Financial Services Guide (FSG)


Resilium Insurance Broking – 1/08/2019 RIB19_V01


The Financial services referred to in this financial services guide (FSG) are offered by:

The Trustee for Livingstone Family Trust and The Trustee for The McRae Family Trust T/as Carr McRae & Associates

ABN 50 564 633 548

ASIC Authorised Representative No: 434341 PO Box 405, Horsham, VIC 3400

Ph: 03 5382 0813

Fax: 03 5382 3760

E-mail :


Katherine Simonds 345879

Jack McRae 1269089

Stuart Livingstone 427047

Kelly Santamaria 426588

Grant McRae 255707


as Authorised representatives of:


Resilium Insurance Broking Pty Ltd ABN 92 169 975 973

AFSL No: 460382

GPO Box 1884 Sydney NSW 2001

Phone:         1300 763 495



SECTION A: Relationships and general information about our services

Resilium Insurance Broking holds a current Australian Financial Services Licence No: 460382 and is responsible for the financial services that we provide to you when we are providing general insurance broking services as authorised representative of Resilium Insurance Broking.


Resilium Insurance Broking Pty Ltd (ABN 92 169 975 973) is a wholly owned subsidiary of Resilium Pty Ltd and may receive operational support services and other resources from Resilium.


Resilium Insurance Broking is a Steadfast Group Limited (“Steadfast”) Network Broker. As a Steadfast Network Broker, Resilium Insurance Broking has access to member services including model operating and compliance tools, procedures, manuals and training, legal, technical, banking and recruitment advice and assistance, group insurance arrangements, product comparison and placement support, claims support and group purchasing arrangements. These member services are either funded by Steadfast, subsidised by Steadfast or available exclusively to Steadfast Network Brokers for a fee.

You can obtain a copy of Steadfast’s FSG at


Who is responsible for the financial services we provide to you?

Resilium Insurance Broking is responsible for the financial services that will be provided to you or through you to your family members when we are providing you with general insurance broking services as authorised representative of Resilium Insurance Broking.

Resilium Insurance Broking is covered by professional indemnity insurance satisfying

the requirements under the Corporations Act for compensation arrangements.

The insurance is subject to terms and exclusions. However, the insurance covers claims arising from the actions of former employees or representatives of Resilium Insurance Broking even where subsequent to these actions they have ceased to be employed by or act for Resilium Insurance Broking.

You do not have a direct right to claim under this insurance which is taken out to ensure sufficient resources will be available to meet claims against Resilium Insurance Broking.

What information do you need to give us to receive insurance advice?

In order to make an informed assessment of the risk and calculate the appropriate premium, your insurer needs information about the risk you are asking it to insure.

For this reason, before you enter into a contract of insurance, you have a duty under the Insurance Contracts Act 1984 to disclose to your insurer every matter that you know, or could reasonably be expected to know, is relevant to the insurer’s decision whether to accept the risk and, if so, on what terms. The duty also applies when you renew, extend, vary or reinstate a contract of insurance.

You do not have to disclose anything that:

  • Reduces the risk to be undertaken by the insurer;
  • Is common knowledge;
  • Your insurer knows, or in the ordinary course of its business, ought to know; or
  • If the insurer has waived your obligation to

If you do not comply with your duty of disclosure, your insurer may be entitled to reduce its liability in respect of a claim or may cancel your contract of insurance. If  the non-disclosure was fraudulent, the insurer may be able to avoid (or cancel) the contract of insurance from its beginning. This would have the effect that you were never insured.

One important matter to be disclosed is the history of losses suffered by the person seeking insurance or any closely associated person or entity. As you are responsible for checking that you have made complete disclosure, we suggest that you keep an up to date record of all such losses and claims. If you have any questions about whether information needs to be disclosed, please contact us.

Material Changes

You must also notify your insurer of any significant changes which occur during the period of insurance. If you do not, your insurances may be inadequate to fully cover you.

We can assist you to do this for the purpose of ensuring that your contract of insurance is altered to reflect those changes.

Sums Insured – Average and Co-Insurance

Some insurance contracts require you to bear a proportion of each loss or claim if the sum insured is inadequate to cover the amount of the loss. These provisions are called ‘average’ or ‘coinsurance’ clauses.

If you do not want to bear a proportion of any loss, when you arrange or renew your contract of insurance, you must ensure that the amount for which you insure is adequate to cover the full potential of any loss. If you insure on a new for old basis, the sum insured must be sufficient to cover the new replacement cost of the property.

Interests of other Parties

Some insurance contracts do not cover the interest in the insured property or risk of anyone other than the person named in the contract. Common examples are where property is jointly owned or subject to finance but the contract only names one owner or does not name the financier.

