Financial Services Guide

LACK OF INDEPENDENCE

a. Why we are not independent, impartial, or unbiased in relation to the provision of personal advice and the impact of this on you

b. We, NeedCover Group Pty Ltd, are not independent, impartial, or unbiased pursuant to section 923A of the Corporations Act because:

· We may receive remuneration, commission, gifts or other benefits when we provide personal advice to you in relation to insurance products and other financial products;

· We may be subject to direct or indirect restrictions relating to the financial products in respect of which personal advice is provided; and/or

· We may have associations or relationships with issuers of insurance products and other financial products.

Further information about these benefits and relationships is set out in this Financial Services Guide. If you have any questions about this information, please ask us.

From when does this FSG apply?

This FSG applies from 28 August 2026 and remains valid unless a further FSG is issued to replace it. We may give you a supplementary FSG. It will not replace this FSG but will cover services not covered by this FSG.

How can I instruct you?

You can contact me/us to give me/us instructions by post, phone, fax or email on the contact number or details mentioned on page 1 of this FSG.

Who is responsible for the financial services provided?

NeedCover Group Pty Ltd is responsible for the financial services that will be provided to you, or through you to your family members, including the distribution of this FSG.

NeedCover Group Pty Ltd holds a current Australian Financial Services Licensee no: 239911. The contact details for NeedCover Group Pty Ltd are on the front of this FSG.

What kinds of financial services are you authorised to provide to me and what kinds of financial product/s do those services relate to?

NeedCover Group Pty Ltd is authorised to advise and deal in general insurance products to wholesale and/or retail clients under NeedCover Group Pty Ltd ‘s Australian Financial Service Licence. We will do this on your behalf as your broker unless we tell you otherwise.

Will I receive tailored advice?

Maybe not in all cases. However, we may need information about your personal objectives, details of your current financial situation and any relevant information, so that we can arrange insurance policies for you, or to give you advice about your insurance needs. We will ask you for the details that we need to know.

In some cases, we will not ask for any of this information. If we do not ask, or if you do not give us all of the information we ask for, any advice you receive may not be appropriate to your needs, objectives and financial situation.

You should read the warnings contained in any advice documentation we provide to you, including a Statement of Advice (where applicable), before making a decision.

Where we provide you with advice about your insurance arrangements, that advice is current at the time that we give it. We may review your insurance arrangements when you inform us about changes in your circumstances, at the time of any scheduled status review or upon renewal of your insurances.

Contractual Liability and your insurance cover

Many commercial or business contracts contain clauses dealing with your liability (including indemnities or hold harmless clauses). Such clauses may entitle your insurers to reduce cover, or in some cases, refuse to indemnify you at all. You should seek legal advice before signing and accepting contracts. You should inform us of any clauses of this nature before you enter into them.

What information do you hold in my file and can I examine my file?

NeedCover Group Pty Ltd maintains records of your personal information, including details of the insurance policies arranged on your behalf and any recommendations or advice provided to you.

NeedCover Group Pty Ltd will also retain copies of this Financial Services Guide (FSG), any supplementary FSGs, Statements of Advice (where applicable), Product Disclosure Statements (PDSs) and other records relating to the financial services provided to you for the period required by law.

NeedCover Group Pty Ltd is committed to implementing and promoting a Privacy Policy that protects your personal information and ensures it is handled in accordance with the Privacy Act 1988 (Cth).

Your personal information is collected, used and disclosed for the purposes of arranging and managing your insurance, providing financial services, administering our relationship with you and complying with our legal and regulatory obligations.

Where necessary, your information may be disclosed to insurers, premium funders, service providers and other third parties involved in providing our services.

You may request access to, or correction of, the personal information held about you, subject to applicable privacy laws. A copy of NeedCover Group Pty Ltd’s Privacy Policy, which explains how your personal information is collected, used, stored and disclosed, how you may access or correct your information, and how to make a privacy complaint, is available on request or on our website at www.needcovergroup.com.au

How will I pay for the services provided?

Payment for the services We provide is payable directly to NeedCover Group Pty Ltd. For each insurance product, the insurer will charge a premium that includes any relevant taxes, charges and levies.

NeedCover Group Pty Ltd often receives a payment based on a percentage of this premium (excluding relevant taxes, charges and levies) called commission, which is paid to NeedCover Group Pty Ltd by the insurers. In some cases, you will also be charged a fee. These will all be shown on the invoice that is sent to you.

You can choose to pay for our services by any of the payment methods set out in the invoice. You are required to pay NeedCover Group Pty Ltd within the time set out on the invoice.

If there is a refund or reduction of your premium as a result of a cancellation or alteration to a policy or based on a term of your policy (such as a premium adjustment provision), We will retain any fee we have charged you. We will also retain commission depending on our arrangements with the insurer, or charge you a cancellation fee equal to the reduction in commission.

When you pay us your premium it will be banked into NeedCover Group Pty Ltd’s trust account. NeedCover Group Pty Ltd will retain the commission from the premium you pay us and remit the balance to the insurer in accordance with NeedCover Group Pty Ltd’s arrangements with the insurer.

NeedCover Group Pty Ltd will earn interest on the premium while it is in their trust account or NeedCover Group Pty Ltd may invest the premium and earn a return.  NeedCover Group Pty Ltd will retain any interest or return on investment earned on the premium.

