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Credit Guide

Finsure Finance & Insurance Pty Ltd is licensed to assist you with finance under the National Consumer Credit Protection Act 2009 (“The Act”). This Act regulates the activities of lending, leasing and finance broking.

Key Information

Address 101 Greville St, Prahran
Phone 1300 359 245
Contact details hello@moneylab.com.au
Australian credit license number 384704
Internal Complaints Officer contact details kate.k@moneylab.com.au
External Dispute Resolution Scheme details Australian Financial Complaints Authority

Website: www.afca.org.au

Email: info@afca.org.au

Telephone: 1800 931 678

In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

Credit Representatives
The Money Lab is an Authorised representative of Finsure Finance and Insurance. You are provided with the individual credit representatives details with which you are dealing on or before your first meeting with us, if you believe you did not receive this for any reason or would like another copy then please contact our office at any time to request this and we will provide it to you right away.

Address 101 Greville St, Prahran
Phone 1300 359 245
Email hello@moneylab.com.au
External Dispute Resolution Scheme details Australian Financial Complaints Authority

Website: www.afca.org.au

Email: info@afca.org.au

Telephone: 1800 931 678

In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001

Services provided

We will assist you in making the choice of a loan or lease that is suitable for your purposes.

We will provide you with information on a broad range of finance providers and loan products. Once you have chosen a loan or lease that is suitable for you, we will assist in obtaining approval for the finance. We source finance products from a panel of finance providers. Our Current Top 6 providers to which our Representatives introduced borrowers are:

 

ANZ Bank

Commonwealth Bank Australia

Macquarie Bank

National Australia Bank

St George Bank

Westpac Banking Corporation

 

This is not to say that we will only deal with these lenders, just that the products these lenders offer have been most suitable to our most recent clients.

 Information will be required from you

Under the Act, we are obliged to make sure that any loan, or principal increase to a loan, or lease that we suggest to you or assist you to obtain is “not unsuitable” for you. We will need to ask you a series of questions to make this assessment. The law requires us to:

 

  • make reasonable enquiries about your borrowing objectives and requirements;
  • make reasonable enquiries about your financial situation; and
  • take reasonable steps to verify the details of your financial situation.

Credit will be unsuitable if, at the time of making the assessment, it is likely that, at the time the recommended loan or lease is made:

  • you cannot afford to repay the loan or lease or can afford to repay it only with substantial hardship; or
  • the loan or lease does not meet your borrowing objectives and/or requirements.

For these reasons, we must ask you to provide us with a significant amount of information, much of which we will need to verify. It is therefore very important that the information you provide to us is accurate and complete.

If we provide you with credit assistance, we are required to provide you, upon your request, a copy of our preliminary credit assessment that details how we considered the product we suggested to be “not unsuitable” for up to seven years after the date of the assistance.

Information provided by us

We do not provide financial or legal advice. It is important to understand your legal obligations under a proposed loan or lease and the financial consequences imposed by the debt. If you have any doubts, you should obtain independent financial and legal advice before you enter into any finance contract.

We do not make any representations about the current value of any real estate you finance through us, or the future prospects of its value. You should always rely upon your own enquiries.

Fees payable by you

We may charge you for our services if you apply for a home loan, an investment property loan, a personal loan or a lease. If a fee is to be charged, this will be disclosed to you in a Credit Quote which will be provided to you for your approval before applying for finance.
You may need to pay fees to the finance provider as part of the application process. These will be detailed in a Credit Proposal Disclosure Document that we will provide to you before applying for finance.

Commissions received by us

We may receive commissions from the finance provider that provides your loan or lease. These are not feeing payable by you. Further details of the commission earned by us will be provided in the Credit Proposal Disclosure Document that we will provide to you before applying for finance.

 

We may receive additional commissions or bonuses from finance providers relating to the volume of finance that we arrange. Such payments are dependent upon a number of factors and cannot be quantified at this point.

Commissions and fees payable by us

Referrals from a broad range of sources are sourced by us and our representatives. For example, we or our representatives may pay commissions or fees to call centre companies, real estate agents, accountants, solicitors or other businesses for referring you to us. These are not fees payable by you. Any referral fee or commission paid in relation to your referral will be disclosed in the Credit Proposal Disclosure Document that will be given to you before applying for finance.