Please tell us about everyone who has an interest in the property insured so that we can ensure that they are noted on the contract of insurance.

How should instructions be provided to us?

You may provide instructions to us by telephone, in writing or by e-mail to the address on page 1.

What information will we keep on file?

We will keep a record of the personal information that you provide to us. We will also keep records of any recommendations we make to you.

What about Privacy?

We collect personal information to ensure we can offer or provide you with products  and services as outlined in this FSG. We value your privacy and have adopted the principles set out in the Privacy Act 1988 as part of our commitment to maintain client confidentiality in the collection, use, disclosure or handling of personal information. For further information about our privacy policy, please call us on 13 14 36 or email us at or visit our website at

What are our terms of payment?


We will invoice you for the premium, statutory charges (e.g. stamp duty, fire services levy, etc.) and any fees we charge for arranging your insurances.

You must pay us within the date specified on the invoice or, in the case of a renewal, before the expiry date of the contract of insurance.

If you do not pay the premium on time, the insurer may cancel the contract of insurance and you will not be insured. The insurer may also charge a short-term penalty premium for the time on risk.

Premium funding products enable you to pay your premiums by instalments. We may refer you to a company that provides premium funding.

Minimum and deposit premiums and cancellation:

Some insurance contracts include a minimum deposit premium, a percentage cancellation fee or penalty, or a non-cancellation clause which may impact on the amount of return premium that you receive. This information is contained in the  Policy Document or Product Disclosure Statement. Please ask your adviser for more information to assist you in making your decision.

Premium Funding and cancellation

Whilst this is an associated service, the agreement/contract for Premium Funding is between you and the Premium Funding Company (for the purpose of funding insurance premiums). If you fund insurance policies that have a minimum deposit premium, a percentage cancellation fee or penalty, or a non-cancellation clause  there may be a shortfall in the amount refunded to you by the insurers and the residual amount payable to the premium funder in respect of the contract.

Will any fees apply if you cancel or alter a policy?

Subject to the Cooling Off provisions of the respective insurance policy, 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 may refund such amounts less commission depending on our arrangements with the insurer, or charge you a cancellation fee equal to the reduction in commission. We will also retain any Adviser fee we have charged you. Refunds processed via EFT will not incur any processing fee, however, any refunds paid via cheque will incur a $55 fee.

What should you do if you have a complaint?

We are committed to ensuring that the services we provide meets your expectations.

If you have a complaint, you should tell us about it by contacting us directly, our details are shown on page 1.

We will endeavour to resolve your complaint within the first 1 – 5 working days, although if we have not been able to resolve this within 21 working days, we can escalate this to Resilium Insurance Broking Internal Resolution team. A response will be provided to you within a maximum of 42 days from your original complaint.

Alternately, you may contact Resilium Insurance Broking direct: Resilium Insurance Broking     GPO Box 1884, Sydney NSW 2001 Phone: 1300 763 495                                         Email:

If, after 42 days the dispute is still not resolved in a manner acceptable to you, you have the right to contact our external resolution service: Resilium Insurance Broking is a member of this independent dispute resolution service.

The Australian Financial Complaints Authority (AFCA) Online:  Email:

Phone:    1800 931 678          Mail:      GPO Box 3, Melbourne VIC 3001

Time limits may apply to complain to AFCA and so you should act promptly or otherwise consult the AFCA websites to find out if or when the time limit relevant to your circumstances expires


If you have any questions in relation to the above information or require any further information, please don’t hesitate to contact us or Resilium Insurance Broking.


SECTION B: Services authorised by Resilium Insurance Broking

 What financial services are we authorised to provide on behalf of Resilium?

We are authorised under Resilium Insurance Broking’s Australian Financial Services License to provide general and personal financial product advice about general insurance products. We are also authorised to arrange for the issue of general insurance products. When we provide you with services as authorised representative of Resilium Insurance Broking we will do this on your behalf as your broker unless  we tell you otherwise.

What remuneration or other benefits will we or any of our associates receive in respect of the provision of the financial services?

Payment for the services we provide to you that are authorised by Resilium Insurance Broking are payable directly to Resilium Insurance Broking. For each insurance product, the insurer will charge a premium that includes any relevant taxes, charges and levies. Resilium Insurance Broking will receive a payment based on a percentage of this premium (excluding relevant taxes, charges and levies) called commission, which is paid to Resilium Insurance Broking by the insurers. The commission Resilium Insurance Broking receives varies between 0% – 40%. We receive between 50% – 100% from Resilium Insurance Broking from the commission they receive from the insurer for each policy we arrange for you.

We may also charge you a broker fee in addition to commission when you enter into an insurance policy. The amount of the fee will depend on the complexity of the services we are providing. The amount of any broker fee charged will be shown on your invoice.

