Financial Services Guide
Financial Services Guide
This guide relates solely to the financial services offered by Genus Life Insurance Services Pty Ltd
About this Guide issue date 11 February 2022
This document is a Financial Services Guide and its purpose is to help you decide whether you wish to use the financial services that are offered by Genus Life Insurance Services Pty Ltd ABN 89 631 536 537 (Genus, we or us). The guide will tell you:
- who provides the financial services.
- the type of financial services that are provided and remuneration that may be paid to us and other relevant persons.
- the remuneration that is payable to us and our representatives for providing these services.
- what to do if you have a complaint about the services provided.
- how to contact us.
About the Product Disclosure Statement
You should refer to the Product Disclosure Statement (PDS) issued by the product provider for information on any financial product specifically referred to on this website, and that we administer. The PDS is issued by the insurer and is designed to assist you making an informed decision whether to apply for the product. The PDS contains important information about the product including details on benefits, exclusions and premiums.
THE SERVICE PROVIDERS
Who provides the services?
Genus Life Insurance Services Pty Ltd ABN 89 631 536 537 is an authorised representative of NobleOak Services Limited ABN 66 112 981 718 AFSL 286798 (NOS) which is the holder of an Australian Financial Services Licence.
NOS has authorised the distribution of this guide by us.
Genus provides administration services for your insurance policy for your insurer. Your insurer has engaged NOS to provide administration services and NOS has subcontracted this to Genus (except where your insurer is Hannover Life Re of Australasia Ltd, in which case your insurer has engaged Genus to provide the services with respect to your insurance policy).
In order to provide these services and comply with the financial services licensing laws, Genus is authorised by NOS to deal in a financial product by applying for, acquiring, varying or disposing of a financial product in respect of life risk insurance products and also to provide advice of a general nature on those products, as these services may arise in administering your insurance policy. Genus is also authorised by NOS to provide claims handling and settling services – this is because from time to time in respect of life insurance policies, Genus may perform such services as part of the administration services it performs.
Who is responsible for the services provided to you?
In providing the services set out in this guide, Genus acts on behalf of NOS, who is responsible for our conduct, as its authorised representative. NOS has professional indemnity insurance in place, in accordance with the Corporations Act 2001 (Cth), that covers certain claims made in relation to that conduct and the financial services we provide as an authorised representative of NOS.
Who is the product provider?
The insurance cover is provided by the insurer, details of which are set out in the applicable PDS.
Your insurer is either:
- NobleOak Life Limited ABN 85 087 648 708 AFSL 247302;
- Swiss Re Life & Health Australia Limited ABN 74 000 218 306 AFSL 324908; or
- Hannover Life Re of Australasia Ltd ABN 37 062 395 484 AFSL 530811.
Your insurer is responsible for meeting the terms and conditions of the product. The PDS issued by your insurer sets out the terms and conditions of your insurance. As the administrator of the product, and in the course of providing limited services with respect to claims from time to time as may be required, Genus is not responsible for meeting the terms and conditions of the product and acts on the instructions of your insurer in the administration services we provide to you on their behalf.
THE FINANCIAL SERVICES PROVIDED
In relation to the administration services it performs for your insurer, Genus is authorised by NOS to provide the following financial services:
- to deal in a financial product by applying for, acquiring, varying or disposing of a financial product in respect of life risk insurance products issued by your insurer, and
- also to provide advice of a general nature on those products.
Additionally, effective as of 1 January 2022 Genus is authorised by NOS to provide claims handling and settlement services, and may from time to time perform these types of services in connection with life insurance policies.
Any product information on the Genus website is of a general nature and does not take into account your personal circumstances. It is therefore recommended that before you make any decision about a product based on the information provided, you should consider whether the product is suitable to you and your individual circumstances and refer to the PDS issued by your insurer, this includes obtaining professional legal advice.
HOW WE ARE PAID FOR THE FINANCIAL SERVICES PROVIDED?
REMUNERATION AND BENEFITS
Our remuneration and benefits
NOS is paid a fee by your insurer to administer your policy and to provide the financial services in connection with the policy administration services we provide based on the actual costs incurred by us in providing our services. We are paid by NOS for the services we provide as their subcontractor. An additional fee is payable by Swiss Re Life & Health Australia Limited of 21.5% of some of its respective proportion of our costs incurred. Additional fees may be payable by NobleOak Life Limited being an amount that is an additional percentage of their respective proportion of our costs incurred.
In respect of services provides by Genus for insurance policies issued by Hannover Life Re of Australasia Ltd, however, Genus is instead remunerated by way of a fee payment from Hannover Life Re of Australasia Ltd (rather than being paid by NOS). The fee paid to Genus for the services it provides for these policies is calculated taking a number of different elements into account, one of which is the policy premium.
Authorising licensee remuneration and benefits
You are charged a premium by your insurer which is paid directly to your insurer. All the fees and charges you pay are described in the PDS for the product. There are no additional costs to you for the services provided by us in connection with the services we provide to you on behalf of your insurer.
REMUNERATION OF STAFF
All of our and NOS permanent employees are paid an annual salary. Our and NOS casual employees are paid a wage based on time worked. A bonus may be paid in some circumstances, which can be based on performance against sales targets, quality of service and other performance criteria.
Our and NOS employees may also receive non-monetary benefits such as study assistance, travel and attendance expenses paid for at business related conferences and other functions or gift vouchers.
If you require more information on remuneration or other benefits referred to above (including third party fees), you can ask us to provide this within a reasonable period after receiving this FSG and before we provide you with the financial service to which this FSG relates, unless we agree otherwise.
WHAT TO DO IF YOU HAVE A COMPLAINT
Who should I contact?
If you have a complaint regarding the financial services provided by us, you should contact our Genus Client Care team directly on 02 8279 2965 or through the Genus Enquiries line on 1300 88 44 88 8am-6pm Monday-Friday (AEST). You can also register your complaint through our website at www.genuslifeservices.com.au/complaints or email your complaint to firstname.lastname@example.org Alternatively, you may wish to register your complaint by mail by writing to “The Client Care Manager” at our postal address (see below, under Genus Contact Details).
Our Genus Client Care team will contact you to acknowledge receipt of your complaint in writing within 1 business day.
Genus will aim to resolve your complaint within 5 business days and no later than 30-calendar days.
If we are unable to resolve your complaint within a 30-calendar day maximum period, we will inform you of the reasons for the delay and let you know when we expect to provide a response to your complaint.
What if you are not satisfied with the outcome?
If you are unhappy with the handling of your complaint, the resolution of your complaint or the timeframes we have communicated to you, you can escalate your complaint with the Australian Financial Complaints Authority or AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers.
You can contact AFCA in the following way:
Telephone: 1800 931 678 (free call)
In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
You can give us instructions by phone, email or any other means that we agree with you from time to time. How instructions are given will depend on the services we provide to you and your circumstances.
AFSL HOLDER CONTACT DETAILS
NobleOak Services Limited
ABN 66 112 981 718 AFSL 286798
Postal address: GPO Box 4793, Sydney, NSW, 2001
Business address: Level 7, 66 Clarence Street, Sydney New South Wales, 2000
Phone: 1300 041 494
GENUS CONTACT DETAILS
Genus Life Insurance Services Pty Ltd ABN 89 631 536 537
Postal address: GPO Box 2548, Sydney, NSW, 2001
Business address: Level 7, 66 Clarence Street, Sydney, NSW, 2000
Phone: 1300 88 44 88