the amount of total business we place other material with the participating insurers in any financial year, we may receive a proportion of that relationships? commission at the end of each financial year.
As a shareholder of Steadfast 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. These member services are either funded by
Steadfast, subsidised by Steadfast or available exclusively to shareholders for a fee. Steadfast is also a shareholder of Miramar Underwriting Agency Pty Limited (Miramar). As a shareholder, Steadfast may receive dividends from Miramar. These amounts will indirectly
contribute towards the benefits we receive from Steadfast.
You can obtain a copy of Steadfast's FSG at www.steadfast.com.au
Zenith participates in programs provided by some insurers under which we may obtain additional
benefits by way of profit share. The amount of profit share (if any) is determined by the insurers once
a year by reference to the insurance placed by us with them in the preceding calendar year for some of their products. We will always advise you when profit share is applicable to your transaction (retail
clients* only). Please ask us if you would like more information about our profit share arrangements.
Some aged care clients will have their policies arranged with CGU Insurance and CGU Professional
Risks because we have negotiated special terms and conditions with these insurers. Refer to the above
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section for more information.
If we arrange premium funding for you we will be paid a commission by the premium funder. 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 a product,
this is when we become entitled to the commission.
Steadfast has a shareholding in Macquarie Premium Funding. If we arrange premium
funding with Macquarie Premium Funding for you, under its agreement with Macquarie
Premium Funding, Steadfast will receive 0.5% of your insurance premium (including
government fees or charges). As an equity shareholder of Macquarie Premium Funding,
Steadfast may also receive dividends from profits of Macquarie Premium Funding. The
amount of the Steadfast dividend is based on the share of profit attributable to funding
arranged by Steadfast shareholders. The payments (commission and dividends) that
Steadfast receives from Macquarie Premium Funding are used to operate Steadfast.
Depending on the operating costs of Steadfast and the amount of total business we place
with Macquarie Premium Funding in any financial year, we may receive a portion of those
amounts at the end of each financial year.
Our commission rates for premium funding are in the range of 0.50% - 3.0% 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.
What should I do 1. Contact us and tell us about your complaint. We will do our best to resolve it quickly. if I have a 2. If your complaint is not satisfactorily resolved within 24 hours, please contact Doug Bird on 08 complaint? 9349 0022 or put your complaint in writing and send it to Doug Bird at the address noted on the
front of this FSG. We will try and resolve your complaint quickly and fairly.
3. Zenith is a member of the Financial Ombudsman Service (FOS). If your complaint cannot be
resolved to your satisfaction by us you have the right to refer the matter to FOS. FOS can be
contacted at Level 5, 31 Queen St, Melbourne VIC 3000 on 1300 780 808, fax 03 9613 6399,
email firstname.lastname@example.org or website www.fos.org.au.
What Zenith has a professional indemnity insurance policy (PI policy) in place. arrangements do The PI policy covers us and our employees for claims made against us and our employees by clients you have in place as a result of the conduct of us or our employees in the provision of financial services. to compensate
Our PI policy covers us for claims relating to the conduct of representatives who no longer work for clients for losses?
If you have any further questions about the financial services Zenith provides, please contact us. Any questions?
Please retain this document for your reference and any future dealings with Zenith. * Retail Clients
Retail clients are individuals or those who purchase an insurance product for use in connection with a small business. However
they are only designated as retail clients when they purchase a general insurance contract which has been designated as a retail product, ie:
? Motor vehicle;
? Home building;
? Home contents;
? Sickness and accident;
? Consumer credit;
? Personal and domestic property;
? Pleasure craft (see below); and
? Any other kind of insurance prescribed in the Corporations Regulations 2001.
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