You can choose to pay for the services we provide to you that are authorised by Resilium Insurance Broking by any of the payment methods set out in the invoice. You are required to pay Resilium Insurance Broking within the time set out on the invoice.

When you pay us your premium for products arranged by us as authorised by Resilium Insurance Broking your premium will be banked into Resilium Insurance Broking’s trust account. Resilium Insurance Broking will retain the commission from the premium you pay us and remit the balance to the insurer in accordance with Resilium Insurance Broking arrangements with the insurer. Resilium Insurance Broking will earn interest on the premium while it is in their trust account or Resilium Insurance Broking may invest the premium and earn a return. Resilium Insurance Broking will retain any interest or return on investment earned on the premium.

Commissions – Example:

Base Premium                  $100.00

Fire Services Levy           $ 30.00

GST                                        $ 13.00

Stamp Duty                       $  7.00

Total Premium                 $ 150.00

Total Commission received by Resilium Insurance Broking  $15.00 (assuming insurer paid a commission rate of 15%)

Commission paid to Adviser $12.00 (assuming adviser commission rate of 80%)

Over-rider commission to Resilium Insurance Broking  $ 10.00 (assuming insurer has an over-rider arrangement with Resilium Insurance Broking and that rate is 10% of the base premium)

We may also receive a threshold dividend, volume bonus and/or profit share from Resilium Insurance Broking.

If we give you advice as a result of someone referring you to us and if we pay them a fee or commission in relation to that referral, our Advice Letter to you will set out that fee or commission. These payments are not additional amounts that you are required to pay for your insurance. If a person has referred you to us, we may pay them a part of any fees or commission received.

Our employees that will assist you with your insurance needs will be paid a market salary.

If we give you (as a Retail client) personal advice, we will inform you of any fees, commission or other payments we, our associates or anyone referring you to us will receive in relation to the policies that are the subject of the advice.

If we do not give you personal advice and you are a retail client, you may request information about any fees, commission or other payments we, our associates or

anyone referring you to us will receive in relation to the policies we arrange provided your request is made within a reasonable time after this FSG is provided.

Other Benefits

Resilium Insurance Broking is a Steadfast Group Limited (“Steadfast”) Network Broker. Steadfast has exclusive arrangements with some insurers and premium funders (Partners) under which Steadfast will receive between 0.5% to 4.0% commission for each product arranged by Resilium Insurance Broking with those Partners. Steadfast is also a shareholder of some Partners.

Resilium Insurance Broking may receive a proportion of that commission from Steadfast at the end of each financial year (or other agreed period).

If we arrange premium funding for you, we may be paid a commission by the premium funder.

We may also charge you a fee (or both). The commission that we are paid by the premium funder is usually calculated as a percentage of your insurance premium (including government fees or charges). If you instruct us to arrange or issue a product, this is when we become entitled to the commission.

Commission rates for premium funding are in the range of 0% to 5% of funded premium. When we arrange premium funding for you, you can ask us what commission rates we are paid for that funding arrangement compared to the other arrangements that were available to you.

Resilium Insurance Broking may receive an additional incentive payment from premium funders if Resilium Insurance Broking achieve certain GWP targets over a given year.

The amount of our commission and any fee that we charge will be set out in the premium funding contract.

Resilium Insurance Broking may receive an additional incentive payment from some insurers based on the volume of/profitability of the business we place with them.

These bonuses are normally paid if the total premiums paid by our clients exceed certain targets or their claims achieve a target loss ratio. These commissions may be a set dollar amount or payment for conference travel and accommodation etc. We may receive nothing if we do not meet the relevant requirements.

Please ask us if you need more information.

In addition to the remuneration described above, we may receive other benefits which could be considered to influence our recommendations to you. These may include non-monetary rewards or benefits e.g. tickets to sporting events, attendance at golf days and competition prizes, which can include items such as gift vouchers, wine or dinners. We may also receive other benefits from Resilium Insurance Broking or other licensees such as financial awards or marketing assistance.


Each year, Resilium Insurance Broking may hold an annual conference for its authorised representatives. Resilium Insurance Broking subsidises the expenses of authorised representatives who wish to attend the conference, including our expenses if we choose to attend. The value of the subsidy will vary from year to year depending on the choice of location and the overall cost of the conference.

Payments for our general insurance book of business

If we leave the general insurance industry, Resilium Insurance Broking may agree to pay us an amount depending on the size of our book of general insurance business. The amount is valued at a predetermined rate based on, amongst other things, a multiple of the ongoing remuneration receivable by us on the book of business. In limited circumstances, we may be permitted to transfer part of our book of business under these terms.

Further information

Any other benefits we receive that may reasonably be considered to influence our advice and services to you will be disclosed in our advice.

Stuart LivingstoneFinancial Services Guide (FSG)