Financial Services Guide

This Guide is intended to assist you in determining whether to use any of our services offered in this Guide. It includes information about remuneration that may be paid to us or others in relation to the products or services offered, and what you can do if you have a complaint about our services.

Key information is set out here in answer to specific questions. If you need more information or clarification, please contact us.

Updates will be posted to this website.

JUA Underwriting Agency Pty Ltd
ABN 70 004 566 465
AFS Licence No: 235411

Level 1, 210 George Street
Sydney NSW 2000
Tel: (02) 8272 4800 - Fax: (02) 9247 2411
mail@jua.com.au
www.jua.com.au

Introduction

This Financial Services Guide (FSG) is intended to give you information concerning our relationship prior to our providing you with a financial service. The matters covered by the FSG include:

  • who we are,
  • how we can be contacted,
  • what services we are authorized to provide to you,
  • how we are remunerated,
  • details of potential conflicts of interest, and
  • details of our internal and external dispute resolution procedures and how you can access them.

This FSG will assist you in determining whether to use any of the services described below.

You are also entitled to receive a Statement of Advice (SOA) whenever we provide you with any personal advice which takes into account your objectives, financial situation or needs. The SOA will contain our advice, the basis on which it is given and information about the amount or description of fees, commissions, other benefits and any associations that may have influenced the giving of our advice.

Where we provide a general advice service only (i.e., advice which does not take into account your specific needs, objectives or financial situation), we will give you a General Advice Warning at that time and you should consider the product information we provide in deciding whether it is appropriate for your specific needs, objectives or financial situation.

It is not our normal practice to advise on financial products, however if we were to recommend that you acquire a financial product, we may also provide you with a Product Disclosure Statement (PDS) containing information about that product. This will enable you to make an informed decision about the acquisition of that product.

About Us

JUA Underwriting Agency Pty Ltd is a subsidiary of JUA Holdings Pty Ltd, a privately held company.

Who will be providing the financial service to you?
The financial service will be provided by JUA Underwriting Agency Pty Limited (JUA), who is licensed under the Corporations Act (Cth) 2001 to carry on a financial services business.

What Financial Services are we authorised to provide to you and what kind of products do those services relate to?
We are a licensed underwriting agency and insurance broker able to provide you with advice in relation to General Insurance Products.

Contact Details

To view contact details for your local JUA office, please see above or click here.

About our General Insurance Services

Who do we act for when providing services

We may act:

  • On your behalf; or
  • On behalf of the Insurer (i.e., the Product Issuer or their Agent), including under a binding authority.

Generally, as an underwriting agency we provide our financial services to insurance brokers. In this case we act as agent of the insurer and have authority to effect an insurance policy under binder arrangements, which means we enter into the contract on the Insurer'(s) behalf.

Where we are acting under a binding authority we will advise you.

Some of the factors taken into account in calculating your premium are:

  • The location of the risk
  • The sum insured
  • Your type of business and/or profession
  • Your prior claims experience
  • The cover options that you have chosen

The premium amount will be shown on Your Policy Schedule. Government and Statutory changes such as Stamp Duty, FSL and GST will be shown separately on the Policy Schedule.
You may be entitled to claim a tax deduction for the premium paid under this policy. Please check with Your tax accountant or the Australian Taxation Office for further information.

What remuneration / other benefits do we receive for our Financial Services?

Generally we are paid a commission by the insurer for arranging the policy which is based on a percentage of the premium less stamp duty, fire services levy, GST and any other government charges, taxes, fees or levies. The rate depends on the policy and may range from 5-25%. The commission is included in the premium charged and covers various expenses we incur in arranging the insurance as well as a profit component.

Where the business is introduced to us by an insurance broker we will pay to them a share of our commission or fees, or pay them a referral fee.

We retain the commission from the premium you pay us and remit the balance to the insurer. We also receive commission on each renewal and some variations of your policy. Generally we may also charge you an Administration Fee when we finalise your cover, which will appear separately on your Tax Invoice.

We may also receive a profit share commission from insurers in the future if a particular portfolio of business reaches a certain level of profitability.

If we both agree, we can charge you a Broker Fee rather than commission for the placement of the policy/s. We will not charge you a Broker Fee (other than the above Administration Fee) in addition to any commission for arranging a policy, unless we tell you and you agree.

Our staff receive an annual salary that can include a bonus based on business performance criteria.

In the event of a refund for the cancellation or adjustment of a policy, we reserve the right to retain our remuneration.

Professional indemnity insurance arrangements

We and our representatives are covered under professional indemnity insurance that complies with the requirements of section 912B of the Corporations Act. The insurance (subject to its terms and conditions) will continue to cover claims in relation to our representatives/employees who no longer work for us (but who did at the time if the relevant conduct).

Do we have any relationships or associations which might influence the provision of our Financial Service?

We have binder agreements with a number of insurers including Lloyd's of London.

Where we act as an insurance broker in arranging your insurance we will advise you if the business is to be placed under these binding agreements.

How is my personal information dealt with?

At JUA Underwriting Agency, the privacy of your personal information is important to us. We collect your personal information to ensure that we are able to provide you with the products and services most appropriate to your needs.

JUA Underwriting Agency has adopted the principles set out in the Privacy Act as part of our continuing commitment to client service and maintenance of client confidentiality. For further details, please refer to our Privacy Policy or speak to your representative.

The General Insurance Code of Practice

JUA have adopted the General Insurance Code of Practice (“The Code”) which was introduced in 2006. The code sets out the minimum standards that JUA will uphold in the services we provide our customers as well as the procedures to follow for the fair handling of complaints from our customers.

JUA is signatory to the Code through Lloyds Australia Limited.

ICA General Insurance Code of Practice

If you have any complaints – Non Lloyds Security

We have our own internal dispute resolution procedures in place. If you are dissatisfied with anything we have told you or done for you, we want you to tell us. You will need to provide us with comprehensive details so as to enable us to investigate your complaint further. All information will be treated with the strictest confidence.

Step 1: Contact your JUA Representative in writing, by telephone, or email.

Step 2: If you are not satisfied with our response, please contact the JUA Compliance & Risk Manager in writing, by telephone, or email:

Phone: (02) 8272 4801
Email: kwelsh@jua.com.au

Our Compliance & Risk Manager will respond within 5 working days of receiving your email, call or letter provided that they have received all the necessary information and have completed any investigation necessary. Where further information, assessment or investigation is required, The Compliance & Risk Manager will agree a reasonable time frame for responding and will keep you informed of the process.

Step 3: If you are not satisfied with the response of our Compliance & Risk Manager, you can appeal to the Financial Ombudsman Service. The Financial Ombudsman Service (FOS) is an independent industry dispute resolution scheme.

You can contact the Financial Ombudsman Service at:

Mail: GPO Box 3
Melbourne VIC 3001
Ph: 1300 780 808
Fax: (03) 9613 6399
Email: info@fos.org.au
Website: www.fos.org.au

If you have any complaints – Lloyds Security
Please refer to the “Lloyds – What to do if you have a complaint” leaflet.