Financial Services Guide – Brightday

 

This Financial Services Guide (Guide) provides you with important information about: Pearl Funds Management Pty Ltd and its authorised representatives. Those representatives will provide you with the financial services described in this document.

 

April 2016

Financial Services Guide

308 Somerville, Buninyong VIC 3357

 

About this Financial Services Guide

 

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 FSG has been authorised for distribution by Pearl Funds Management who is an authorised representative AFS Rep No 001254808 of Banyan Securities Pty Ltd AFSL 484139. Pearl Funds Management’s contact details are on the back of this Guide.

 

Who is Brightday?

Brightday is an online platform operated by Pearl Funds Management who is an authorised representative AFS Rep No 001254808 of Banyan Securities Pty Ltd AFSL 484139. Pearl Funds Management. General advice in relation to Brightday is offered under Pearl Funds Management.

 

Who provides the financial services described in this FSG?

The financial services described are provided by an authorised representative of Pearl Funds Management. Pearl Funds Management is responsible for the financial services offered in this FSG, and we do not act on behalf of any other person.

 

The services we offer

We can provide financial product advice and deal in the following products and services:

  • Personal financial advice
  • Basic and non-basic deposit products
  • Managed investments including IDPS
  • Life insurance
  • General insurance
  • Retirement products
  • Superannuation
  • Margin loans
  • Government debentures, and bonds, stocks
  • Equities and Exchange Traded Funds
  • Securities

 

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 us 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.

 

Provision of personal advice

If you wish to receive personal advice from us, we will provide you with a Financial Services Guide (FSG) relating to the provision of that advice and any associated services.

 

Life Insurance

Ongoing and upfront commissions may be received by Pearl Funds Management for life insurance policies. These fees are based on commission rates which are currently up to 115% of the initial premium paid. This amount is paid by the insurance company and is not an additional cost to you.

 

This is calculated as a percentage of the annual premium paid. Depending on the insurance company, an ongoing commission of up to 30% may be payable.

 

Managed funds

Pearl Funds Management does not accept upfront commissions from managed fund investments for managed funds.

 

Referral Fees & Other Remuneration

Pearl Funds Management may pay a referral fee for third party referrals. We may also receive a benefit for referring you to other specialist service providers.

 

Pearl Funds Management may also 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 depends on the broker used. These fees or brokerage will be disclosed in the SoA.

 

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 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:

Pearl Funds Management receives $185 of the $990 fee payable for the provision of an SMSF tax return, financial statement and audit completed by an SMSF Trustee.

 

Pearl Funds Management 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 Funds Management Pty Ltd ABN 26 425 355 210 (Pearl) is the Sub-Promoter of Complete Super using the ‘brightday’ brand. Pearl is an authorised representative AFS Rep No 001254808 of Banyan Securities Pty Ltd AFSL 484139 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 CAN 097 813 137 and by SMSF Managers Pty Ltd CAN 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 currently receive any Eureka Reports on an ongoing basis will continue to have that access for a period of 12 months from the date of this FSG, until 5th April, 2017. All new clients of Brightday from 5th April, 2016 will need to make their own arrangements to access any subscription based reports. There are costs associated with these external services.

 

Conflicts of interest

Pearl Funds Management has policies in place to manage and mitigate any potential or perceived conflicts of interests. All employees and staff of Pearl Funds Management have an ongoing obligation to disclose any potential conflicts which is managed by our Compliance Department and through various other methods including ongoing training and monitoring, audits and breach reporting procedures.

 

Compensation Arrangements

Pearl Funds Management has professional indemnity insurance covering our products and services and meets the requirements for compensation arrangements under s912B of the Corporations Act 2001 (Cth).

 

It is important that the information you provide us is accurate, complete and up to date, as if we proceed on incomplete or incorrect information, you may be in breach of your legal obligations to the lender.

 

Our Dispute Resolution Procedures

Internal Dispute Resolution

If you are unhappy with our services, please contact us first by contacting our Complaints Manager on the following:

 

Pearl Head Office (Complaints Manager)

Post 308 Somerville, Buninyong VIC 3357

 

We will try to deal with your complaint within 45 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 one of our external dispute resolution providers 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:

Credit and Investments Ombudsman Ltd (CIO)

Telephone          1800 138 422

Email                info@cio.org.au

 

Fax                   02 9273 8440

Post                  PO Box A252 Sydney South NSW 1235

Website             www.cio.org.au

 

Things you should know

  • It is important you understand your legal obligations under the loan, and the financial consequences. If you have any concerns, you should obtain independent legal and financial advice before you enter into any agreement.
  • Before you accept our advice, 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 enter into any agreement.
  • 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
  • Pearl Funds Management is required to have adequate arrangements in place to ensure you are not disadvantaged by any conflict of interest.

 

Pearl Funds Management Contact Details

Post                  308 Somerville, Buninyong VIC 3357