Financial Services Guide and Your Privacy

Your Cairns Penny Financial Services Guide

This guide is designed to help you decide whether to use any products offered by Cairns Penny Savings & Loans Limited (Cairns Penny) and provides you with information on what to expect when dealing with us.

This guide includes information about:

  • Services and products we are authorised to provide as well as advice we give
  • Our business partners and remuneration we receive
  • Our complaints process and key contacts

Product Details and Advice

When you open an account with Cairns Penny you will receive other brochures from us. These may include:

  • A Terms & Conditions booklet describing the general terms and conditions applicable to our products and services
  • A Fees and Charges brochure setting out costs relating to each product;
  • Product brochures, including interest rates for each product
  • Australian Privacy Principles – APP Privacy Policy A Guide for Members April 2014
  • For insurances, we will provide the Product Disclosure Statement (“PDS”) prepared by the insurer issuing that product
  • For Cash Passports we provide the PDS prepared by Access Prepaid Australia Pty Ltd ABN 47 145 452 044 AFSL 386 837 (“Access Prepaid”) who issue that product

Terms and conditions will also be provided to you before taking out other Cairns Penny products including loans.


About Cairns Penny Savings & Loans

You can contact us at:

Cairns Penny Savings & Loans Limited, PO Box 5272, 22-24 Grafton Street, Cairns, 4870 Queensland.

Tel: (07) 4031 4460. Email:

Cairns Penny is owned by its members and exists to meet members’ needs and help them to achieve their financial goals. Our shareholders are our customers as part of a mutual structure regulated by the Australian Securities and Investment Commission (ASIC) and Australian Prudential Regulatory Authority (APRA).

Instead of a cash dividend we provide our shareholders a mutuality dividend. This is similar to a promise to:

  • Always offer competitive interest rates;
  • Never charge excessive fees;
  • Make sure our product range meets members’ needs;
  • Keep members up to date;
  • Ask you what members want and listen to them; and
  • Give members a range of choices when it comes to accessing our services.

Our Business Partners and Commissions

Unless otherwise stated, we act on our own behalf at all times when providing financial services referred to in this FSG.

Products and Services Provided

Cairns Penny holds an AFS license which allows us to provide the following products and services:


  • Basic deposit products
  • Term deposits
  • Payment facilities such as cheques, periodical payments , direct debits and credits and Visa Debit cards


We offer products from other companies

Our employees are representatives of Cairns Penny and other than as disclosed here no other payments are received by our staff that would influence the advice they provide you on our financial products and services.

We can also arrange insurance products including:

  • General Insurance
  • Health

All commissions are paid to us by our business partners when you take out or use the product or service.


We act as distributors for the insurance companies listed below to allow us to offer insurance products. While we can arrange insurance cover for you, your contract of insurance will be with the insurer and not us. The insurer will be responsible for the performance of the insurance contract.

CGU Insurance

We receive commission on insurance products on a percentage of the premium paid (excluding stamp duty, fire levy and GST) for each policy as follows:

Insurance Policy Commission Received
Building, Contents & Landlord 0-9%
Home Insurance 0-4.5%
Motor Vehicle, Caravan and Boat 0-4.5%
Motorcycle 0-9%
Travel 0-18%
Business, Farm motor, Property 0-4.5%
Auto equity 0-25.02%

Private Health Insurance Cover

We act as an introducer for Queensland Country Health Fund Ltd ABN 18 085 048 237, to offer private health insurance. Queensland Country Health Fund is a not-for-profit health fund registered under the Private Health Insurance Act 2007 (Cth).

We receive a commission of 15% of the first year’s premium for the introduction.

Financial Planning

For any Financial Planning needs our referral partner is Walden Financial Services, a local representative of Professional Investment Services.

We receive commission for any new clients that are referred by us. This commission is based on 20% of any commission received by Walden Financial Services from Professional Investment Services Pty Ltd when providing you with initial advice. We do not receive trailing commission payments. We do not take part in providing any Financial Planning related services to our members.

Cash Passports

We provide pre-paid travel money cards (“Cash Passport” cards). Access Prepaid arranges for the issue of the Cash Passport in conjunction with the issuer, Heritage Building Society Limited (ABN 32 087 652 024, AFSL 240984). We provide the PDS prepared by Access Prepaid with these products.

