Joint Financial Services Guide
Joint Financial Services Guide - BUSSQ Building Super, Skylight Financial Solutions and Link Advice
11 January 2019
WHAT YOU SHOULD KNOW ABOUT THIS GUIDE
This Joint Financial Services Guide (FSG) has been prepared, authorised and issued by BUSS (Queensland) Pty Ltd (ABN 15 065 081 281, AFSL 237860) as Trustee for BUSSQ (ABN 85 571 332 201) (the Trustee), Skylight Financial Solutions Pty Ltd (ABN 46 076 835 848, AFSL 450139) (Skylight) and by Link Advice Pty Ltd (ABN 36 105 811 836, AFSL 258145)(Link Advice). The distribution of this FSG by the Trustee, Skylight and Link Advice has been authorised by all parties.
The Trustee has contracted with Australian Administration Services Pty Limited (ABN 62 003 429 114) (AAS) to provide member and employer administration services in relation to BUSSQ. Link Advice is a wholly owned subsidiary of AAS and authorises certain AAS employees to provide general financial product advice to BUSSQ members through the member contact centre. The purpose of this FSG is to help you decide whether to use the services offered by the Trustee, Skylight and/or Link Advice. This FSG will provide you with information about the services provided by the Trustee, Skylight and Link Advice, and how their respective representatives are remunerated in relation to the financial services offered and how complaints against BUSSQ, Skylight and Link Advice are dealt with.
The Trustee is authorised to:
1. Provide financial product advice for the following classes of financial products:
i Superannuation, and
2. Deal in a financial product by:
i Issuing, applying for, acquiring, varying or disposing of a financial product in respect of the following classes of financial products:
a) deposit and payment products limited to non-cash payments products, and
The financial services provided by BUSSQ may include personal or general advice on:
• Rolling over superannuation benefits
• Salary sacrifice
• Voluntary contributions
• Member investment choice
• Insurance benefits
• Account based pension
• Spouse contributions
• Superannuation legislation
• Tax on superannuation, and
• Other superannuation issues.
Skylight is authorised to provide financial advice and deal on your behalf in relation to:
• Deposit and Payment Products - Basic Deposit
• Deposit Products – other than Basic Deposit Products
• Deposit and Payment Products - Non-cash Payment
• Government Debentures, Stocks or Bonds
• Investment Life Insurance Products
• Life Risk Insurance Products
• Managed Investment Schemes, including Investor Directed Portfolio Service
• Retirement Savings Account Products
Skylight does not provide advice in relation to:
• Stock selection
• Direct property
• Share placement
• General insurance products
Link Advice and its representatives are authorised (among other things) to deal in and to provide general financial product advice in relation to superannuation products.
Before making any decisions to acquire a BUSSQ or other financial product, you should read the relevant Product Disclosure Statement (PDS) and/or obtain professional financial advice. The PDS provides information about the benefits, including fees and risks, associated with that product.
WHAT IS GENERAL ADVICE?
General advice is advice that does not take into account your individual objectives, financial situation or needs and as such the advice may not be appropriate for your circumstances. You should assess your own financial needs and/or obtain advice from a qualified professional before acting on general advice. General advice is provided by the Trustee, Skylight and Link Advice. Advice regarding your BUSSQ membership is included as part of your BUSSQ membership fee. There is no additional cost to you for this service.
WHAT IS PERSONAL ADVICE?
Personal advice is advice that does take into account your individual objectives, financial situation or needs. Skylight provides personal financial advice on behalf of the Trustee to BUSSQ members, and also to other clients. Whenever Skylight provides you with Personal advice, a Statement of Advice (SOA), also known as a financial plan, will be provided.
The Trustee or Skylight will always tell you about:
• Any fees that will be paid in dollar amounts, in relation to a product or strategy that is recommended.
• Any limitations on the advice they can give you
When a representative of the Trustee or Skylight recommends a particular financial product, a PDS will always be provided to allow you to make an informed decision.
WHAT IS THE COST?
Link Advice does not receive specific remuneration relating to the services offered that have been outlined in this guide. AAS is remunerated by the Trustee for the contracted administration services that it provides to the BUSSQ fund, as a whole. The Trustee levies fees and charges on individual members to cover the operating costs of the fund (including administration costs). For information relating to the administration fees levied on members, please refer to the relevant Product Disclosure Statement (PDS). Link Advice and AAS do not pay or receive commissions. In some circumstances, Link Advice representatives may receive performance-based bonuses (paid by Link Group). These bonuses are discretionary and dependent on the achievement of predetermined compliance and service standards and business objectives.
Where required by legislation, the Trustee provides a fee for service approach when providing personal financial advice about superannuation matters. This advice is provided by Skylight. This ensures you only pay for the advice that you need.
The cost of Skylight providing straightforward personal advice is included in the BUSSQ administration fees.
There are no additional fees or charges for this service. As BUSSQ is an industry super fund, all profits go to the members and not to shareholders. Straightforward personal advice is single issue advice such as:
• Investment Choice
Where advice other than general advice or straightforward advice as outlined above is provided, the cost of this advice will be at an hourly rate of $150 including GST.
Skylight will discuss and agree with you the cost of the advice before it is provided. All representatives are salaried employees and are not paid any commissions for providing services to you.
Neither the Trustee or Skylight Directors or our representatives receive hard or soft dollar bonuses as a direct result of providing advice to you. Directors of the Trustee and Skylight representatives do not receive commissions or bonuses as a result of the services offered to you by our representatives. Any surplus generated from fees or charges are retained to be used for the benefit of BUSSQ members. The Trustee does not pay any commissions to any third party who may refer you to BUSSQ.
WHAT COMPENSATION ARRANGEMENTS ARE IN PLACE?
