Financial Services Guide
Effective 1 July 2021
Banyan Securities Pty Ltd (ABN: 79 609 452 226)
Australian Financial Services Licence (AFSL) No. 484139
Post to PO Box 1335 Camberwell VIC, 3124
Phone: +61 3 9595 3855
About this Financial Services Guide
This Financial Services Guide (“Guide”) provides you with important information about Banyan Securities Pty Ltd (“Banyan”) and its authorised representatives.
Those representatives will provide you with the financial services described in this document.
Banyan Securities may receive commissions associated with the issue of life insurance products.
An associated entity, Pearl Funds Management, issues and distributes the financial products and Banyan or an associated entity may receive benefits from this arrangement.
For these reasons, we do not represent ourselves as independent, impartial or unbiased.
Please refer to the ‘Remuneration’ section for more information.
This Guide may assist you in deciding whether to use the services we offer. It can help answer any questions about:
- Who we are and our contact details;
- The services we provide;
- Details of our associations and relationships;
- How we are remunerated; and
- How we resolve complaints.
This Guide has been authorised for distribution by Banyan, the holder of Australian Financial Services Licence number 484 139. Banyan’s contact details are provided in this Guide.
What is brightday?
brightday is an online education, super and investing platform. The operator of brightday is Pearl Funds Management Pty Ltd (“Pearl”)(A.C.N 616 471 580), a Corporate Authorised Representative of Banyan. Banyan is responsible for general advice in relation to brightday.
Through brightday, you are offered access to financial services to assist you.
Who provides the financial services?
The financial services are offered by advisers authorised by Banyan. Banyan is responsible for the financial services offered in this Guide.
Which financial services are available?
Banyan advisers can advise and deal in the following products and services:
- Personal financial advice
- Basic deposit products
- Managed investments including IDPS
- Life insurance
- Retirement savings accounts
- Standard margin lending facilities
- Government debentures, and bonds, stocks
Documents you may receive
Before you invest in a financial product you will receive a Product Disclosure Statement (PDS) or other disclosure document issued by the product provider, it contains information about the product including risks, benefits, features and fees payable. It is designed to help you make an informed decision about whether to invest.
The information presented by brightday is general in nature and does not take into account your personal goals and objectives. It does not represent financial product advice. You should always seek independent legal and financial advice before making a decision in relation to a financial product. Read the Product Disclosure Statement (PDS) before making a decision. You should consider your own circumstances, needs and financial objectives before making a decision.
Ongoing and upfront commissions may be received by Banyan for life insurance policies. These fees are based on commission rates which will not exceed 66% of the initial premium paid. Depending on the insurance company, an ongoing commission that does not exceed 22% may be payable, calculated as a percentage of the annual premium paid. The amount is paid by the insurance company and is not an additional cost to you.
Banyan does not accept upfront commissions from managed fund investments for managed funds.
Referral Fees & Other Remuneration
Banyan may pay a referral fee for third party referrals. We may also receive a benefit for referring you to other specialist service providers.
Banyan may receive other benefits from product providers, such as hospitality, sponsorship to attend conferences and training within regulatory guidelines. The value of these benefits is currently unascertainable. Please ask if you would like particulars of possible benefits.
Fees for Other Services
From time to time you may require other services from us. We may charge you on an hourly rate or a price set. With respect to brokerage for ASX share transactions, you will be charged for the actual cost of share trading transactions, and this depends on the broker used. These fees or brokerage will be disclosed in a Statement of Advice.
Promoter Fees for brightday Superannuation products:
This fee is payable from the total fees paid by investors to OneVue. These fees are between 0.05% and 0.20% p.a. of your account value but will vary depending on the products and services you use.
Note: OneVue administration fees are capped for amounts exceeding $1million for the following products/services:
- Total SMSF
- Flexi SMSF
- Direct Investing
Promoter Fees for brightday Direct Investing products:
This fee is payable from the total fees paid by investors to OneVue. These fees are a maximum of 0.17% of the funds invested and up to a maximum of 15% of any brokerage fees payable.
Promoter Fees for provision of SMSF tax return, financial statement and audit completed by an SMSF trustee:
Banyan receives $185 of the $990 fee payable for the provision of an SMSF tax return, financial statement and audit completed by an SMSF Trustee.
Banyan will also receive:
- 20% of switching fees of $24.95 payable (e.g. $4.99 per switch), for any third and subsequent switches within a 12 month period;
- 12% of any brokerage fees (per trade) payable, subject to a minimum of $24.95 for brokerage fees payable (e.g. $3.00 per trade) under Complete Super and $19.95 of brokerage fees payable (per trade) under Total SMSF and Direct Investing;
- 22% of any insurance administration fees, insurance set up fees (retail only), Family Law Enquiry, Family Law Split and QROPS fees that is applicable.
Interests, Associations and Relationships
Pearl has a direct relationship with OneVue Holdings Limited ABN 85 108 221 870 and its subsidiaries to provide the following products under brightday:
- Superannuation Fund and Pension provided by MAP Funds Management Ltd (ABN 85 011 061 831) as Trustee
- Group life, income protection and total and permanent disability insurance, provided by Hanover Life RE of Australasia Ltd (ABN 37 062 395 484) as Insurer
- Retail life, income protection and total and permanent disability insurance, provided by TAL Australia Distribution Ltd (ABN 45 002 037 452) as Insurer
- Total SMSF, provided by SMA Tax & SMSF Services Pty Ltd (ACN 097 813 137) and by SMSF Managers Pty Ltd (ACN 154 138 799) as SMSF establishment services and accounting services providers
- Direct Investing, provided by OneVue RE Services Ltd (ABN 94 101 103 011) as Responsible Entity and IDPS Operator and Administrator
Subscription-based services and reports
Existing brightday clients who previously received any Eureka Reports on an ongoing basis continued to have that access until 5th April, 2017. All new clients of brightday from 5th April, 2016 need to make their own arrangements to access any subscription based reports. There are costs associated with these external services.
Conflicts of interest
Banyan has policies in place to manage and mitigate any potential or perceived conflicts of interests. All advisers, employees and staff of Banyan have an ongoing obligation to disclose any potential conflicts. This is managed by our Compliance Committee and through various other methods including ongoing training and monitoring, audits and breach reporting procedures.
Banyan has professional indemnity insurance covering our products and services and meets the requirements for compensation arrangements under s912B of the Corporations Act 2001 (Cth).
Our Dispute Resolution Procedures
If you are unhappy with our services, please contact us first by contacting our Complaints Manager on the following:
Banyan Securities Head Office (Complaints Manager)
Telephone 03 9595 3855
Fax Not applicable
Post PO Box 1335 Camberwell VIC, 3124
We will try to deal with your complaint within 30 days. If you want more information about our internal dispute resolution procedure, please contact us.
If you are unhappy with any decision or the handling of a complaint by us, you can refer your complaint to our external dispute resolution provider, below. External dispute resolution is a free service established to provide you with an independent mechanism to resolve specific complaints.
For external disputes, you can contact:
Australian Financial Complaints Authority Limited (AFCA)
Telephone 1800 931 678
Fax (03) 9613 6399
Post GPO Box 3 Melbourne, VIC 3001
Things you should know
Make sure you read all information provided to you carefully. If you have any doubts, you should obtain independent legal and financial advice before you sign any documents.
We have obligations to not provide any information we know is misleading or deceptive. We also have obligations under the law to report any fraud, forgery, or other illegal activities. Before using our services, it is important that you understand that we have these obligations under the law.