Our internal dispute resolution scheme

We hope that you are delighted with our services. However, if you have any complaints, you can raise these directly with the representative with whom you are dealing. If you have not received a response to your satisfaction within 5 business days, you may contact our complaints manager using the details listed above.
When we receive a complaint, we will write to you to acknowledge your complaint within 5 business days. We attempt to resolve all complaints as quickly as possible, subject to a full investigation of all the circumstances involved. We will write to you when our investigation completes to let you know the outcome and reasons for our decision.

 

In the unlikely event that we are still investigating your complaint after 45 days, we will write to explain why we are still investigating your complaint and to let you know when we expect to have completed our investigation.

Our external dispute resolution scheme

If you are not satisfied with the outcome of your complaint, or you have not heard from us within 45 days, you may refer the matter to the Australian Financial Complaints Authority (AFCA), an ASIC-approved External Dispute Resolution Scheme. External dispute resolution is a service provided at no cost to you, giving you access to an independent mechanism for the resolution of specific complaints or disputes.  AFCA’s contact details are included above.

Privacy disclosure statement

We are collecting personal and financial information about you to provide you with our broking services.

 

  1. The information you provide will be held by us and our Credit Representative.
  2. We may use credit information and any other information you provide to arrange or provide finance and other services.
  3. We may exchange the information with the following types of entities, some of which are located overseas:
  • Persons who provide finance or other products to you, or to whom an application has been made for those products.
  • Financial consultants, accountants, lawyers and advisers
  • Any industry body, tribunal, court or otherwise in connection with any complaint regarding our services
  • Any person where we are required by law to do so
  • Any of our associates, related entities, contractors and outsourcing partners some of which are located in the Philippines
  • Persons to verify the information you have provided, such as your employer, accountant or superannuation provider
  • Any person considering acquiring an interest in our business or assets
  • Any organisation providing online verification of your identity
  1. You may gain access to the personal information that we hold about you by contacting us. You can also contact us for a copy of our privacy policy. Our privacy policy contains information about how you may access or seek correction of the information we hold about you, how we manage that information and our complaints process. Our privacy policy is available from loankit.com.au.

 

If you do not provide the information we may be unable to assist in arranging finance or providing other services.

Do you have any questions?

If you have any questions about this Credit Guide or about any other aspect of our services, please do not hesitate to ask us at any time. We are here to assist you.

Financial Services Guide

Expert Wealth Management Pty Ltd Trading as Money Lab is a privately owned specialised financial advisory firm providing strategic, tailored solutions for the unique objectives, timeliness and financial circumstances of our clients.

James Davis (AR 1008864) and Expert Wealth Management Pty Ltd

(CAR 1233055) are Authorised Representatives of Boston Reed Pty Ltd (AFS License No 225738), ABN 89 091 004 885.

About your Adviser and Boston Reed Pty Ltd

Your Adviser is James Davis. James is employed by Expert Wealth Management Pty Ltd trading as Money Lab is a Corporate Authorised Representative of Boston Reed Pty Ltd. James Davis is the “providing entity” for the purposes of the Corporations Law. James Davis is an authorised representative of Boston Reed Pty Ltd, ABN 89 091 004 885.

Boston Reed Pty Ltd holds Australian Financial Services License (‘AFSL”) Number 225738 and has authorised the creation of this Financial Services Guide or FSG.

James Davis and Boston Reed Pty Ltd may advise on:

  • Managed Investments
  • Self-Managed Super Funds
  • Aged pension all other Centrelink entitlements
  • Personal Risk insurance
  • Debt and Cashflow management
  • Retirement planning
  • Allocated pensions and transition to retirement strategies
  • Business succession and transition

James Davis is an employee of Expert Wealth Management T/A Money Lab and is salaried employee. James Davis may be entitled to a bonus throughout the financial year.

Expert Wealth Management Pty Ltd trading as Money Lab is a privately owned specialised financial advisory firm providing strategic, tailored solutions for the unique objective, timelines and financial circumstances of our clients. As a client of Expert Wealth Management, we will work with you to develop, implement and maintain a comprehensive financial strategy to meet your personal and business objectives. This will assist you and your family in preserving and growing your wealth, protecting against risks and reaching your chosen goals and objectives.

The Purpose of this Financial Services Guide (“FSG”)

This FSG is an important document that explains how we provide financial product services to you and your responsibilities as a client and this forms part of our contract with you.

You should read this FSG carefully before using our services. It is intended to give you sufficient information to decide whether to obtain financial services from us.