We receive commission from Access Prepaid generally at the rate of 1% upon the sale of these products. Access Prepaid may provide incentives to our employees based upon the value of sales on Cash Passport Cards through gift cards up to $100.

Foreign Currency Services

We provide other foreign currency services through Western Union Business Solutions (Australia Pty Ltd) ABN 24 150 129 749 including the sale and repurchase of foreign currency and telegraphic transfers. We receive commissions from Western Union Business Solutions (Australia Pty Ltd) generally at the rate of 1.1% upon the sale of these products. For telegraphic transfers, drafts and currency repurchase this is 20% share of WUBS total foreign exchange revenue and fee.

Visa Debit Cards

We may receive a commission of 2.65% of the value of a transaction where you use your Visa Debit card outside of Australia.  Australian dollar transactions processed by overseas merchants will also attract a foreign transaction fee.


We receive up to $0.41 per transaction when you use BPAY®.


If You Have a Complaint

If you have a complaint you can contact the General Manager on (07) 4031 4460.

If the complaint is in connection with Insurance products, Cash Passport Cards, Foreign Currency Services or Financial Planning services then we recommend you contact the provider of those products or services.

Cairns Penny is a participant in the Credit and Investments Ombudsman Pty Ltd (CIO). Cairns Penny is happy to offer its members an Internal Dispute Resolution procedure that is readily accessible and free of charge.

What is a dispute?

A dispute arises if you make a complaint to us about a Cairns Penny product or service and you are not satisfied with the response that you receive. You should be aware that:

  • Our Dispute Resolution System has been established with the aim of resolving problems and enhancing the quality of service provided to our members.
  • You are not obliged to pursue a dispute with us using our Internal Dispute Resolution procedure. You may commence legal proceedings before, after or at the same time as using the Internal Dispute Resolution Procedure.
  • Our participation in the Internal Dispute Resolution procedure is not a waiver of any rights we may have under the law, or under any contract between you and Cairns Penny.


How to request resolution of a dispute

If you are not satisfied with the result of your complaint you should write to Cairns Penny asking for the matter to be reviewed. The matter will be referred to our General Manager for consideration and you will be advised of the outcome accordingly.

If the General Manager is able to resolve the dispute, they will promptly notify you in writing of, and give reasons for, the outcome. The General Manager will normally deal with a dispute within one month of receiving a complaint.

Where you are still not satisfied with the result of your dispute, you may seek further consultation through external facilities available from the CIO.

They may be contacted by telephone on 1800 138 422.


About this FSG

All details are current as at the date of this FSG. We will update the FSG if there are material changes.

If you require more information, if you have an issue or if you have any suggestions on how we can improve our service please contact us on (07) 4031 4460, email us at or write to us at PO Box 5272, Cairns QLD 4870.



Australian Privacy Principles – A guide for members


This guide aims to inform customers of Cairns Penny how we deal with your personal information. It tells you about our credit reporting policy and how and when your information will be disclosed. It tells you of your rights under the Australian Privacy Act and what you can expect from us. If you have any questions or if anything is not clear, please talk to us.

Information Collection & Disclosure

Cairns Penny may collect your personal information:

  • to identify you in accordance with the Anti-Money Laundering Legislation and relevant scheme rules;
  • to provide information about a product or service;
  • to consider your request for a product or service;
  • to provide you with a product or service;
  • to assist in arrangements with other organisations in relation to the provision of a product or service or suspend its operation until it is provided;
  • to perform administrative and operational tasks (including systems development and testing, staff training, and market or customer satisfaction research);
  • to prevent or investigate any fraud or crime (or a suspected fraud or crime); and
  • as required by relevant laws and scheme rules.

In some circumstances, Cairns Penny may collect your personal information from a third party service provider. For example, Cairns Penny may collect, from the provider of a payments platform where your transactions are stored, information about the transactions you undertake. Cairns Penny collects this information in order to manage the service it provides to you. If you do not provide some or all information requested, Cairns Penny may be unable to provide you with a product or service.

Cairns Penny will not collect sensitive information about you, such as health information, without your consent.

Cairns Penny may provide your information:

  • to any outsourced service providers (for example fraud and anti-money laundering service providers);
  • to regulatory bodies, government agencies, law enforcement bodies and courts;
  • to other parties as is authorised or required by law;
  • to participants in the payments system and other financial institutions for the purpose of resolving disputes, errors or other matters arising out of your use of your Card or third parties using your Card or card information; or
  • to credit reporting bodies or debt collection agencies.

