Financial Services Guide
Date Prepared: 20 August 2011
This FSG is prepared by CoverDirect Pty Ltd
AFS Licence Number 383590
ABN 14 105 949 022
Purpose of this document
CoverDirect Pty Ltd (we, us, our and CoverDirect) wants you to understand the financial services we offer and has prepared this Financial Services Guide (FSG) to assist you to decide whether or not you wish to utilise our services.
In this FSG we outline:
Who we are
How you can contact us
Existing relationships you should know about
What financial services we are authorised to provide
Information about remunerations, including commissions that may be paid to us
Our protection against giving you negligent wrong advice
Details of Dispute Resolution should you wish to make a complaint
Who we are
CoverDirect owns and operates insurance comparison business Compare Insurance Pty Ltd (ABN 84 145 649 547). We provide consumers with factual and unbiased insurance information to assist them to compare, review and apply for insurance products in a few simple steps without having to visit a host of separate websites.
We hold an Australian Financial Services Licence No. 383590 that authorises us to operate our comparison services.
CoverDirect also makes its comparisons available to third party websites. In these instances, the information is clearly marked 'powered by compare insurance'.
How you can contact us
CoverDirect Pty Ltd
Level 11, 307 Pitt Street
Sydney NSW 2000
Email: [email protected]
Website: www.compareinsurance.com.au
Existing relationships you should know about
CoverDirect does not have ownership in any product provider. The directors and shareholders are common with insurance brands 1Cover, i-Trek, Kango Cover, Ski-Insurance and Under30. Those companies may be included on the compare insurance website in a similar way that other products are included. We do not act on behalf of those companies.
Financial services we are authorised to provide
CoverDirect is licensed to provide general product financial advice on General Insurance to retail clients. The advice provided is generally insurance product comparisons based upon basic factual information and is regarded as general advice only.
In making any general product recommendations, CoverDirect has not taken into account your personal circumstances, financial situation or needs. As a result, you need to consider the appropriateness of the information or general advice given to you.
In the instances of Health Insurance and Life Insurance comparisons, CoverDirect makes no recommendations nor gives advice of any description.
If Compare Insurance refers you to an insurance provider, insurance broker, or insurance adviser, you will be dealing directly with them and not Compare Insurance.
Compare Insurance does not accept instructions in relation to our services directly from you.
Remuneration and commissions
The service we offer to you is free and does not change the product. CoverDirect may earn a referral fee or commission from insurance providers listed on the site on the following basis.
- Cost per click when you click through to a product issuer's website from a compare insurance powered website.
- Up to 25% commission of the premium, if a user purchases insurance from a provider using a link on the website.
- Commission share on enquiries referred to product issuers via a third party website powered by compare insurance.
- Cost per lead or acquisition when you click through to a product issuer's website and submit your contact details.
The amount of fees and commissions received varies between the different product providers and are negotiated on a case by case basis. You may request the particulars of the commissions by contacting CoverDirect directly.
CoverDirect employs salaried staff. Employees do not receive specific payments or commissions directly linked to product providers or advice provided to you. CoverDirect is not remunerated for its opinions about insurance.
CoverDirect may pay fees or commissions to third party websites using a web service powered by Compare Insurance.
Protection against giving you negligent wrong advice
CoverDirect and its representatives are covered under professional indemnity insurance that satisfies with the requirements of the Corporations Act, 2001.
This professional indemnity will also cover claims in relation to the conduct of employees who no longer work for us (but who did at the time of the relevant conduct).
Dispute resolution
In the unlikely event you need to make a complaint about the services provided to you, please email us in the first instance at [email protected]
If your complaint is not satisfactorily resolved, you may contact the Financial Ombudsman Service Limited (FOS), an independent external dispute resolution body.
FOS can be contacted on 1300 780 808 (Australia Wide). You can write to them at GPO Box 3, Melbourne VIC 3001, email [email protected] or fax (03) 9613 6399. Website address is www.fos.org.au.