Most of the content of this FSG is dictated by the Corporations Act and is mandatory under that law, so bear with us regarding its form and content. Please feel free to contact us by telephone, e- mail or writing should this FSG be unclear or should you have any concerns about our services.

This FSG explains:

  1. Who we are;
  2. How you can contact us;
  3. About Expert Wealth Management Pty Ltd and James Davis;
  4. What documents you will receive from us;
  5. The financial services we provide;
  6. Any potential conflicts of interest;
  7. Our privacy policy;
  8. Our internal dispute resolution procedures;
  9. Our external dispute resolution procedures; and
  10. Our compensation arrangements, i.e. our professional insurance

Product Disclosure Statements (“PDS”)

If we recommend a financial product we must provide you with a PDS for that product. The PDS contains the information needed to make an informed decision about acquiring a product.

The PDS will provide you with the information you need to know about the product and details costs and product fees including commissions and is usually created by the financial institution providing the product.

Delivery of Advice

Once we have met and determined a draft plan for you, we will prepare a ‘statement of advice” or “SOA”. The SOA will be in writing and may be delivered via email, post or in person. Your SOA contains the information needed to understand our advice and the basis on which it is made. It includes information about:

  1. The specific advice;
  2. The reasons for the specific advice;
  3. Any fees;
  4. Any associations or relationships that may influence the advice;
  5. The implementation plan; and
  6. Any other relevant

We will also provide other documents as needed. These documents may include educational material or PDS, as discussed above.

Record of advice

Once you have been provided with a SOA further advice may be provided in a form known as a record of advice or “ROA”, provided there has been no change in your personal circumstances or the basis of the advice set out in the SOA.

Retention of SOA and ROA

We retain all SOAs and ROAs for at least seven years and you may request a copy of the SOA or ROA at any time within that period. This request may be verbal or in writing.

Implementation of advice

Our statement of advice will contain instructions on how the advice should be implemented. We will work with you to ensure that the advice is properly implemented.

Your Responsibilities as a Client

We will ensure that our advice is in your best interests and is appropriate to you at the time it is provided. However, certain aspects of our advice are largely outside our control and are mainly within your control. Therefore responsibility for these matters largely remains with you.

You are responsible for ensuring that our advice remains in your best interests and appropriate to you over time. You must notify us in writing immediately should your personal circumstances change or should general economic conditions or legislation change in a way that affects our advice to you.

You are responsible for ensuring your bank account and investment account details including account numbers, passwords and personal identification numbers are kept confidential, are stored safely and not recorded in a form that can be accessed by other persons including access by hacking computers, are not provided to any person, including your adviser, and are changed on a regular basis and at least once a month. You are solely responsible for any losses caused by a misuse of this data by any person, including cyber fraud or any other form of fraud.

How We Deal With Complaints

We endeavor to resolve all complaints quickly and fairly.

Boston Reed Pty Ltd provides a dispute resolution services to its clients. This obligation is a key tenet of the consumer protection principles of the Australian Financial Services Licensing system.

If you have a complaint about any services you should:

  1. Contact your Adviser by telephone to explain your situation and let him/her know of your concerns. Your Adviser will do everything possible to resolve your complaint promptly;
  2. If this does not resolve your complaint, put your complaint in writing addressed to Responsible Manager, Boston Reed Pty Ltd at PO Box 284 Beaconsfield, Victoria, 3807 where it will be objectively considered and discussed with you and your Adviser with a view to being settled as soon as possible to your satisfaction; and
  3. If your complaint is not resolved appropriately by Boston Reed Pty Ltd, you can access our external dispute resolution scheme. Boston Reed Pty Ltd is a member of the Australian Financial Complaints Authority (AFCA). AFCA can be contacted on 1800 931 678 or info@afca.org.au. This is a free service to

How We Are Paid

Our fees and other charges: who receives the fees?

Expert Wealth Management Pty Ltd will provide you with full details of all fees before doing any significant work for you. Fees will be explained in your meeting and detailed in a statement of advice. Your adviser will also provide you with a detailed breakdown of fees on an annual basis in a fee disclosure statement.

The types of fees, commissions and other benefits that may be received by Expert Wealth Management Pty Ltd and Boston Reed Pty Ltd are described below:

Fees for Advice

Expert Wealth Management Pty Ltd may charge fees for the preparation, presentation and implementation of our advice. These fees will be based on your individual circumstances, the complexity involved in your situation and the time it takes to prepare personal financial advice. Expert Wealth Management Pty Ltd will provide you with written estimates of these fees to ensure that there are no ‘surprises’ after the event.