How are any commissions, fees or other benefits calculated for providing the financial services?

NeedCover Group Pty Ltd’s commission will be calculated based on the following formula:

X = Y% x P

In this formula:

X = NeedCover Group Pty Ltd’s commission

Y% = the percentage commission paid to NeedCover Group Pty Ltd by the insurer. NeedCover Group Pty Ltd’s commission varies between 0% to 40%.

P = the amount you pay for any insurance policy (less any government fees or charges included in that amount).

Any fees that NeedCover Group Pty Ltd or We charge you will vary from 0% to 100% depending on the complexity of your insurance needs and the size of your account with us. The brokerage fee will be detailed on your invoice.

NeedCover Group Pty Ltd does not, and We do not often pay any commissions, fees or benefits to others who refer you to us or refer us to an insurer. If NeedCover Group Pty Ltd does, NeedCover Group Pty Ltd will pay commissions to those people out of its commission or fees (not in addition to those amounts), in the range of 0% to 30% of its commission or fees.

Our employees that will assist you with your insurance needs will be paid a market salary. We may pay our employees on top of their regular salary additional benefits from our combined income of commission and fees:

Commission: 0 – 100%

Bonus: 0- 100%

If We give you personal advice, We will inform you of any fees, commission or other payments We, my/our associates or anyone referring you to me/us (or me/us to any insurer) will receive in relation to the policies that are the subject of the advice.

See below for information on the Steadfast association and commission.

Do you have any relationships or associations with the insurers who issue the insurance policies or any other material relationships?

NeedCover Group Pty Ltd is a Steadfast Group Limited (Steadfast) Network Broker. As a Steadfast Network Broker, NeedCover Group Pty Ltd has access to member services including model operating and compliance tools, procedures, manuals and training, legal, technical, HR, contractual liability advice and assistance, group insurance arrangements, product comparison and placement support, claims support, group purchasing arrangements and broker support services.

These services are either funded by Steadfast, subsidised by Steadfast or available exclusively to Steadfast Network Brokers for a fee.

Steadfast has arrangements with some insurers and premium funders (Partners) under which the Partners may pay Steadfast a fee to access strategic and technological support and the Steadfast Broker Network. Steadfast is also a shareholder of some Partners.

You can obtain a copy of Steadfast’s FSG at www.steadfast.com.au

If We arrange premium funding for you, as a separate financial product, NeedCover Group Pty Ltd may be paid a commission by the premium funder. We may also charge you a fee (or both). The commission that NeedCover Group Pty Ltd is paid by the premium funder is usually calculated as a percentage of your insurance premium (including government fees or changes). If you instruct us to arrange or issue a product, this is when NeedCover Group Pty Ltd becomes entitled to the commission.

NeedCover Group Pty Ltd ‘s commission rates for premium funding are in the range of 0 – 5% of funded premium. When We arrange premium funding for you, you can ask us what commission rates NeedCover Group Pty Ltd are paid for that funding arrangement compared to the other arrangements that were available to you.

What should I do if I have a complaint?

Contact NeedCover Group Pty Ltd and tell NeedCover Group Pty Ltd about your complaint. NeedCover Group Pty Ltd will do its best to resolve it quickly. 

If your complaint is not satisfactorily resolved within 14 days, please contact NeedCover Complaints on NeedCover Group Pty Ltd 1300 818 000 or put your complaint in writing and send it to complaints@needcover.com.au. NeedCover Group Pty Ltd will try to resolve your complaint quickly and fairly.

If our brokerage is unable to resolve your complaint to your satisfaction, as a Steadfast Network Broker we have access to a free, additional, proactive service known as the Steadfast Customer Advocacy service. It can assist if you have a problem related to satisfaction, or fair treatment in relation to your dealings with us, or your insurer. The service can be accessed by sending an email to customeradvocacy@steadfast.com.au, or by calling the Steadfast Group Ltd head office on 02 9495 6500 and asking to speak with the Customer Advocacy service.

NeedCover Group Pty Ltd is a member of the Australian Financial Complaints Authority (AFCA). If your complaint cannot be resolved to your satisfaction by our brokerage, or by the Steadfast Customer Advocacy service, you have the right to refer the matter to the AFCA.

AFCA provides fair and independent financial services complaint resolution that is free to customers.

AFCA assesses each complaint in accordance with its Rules, including its jurisdiction and eligibility requirements. We encourage you to contact AFCA directly to determine whether your complaint is eligible to be considered.

AFCA can be contacted at:

Mailing address – Australian Financial Complaints Authority, GPO Box 3, Melbourne, VIC 3001

Ph – 1800 931 678

Email – info@afca.org.au
Website – www.afca.org.au

What arrangements are in place to compensate clients for losses?

NeedCover Group Pty Ltd has a professional indemnity insurance policy (PI policy) in place.

The PI policy covers us and our employees for claims made against us and our employees by clients as a result of conduct by us or our employees in the provision of financial services.

Our PI policy will cover us for claims relating to the conduct of representatives who no longer work for us.

This policy satisfies the requirements for compensation arrangements under section 912B of the Corporations Act.

Any questions?

If you have any further questions about the financial services NeedCover Group Pty Ltd provides, please contact us.

Please retain this document for your reference and any future dealings with NeedCover Group Pty Ltd.