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 – A Guide for Members
- For insurances, we will provide the Product Disclosure Statement (“PDS”) prepared by the insurer issuing that product
- For Multi-Currency Cash Passports we provide the PDS prepared by Mastercard Prepaid Management Services Australia Pty Ltd (ABN 47 145 452 044, AFSL 386 837) 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: firstname.lastname@example.org
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
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 – ACN 004 478 371
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%|
|Motor Vehicle, Caravan and Boat||0-4.5%|
|Business, Farm motor, Property||0-4.5%|
Optimus 1 Pty Ltd – ACN: 088 648 971
We act as referrer to Optimus 1 Insurance Brokers for general insurance products.
We receive commission for insurance policies placed by a customer who has been referred to Optimus 1 by Cairns Penny. We also receive commission if the policy is varied, extended, renewed or replaced by another insurance policy. The amount of commission is 20% of any commission received by Optimus 1 from the insurance company.
For any Financial Planning needs our referral partner is Walden Financial Services, a local representative of Keystone Partnerships Pty Ltd AFSL 466137.
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 Keystone Partnerships 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.
Multi-currency Cash Passports™
Mastercard Prepaid Management Services Australia Pty Ltd (ABN 47 145 452 044, AFSL 386 837) arranges for the issue of the Multi-currency Cash Passport™ (“Cash Passport”) in conjunction with the issuer, Heritage Bank Limited (ABN 32 087 652 024, AFSL 240 984). We provide the PDS prepared by Access Prepaid with these products.
We receive commission from Mastercard Prepaid generally at the rate of 1% upon the sale of these products. MastercardPrepaid 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 email@example.com or write to us at PO Box 5272, Cairns QLD 4870.
Australian Credit Licence & AFSL Number 244324. ABN 68 087 933 757