Fees we charge a pre-agreed hourly fee for our initial Advice and we will prepare written recommendations in the form of a Statement of Advice. This agreed fee will be determined by the complexities of the individual client’s affairs. This fee will also cover the implementation of our recommendations should the client proceed with our advice.

Initial Advice Fee this fee is paid when you have agreed to receive our advice and is determined based on the complexity of the advice being provided. The fees range from $550 – $11,000 Inc. GST.

Ongoing Advice Fees

Expert Wealth Management Pty Ltd may charge a fee to provide ongoing portfolio review, ongoing advice appropriate to your needs and/or ongoing services. Expert Wealth Management Pty Ltd will offer you the option to select from a set charge or a charge based on the value of funds under advice and/or the time involved in reviewing your portfolio and circumstances.

Ongoing Service Fee we provide ongoing services to help you stay on track to meet your goals. The cost of these services ranges from $750 – $7,500 Inc. GST and will be confirmed and explained in the Statement of Advice.

Salaries to staff and other services to you

The payment of staff salaries does not influence our advice in any way. The provision of accounting services and other business services to you for a fee does not influence our advice in any way.

Commissions & Fees

If you implement a financial product through Expert Wealth Management Pty Ltd, we may receive payments in the form of initial commissions and/or ongoing commissions from the financial product providers. These commissions are included in the fees and premiums you pay for the product.

This is not an additional cost to you.

 

Investment products held pre 1 July 2013

We may receive initial (upfront) commission from the product provider for additional amounts invested in products you held prior to 1 July 2013. Generally, the commission will be a percentage of the amount you invest (may be up to 5.5 per cent) and may vary from product to product. We may also receive ongoing (trail) commission from the product provider on a periodic basis for the duration of your investment. Details of such commission (which may be up to 1.1 per cent) will be set out in your SoA.

Investment products held post 1 July 2013

For most products with an investment component entered into after 1 July 2013, initial and ongoing commissions from the product provider will not be paid to your adviser. Information about any variations or exceptions will be provided to you.

 

 

Other Benefits

We may also receive additional benefits by way of sponsorship of education seminars, conference or training days.

Details of any fees, commissions or other benefits that we will be entitled to receive if you retain us as your Adviser and if you implement our recommendations will be disclosed to you in the clearest terms. Disclosure will be in dollar terms, or where this in not possible, in percentage terms and will be included in your Statement of Advice or Record of Advice. Fees will also be advised in detail in the PDS for recommended financial products.

If any fees are paid to a third person for referrals these fees will be detailed in your SOA.

Time Limitations

As economic and market conditions are constantly changing, the recommendations made in our Statement of Advice are only valid for 30 days from the date of presentation with the exception of an extraordinary events. To ensure that the Statement of Advice remains suitable to your needs, we recommend a review and if necessary a revised plan to be prepared after this time limitation has lapsed.

Other Important Information

Compensation arrangements

Boston Reed Pty Ltd operates a compensation arrangement to compensate retail clients for losses connected to any breach of the Corporations Act or other law by your Adviser, Boston Reed Pty Ltd or other relevant persons.

These arrangements comprise comprehensive and extensive professional indemnity insurance.

Protection of personal information

Your personal information is protected by our privacy policy and the privacy laws. This information will not be provided to anyone or used for any other purpose unless this is necessary to comply with the law.

A copy of Boston Reed Pty Ltd and your Adviser’s Privacy Policy will be provided to you upon request.

If you are not satisfied with our approach to privacy you are entitled to contact the Office of the Privacy Commissioner who may investigate any complaints you may make.

Anti-money laundering and terrorism legislation

Boston Reed Pty Ltd must verify your identity before we provide any financial services. This will be discussed at our meeting.

Conflicts of interest

The SoA you receive will make reference to any potential Conflicts of Interest that you need to be aware of when deciding whether to rely on our advice.

Approved product list

The financial products that will be recommended are limited to those on Boston Reed Pty Ltd’s approved product list and does not include all available financial products.

A copy of the approved product list can be provided to you upon request.

Any questions?

Please do not hesitate to contact your Adviser should you have any questions about your Adviser’s services and how your Adviser and Boston Reed Pty Ltd can help you improve your financial position.