Financial Services Guide

THE PURPOSE OF THIS GUIDE

This Financial Services Guide (FSG) is designed to assist you in deciding whether to use any of our services and contains important information about:

• The services we offer you
• How we and our associates are paid
• Any potential conflicts of interest we may have
• What to do in the event of a complaint

Responsibility For Services Provided
Who do we act for
Our Services
How to contact us
Our products
Retail clients
Retail client issues
What we expect from you
Personal information
Cooling off provisions
Complaints
Our sources of income
How our representatives are paid
Conflicts of Interest
Contact Agreement
From when does this FSG apply

RESPONSIBILITY FOR SERVICES PROVIDED

Greater National Limited trading as Greater National Group holds a current Australian Financial Services Licence and is authorised to advise and deal in the full spectrum of General and Life insurance products, Retirement Savings Accounts and Superannuation.

We are responsible for the financial services provided to you, or through you to your family members, including the distribution of this FSG.

In order to be granted and then retain our Licence we are required to meeting stringent guidelines in areas such as: staff training, organisational competence, management expertise, financial control and compliance disciplines.

We have an ongoing requirement to maintain and enhance our professionalism to ensure that you receive fair and honest Financial Services from us.

WHO DO WE ACT FOR

We usually act on your behalf and in your interests in all matters. Sometimes, it may be more appropriate for us to access insurance or manage claims where we act as an agent of the insurer. If and when this situation arises we will explain and highlight this to you.

OUR SERVICES

Our range of services to assist you to protect your assets and guard against unexpected liabilities includes:

• Reviewing and advising on your insurance needs
• Identifying risk factors to avoid claims
• Seeking competitive premium quotations

HOW TO CONTACT US

You are able to contact us by phone, in writing, by fax, email or in person.

OUR PRODUCTS

We can advise and arrange a broad range of insurances on your behalf including:

Home Building and Contents, Private and Commercial Motor, Farm, Business Packages, Construction, Liability, Industrial and Professional covers, Term Life, Trauma, Income Protection.

RETAIL CLIENTS

Under the Corporation Act 2001 (The Act) Retail Clients are provided with additional protection from other clients. The Act defines a General Insurance Retail Client as:

• An Individual or a manufacturing business employing less than 100 people, or
• any other business employing less than 20 people

RETAIL CLIENT ISSUES

Typically we only provide General Advice to our Retail Clients for General Insurance. General Advice does not take into account your particular needs and requirements and you should consider the appropriateness of this advice to your circumstances prior to acting upon it. We will provide you with a General Advice Warning in such cases.

If you are a new Retail Client purchasing Personal Accident or Sickness insurance or Life, Retirement Savings or Superannuation products and obtain Personal Advice, that is, advice that takes into account your particular circumstances, we will give you a Statement of Advice (SOA), that sets out the advice provided and the basis on which the advice is made and our remuneration should you purchase the product.

For existing Retail Clients we may not provide an SOA but rather provide the advice to you orally. In such cases you may request us to provide you with a Record of Advice (via phone or in writing) which we will provide to you within 28 days of such request.

When you ask us to recommend an insurance policy for you, we will usually only consider the policies offered by the insurers or insurance providers that we deal with regularly. In giving you advice about the costs and terms of recommended polices we have not compared those policies to other policies available, other than from those insurers we deal with regularly.

If we recommend the purchase of a particular financial product, we will also give you a Product Disclosure Statement at that time, which sets out details specific to that product and the key benefits and risks in purchasing the product.

WHAT WE EXPECT FROM YOU

To enable us to provide the right advice we need you to provide us with complete information about the risk(s) that you face and those that you want to be insured for. You should also tell us about any relevant changes as they occur so that we can review your insurance needs accordingly.

PERSONAL INFORMATION

The Federal Privacy Act 2000 sets out standards for the collection and management of personal information. With your consent, we will only use your personal information for general insurance services.

COOLING OFF PROVISIONS

All retail products are subject to a 14 day 'cooling off period'. This means that if you are not happy with the product, you have 14 days to withdraw from the contract at no cost to you.

COMPLAINTS

Clients not satisfied with our services should contact our Complaints Officer. We are members of the Insurance Brokers Disputes Limited (IBD), a free consumer service. We also adopt the Insurance Brokers Code of Practice. Further information is available from our office, or contact IBD directly on 1300 780 808 or visit www.ibdltd.com.au

For your added protection we also hold a Professional Indemnity Policy. This policy is designed to pay claims by Third Parties (including our clients) arising out of our Professional Negligence. The policy has a minimum cover of $1 M for any one claim with the additional protection of providing for a further two claims (again with a minimum cover of $1M each ) in the same policy year.

OUR SOURCES OF INCOME

When placing your insurance we usually receive a commission from the insurer. The amount varies between 0% and 25% of the base premium you pay for General Insurance. Life insurance, Retirement Savings and Superannuation commissions vary between 0% and 120 % of the first year's commissions with ongoing commission between 0 % and 15 %. Where a policy is cancelled before the period of insurance has ended we will usually retain the commission on any return premium involved.

If you are a Retail Client and we give you Personal Advice, full commission details (including the dollar amounts) will be provided in any SOA or (where an SOA is not required to be provided) included on any relevant invoices. When we give you General Advice, full commission information (including dollar amounts) will be provided on request.

We have a set of standard non refundable Broker Fees that we charge you for the cost of services such as:

• Market research on products available.
• Sourcing alternative quotations and coverage.
• Risk analysis and portfolio co-ordination.

HOW OUR REPRESENTATIVES ARE PAID

Our representatives do not receive any benefit directly from the sale of a product. Our representatives may receive bonuses payable based on the performance of our business. If a person has referred you to us, we may pay them a part of any fees or commission received. If you are a Retail Client and receive Personal Advice full remuneration details will be disclosed in the SOA or invoices related to the advice.

CONFLICTS OF INTEREST

We have relationships with and receive income from various third parties as detailed in this FSG. For Retail Clients receiving Personal Advice, details of relationships that impact the advice will be included in any SOA or invoice documentation we send you. All material conflicts that impact our advice, that are not mentioned in this FSG, will be advised to you on the invoices related to that advice.

CONTACT AGREEMENT

To ensure we provide you with appropriate products and services we may contact you from time to time. If you do not wish to receive such calls please advise us and we will place you on our Do Not Call Register.

FROM WHEN DOES THIS FSG APPLY

This FSG applies from 01/06/2007.