FREECALL : 1800 WYMARK Telephone: 07 5591 1277 Facsimle: 07 5532 9446 E-Mail: info@wymark.com.au
Since the implementation of the strict new Financial Services Reforms Act 2004 all Brokers are required to meet stringent business management protocols and provide comprehensive disclosure documents to "Retail Clients" in respect of "Retail Products" namely Home Building, Home Contents, Motor Vehicles, Personal and Domestic Property including Pleasure craft and Caravans, Personal Accident, Travel and Consumer Credit Insurance policies.
If you are a Retail Client, I.e. Personal Lines client, or a business with less than 20 employees (or less than 100 employees if engaged in manufacturing), you will receive from us a Financial Services Guide which is a guide to our relationship with you and others.
Each time we provide a Retail Client with a quotation, take out or renew the prescribed products we will provide you with our Statement of Advice and a Product Disclosure Statement from the relevant Insurance Company.
As Wymark Insurance Brokers believe that our clients’ should have the facility to view these types of documents readily available online we have taken the initiative to set up this facility and have ALL of the Product Disclosure Statements for each of the Retail Products that we offer available for you to view, print and save at your convenience on our web site.
A Product Disclosure Statement in summary will contain the following information; Name and Contact details of the Insurance Company, the features, including it’s risks, benefits and costs of the products we recommend to you.
A Statement of Advice is a disclosure document that helps you understand, and decide whether to rely on , personal advice. It outlines your request for insurance, the type of insurance policy we advised you to take and the monies that Wymark Insurance Brokers receive for providing that advice.
The new regulations require us to provide this information so that you can be fully informed before proceeding with us or going ahead with the particular policy we have recommended.
Brokers will have their procedures audited by the Australian Securities & Investments Commission on a regular basis to ensure compliance. We will need to be able to prove that we have adequate capital and resources to ensure continuity of our business so that you will be protected at all times.
All of our staff at Wymark Insurance Brokers have met the required training and continuing professional development standards which will undoubtedly enhance the already high level of professionalism and the quality of advice and assistance we provide whilst managing your insurance.
(Explanation courtesy of Council of Queensland Insurance Brokers Inc.)
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