The financial services referred to in this financial services guide (“FSG”) are offered by:
LMI Group Pty Ltd (LMI) and it related companies where applicable.
ABN 69 086 256 171
AFS Licence No. 283777
This FSG is designed to assist you in deciding whether to use any of the services we provide through our website, and contains important information about:
The services we offer you.
How we and others are paid for the services we provide to you.
Any associations or relationships that could influence the services we provide to you.
Our internal and external dispute resolution procedures, and how you can access them.
The arrangements we have in place to compensate clients for losses.
LMI is licensed to deal in, and provide advice on, general insurance products, to retail and wholesale clients.
We provide an information and advice service to insurance buyers and their brokers. We do not place policies with insurers or act as an insurance broker.
There are two financial services that we provide:
General financial product advice on general insurance products, through policy comparisons; and
Personal financial product advice on general insurance products (except for personal accident and sickness insurance and consumer credit insurance), through any of the ‘ask an LMI expert’ services that we provide.
Any general advice we provide to you or your insurance broker (acting on your behalf) through our policy comparisons does not take into account your objectives, financial situation or needs. Before relying on our comparisons you should consider whether the guidance is appropriate for your circumstances. Consult your broker before making a decision to acquire a policy.
Even where LMI Experts provide personal advice to you through this website, we can only provide this advice based on the information you or your insurance broker provide to us. We will do our best to consider your objectives, financial situation and needs. Before relying on our advice or purchasing a policy, consult your broker.
Our comparison services only compare the policies offered by the insurers or insurance providers that are displayed on the webpages for that e-service. We do not compare every policy available in the market.
Statement of advice and Product Disclosure Statement
Because we do not provide personal advice on personal accident and sickness insurance, or on consumer credit insurance we will not provide you with a Statement of Advice (SOA). If your insurance broker provides personal advice to you in respect of these policies, your broker will provide you with a SOA. The SOA will set out your broker’s advice and their recommendations to you.
If a particular retail insurance policy is recommended to you by your insurance broker, your broker will give you a Product Disclosure Statement (PDS), unless you already have an up-to-date PDS or short-form PDS from the relevant insurer. The PDS will contain information about the particular retail policy, which will enable you to make an informed decision about whether or not to purchase that policy.
From when does this FSG apply?
This FSG applies from I January 2013 and remains valid unless a new FSG is issued to replace it. We may give you a supplementary FSG to update or correct information in this FSG.
How can you instruct LMI?
You can contact us to give us instructions by phone, through our website or via email. Our contact details are mentioned above.
Will I receive personal advice tailored to my needs, objectives and financial situation?
You will not receive personal advice through our policy comparison service. However, we may provide you with personal advice through our ‘LMI expert’ services. To provide you with personal advice, we will need information from you, or your broker, about your personal objectives, details of your current financial situation and your insurance needs. We will ask you for the details that we need to know.
We can only provide you with advice based on the information we are provided. To ensure that the advice you receive is appropriate to your needs, objectives and financial situation, we recommend you consult your insurance broker before acting on our advice.
Does LMI have any relationships or associations that influence the services it provides?
LMI is an Australian owned provider of financial product advice. We are not paid commission by insurers based on the policies you purchase or the advice we give.
LMI has referral arrangements or associations with other financial providers such as insurance brokers, accountants, insurers and auditors but these are for services we provide that are not regulated by the Corporations Act 2001 (Cth).
How are LMI remunerated for the services?
We charge an annual subscription fee for access to the services we provide on our website. Because we do not arrange, or assist you to acquire general insurance products, we do not receive commissions or rebates from any financial services provider or insurer for any insurance product transactions you may choose to make as a result of the services we provide through our website.
If you require us to provide services outside of those covered by the subscription fee, we will charge you an additional fee. You will be informed of the nature and amount of any fee in our engagement letter prior to us performing any service for you. Any additional fee that we charge you will be based upon the time we spend advising you as well as any expenses incurred on your behalf.
We do not receive any commission from insurers for the advice we give. We also do not pay any commissions, fees or benefits to others who refer you to us.
How do I pay for any additional fees?
If you decide to engage us for further advice or financial services, our engagement terms will explain our fees in more detail. Following any additional services we provide to you, we will send you an invoice. That invoice will show the amount payable and will detail the methods of payment. You are required to pay us in the timeframe set out on the invoice. In some cases, these fees may be met by your insurance broker or insurer.
What should I do if I have a complaint?
Contact us and tell us about your complaint. We will do our best to resolve it quickly and fairly.
If your complaint is not satisfactorily resolved within 20 days, please contact our Complaints Manager, on (03) 9835 9900 or put your complaint in writing and send it to the LMI address shown at the beginning of this FSG or email to email@example.com.
If your complaint cannot be resolved to your satisfaction by us, you have the right to refer the matter to Financial Ombudsman Service ("FOS"). FOS can be contacted on 1300 78 08 08 or via their website, www.fos.org.au.
What arrangements do LMI have in place to compensate clients?
As required by law, LMI has a professional indemnity insurance policy in place to compensate its retail clients for loss suffered because of a breach by LMI of its obligations under Chapter 7 of the Corporations Act 2001 (Cth).
This policy covers us, our employees and our representatives for claims made against us by clients in relation to the financial services we provide, as long as we notify the insurer of the claim when it arises and this is done within the relevant policy period.
Our policy will cover us for claims relating to the conduct of employees and representatives who no longer work for us.
What information does LMI maintain in my file and can I examine my file?
We may maintain a record of your personal profile, including details of insurance policies and any recommendations or advice given to you. We may also use and disclose the information you provide to us to your insurance broker or the insurer when assisting with insurance matters. We will only do this when we have your permission to do so.
If you wish to look at your file, please ask, and we will make arrangements for you to do so.
If you have any further questions about the financial services that LMI provides, please contact us.
Please retain this important document for your reference and any future dealings with LMI.