To facilitate transaction identification and to assist with the identification of suspicious or fraudulent transactions, your personal information and transaction details may be sent to countries other than Australia. By using your card, you agree that your personal information and transaction details may be sent overseas for the purposes of assisting with the identification of suspicious or fraudulent transactions or as required by law.

In accordance with the Privacy Act 1988 (Cth.), Cairns Penny must comply with the Australian Privacy Principles and any relevant code registered under that law.

Credit related information we collect, hold and disclose

We collect, hold and disclose the following types of credit-related information:

  • Identification details including your name(s), gender, date of birth, drivers licence number, address history and employers information
  • information on credit that we have provided or will provide to you including the date that any credit contract we or other credit providers have or had with you was entered into and the date that it is terminated
  • Repayment history information on credit facilities provided by us or other credit providers, including whether you have made payments and when they were due
  • Details of any overdue consumer credit loan payments of more than 60 days and when payments have been made
  • Whether you have entered into an arrangement with us or other credit providers in connection with credit provided to you
  • Details of any judgments or writs relating to your credit or any bankruptcy agreements;
  • Publicly available information from your public file including present and past company directorships and business proprietorships;
  • Whether in our or another credit provider’s opinion you have committed a serious credit infringement
  • Information about your credit worthiness

Purposes for which we collect, hold and disclose information

We may collect, hold, use and disclose your credit-related information in order to:

  • Provide you with credit products and services (including situations where we are an agent for another credit provider)
  • Assist you with your queries or concerns
  • Comply with any legal or regulatory obligations imposed on us
  • Perform our regular and necessary business functions
  • Assess your credit application including obtaining mortgage insurance
  • Assess your suitability as a guarantor for a credit facility
  • Assist with collection of overdue payments
  • Assist with hardship requests
  • Derive summaries and evaluations relating to your credit worthiness which are used in our decision-making processes and ongoing reviews
  • Determine whether you are eligible to receive particular offers and invitations
  • Participate in the credit reporting system and providing information to credit reporting bodies as permitted by the credit reporting laws
  • Deal with complaints; and assist other credit providers to do the same.

How we collect and store the information

We may collect credit-related information directly from your account application for credit. We also collect or confirm this information from a third party such as a credit reporting body, other credit providers, your employer, your accountant, solicitor or other personal representatives.

We keep the information that we hold about you secure to ensure that it is protected from loss, unauthorised access, use, modification or disclosure.

Your information may be stored physically including in paper form or electronically. Our staff are obliged to respect the confidentiality of any information held by us.

Collection and Disclosure of information to credit reporting bodies

We may obtain credit-related information about you from a credit reporting body.

We may disclose your credit-related information to credit reporting bodies. This includes overdrawn and loan accounts for more than $150. This will not occur until 60 days of default have elapsed.

Credit reporting bodies may include information provided by us in reports provided to other credit providers to assist them to assess your credit worthiness. Each credit reporting body has a policy for managing your credit-related information that you may access by contacting them.

In some cases a credit reporting body may use your credit-related information for pre-screening your eligibility to receive direct marketing from us or other credit providers. If you do not want a credit reporting body to do this you should contact the credit reporting body.

Who we share information with

We share credit-related information with Veda Advantage, PO Box 964, North Sydney NSW 2059. Tel 1300 762 20. Website:

Where permitted by law, we may also share information with other third parties, including:

  • other credit providers
  • intermediaries including introducers, financial advisers, accountants, mortgage managers, lawyers or other intermediaries acting in connection with any credit applied for
  • current or prospective guarantors in relation to credit we are providing to you
  • mortgage insurers.

Complaints and corrections

You have the right to lodge a complaint if you believe Cairns Penny has breached the Australian Privacy Principles or a relevant code. For details on how you may complain about a breach and how Cairns Penny deals with complaints, please refer to our website.

You may access and seek correction of the personal information Cairns Penny holds about you. You can find out how to do this on our website, call us or call into our branch.

Where you believe on reasonable grounds that you have been or are likely to be a victim of fraud you may request a credit reporting body not to use or disclose your information.



Cairns Penny Savings & Loans Limited

PO Box 5272, 22-24 Grafton Street, Cairns, Queensland 4870

T: (07) 4031 4460 E:



Australian Credit Licence & AFSL Number 244324. ABN 68 087 933 757
Updated October 2016.