The Trustee, Skylight and Link Advice each have in place adequate arrangements, including Professional Indemnity insurance, to compensate clients, fund members or their beneficiaries for loss or damage suffered as a result of breaches of any relevant legislative obligations by the Trustee, Skylight, Link Advice or their respective representatives/employees including claims in relation to the conduct of representatives/employees who no longer work for the licensees (but who did at the time of the relevant conduct). These arrangements satisfy the requirements of section 912B of the Corporations Act 2001 (Cth).
HOW IS MY INFORMATION PROTECTED?
BUSSQ respects the privacy of its members. The Trustee and Skylight only collect information that is necessary to manage your account, provide financial advice, meet any legislative requirements and provide you with opportunities available to you as a member or client, or as otherwise permitted by law. We may share this information between the Trustee and Skylight as related companies. The BUSSQ Privacy Statement is available at bussq.com.au and the Skylight Privacy Statement is available at skylight.com.au.
WHAT RELATIONSHIPS OR ASSOCIATIONS MAY INFLUENCE THE ADVICE GIVEN TO ME?
Link Advice representatives may be members of BUSSQ. BUSSQ and Skylight Directors and representatives may be members of the BUSSQ Fund. BUSSQ and Skylight Directors may hold directorships in funds in which BUSSQ invests.
BUSSQ is an investor in Members Equity. Master Builders Queensland Insurance Services, which is owned by Master Builders Queensland, arrange certain insurances on behalf of the Trustee. BUSSQ uses OnePath (a company of ANZ) for the provision of Group Life Cover.
BUSSQ makes available a Clearing House to its employers and utilises SCH Online. SCH Online is a non-cash payment product issued by Pacific Custodians Pty Limited (ABN 66 009 682 866, AFSL 295142)(Pacific Custodians) and operated by The Superannuation Clearing House Pty Limited (ABN 15 086 576 721)(TSCH). Pacific Custodians, TSCH, Link Advice and AAS are all related bodies corporate and members of the Link Group of companies.
For more information about the Link Group, please visit: linkgroup.com. BUSSQ has no association or relationship with any other product issuer and does not receive any benefit from any relationship that could influence the providing of advice.
WHAT IF I AM NOT HAPPY WITH THE ADVICE GIVEN?
For all complaints you should initially contact the Complaints Officer at BUSSQ, Skylight or AAS. You can do this by telephone, post, fax or email. We will consider your complaint and will usually respond within 30 days. We will make all reasonable efforts to resolve your complaint quickly and fairly.
If we don’t respond within 90 days or you are not satisfied with the way your complaint is handled, or with the resolution, you may contact the Australian Financial Complaints Authority (AFCA). AFCA is an independent body set up by the Federal Government to assist members or their beneficiaries to resolve certain superannuation complaints. To find out whether your complaint can be handled by AFCA, and the type of information you would need to provide them with, please contact them at:
Australian Financial Complaints Authority
MAIL GPO Box 3
Melbourne VIC 3001
PHONE 1800 931 678
There are some time limits for lodging certain complaints. This includes complaints about the payment of a death benefit, which you must lodge with AFCA within 28 days of being given our written decision.
WHO IS RESPONSIBLE FOR THE ADVICE GIVEN TO ME?
Link Advice is responsible for advice given to you by AAS representatives, BUSS (Queensland) Pty Ltd is responsible for the advice given to you by BUSSQ, and Skylight Financial Solutions Pty Ltd is responsible for advice given to you by Skylight. You may be provided with written material or communications including emails, which may contain general advice and the entity that prepared that written material is responsible for that advice. All contact with the BUSSQ telephone contact centre will be with an AAS representative.
If you are referred for personal advice on that call this will be provided by a Skylight representative, on behalf of BUSSQ. The representative assisting you is a salaried employee who is authorised to give you general or personal advice.
The representative will inform you under which category they operate in terms of their advice status.
WHO IS BUSSQ?
BUSSQ is a profit for members’ industry superannuation fund. BUSS (Queensland) Pty Ltd is the Trustee of the Fund.
The Fund is a regulated fund under Commonwealth legislation. As a result, the Fund is able to obtain taxation advantages and can accept Superannuation Guarantee (SG) Contributions. The Trustee holds an Australian Financial Services License which allows the Fund to provide superannuation advice to retail clients.
BUSS (Queensland) offers these products:
• An authorised MySuper product
• A superannuation accumulation fund for choice members
• A Child Income Account
• A Transition to Retirement Income Account
• An account based Income Account
• A Term Allocated Pension.
BUSSQ Staff provide general advice on the abovementioned products. Personal Financial Advice to BUSSQ members is provided by Skylight Financial Solutions.
WHO CAN JOIN BUSSQ?
Anyone can join BUSSQ. This includes on site and off site workers, clerical workers, apprentices, professionals, spouses, family and friends, and working directors. You don’t have to be connected to the building industry to join the Fund.
ABOUT SKYLIGHT’S FINANCIAL PLANNERS
Our Planners and staff are salaried employees who are authorised to give you advice within the terms of our AFSL.
Not all Skylight Financial Solutions representatives are authorised to provide advice in all of these products or services.
They will advise you of what they are eligible to give advice on at the time.
Our employees and representatives receive a salary and an annual bonus which is determined by the meeting of overall business objectives primarily focused upon client service standards. They do not receive personal payments (hard or soft dollars) or commissions for the recommendation or sale of any products.
Skylight Financial Solutions does not pay any commissions to any third party whatsoever.
HOW DO I CONTACT BUSSQ?
PHONE 1800 MY BUSSQ (1800 69 2877)
MAIL BUSSQ PO Box 1526
Milton QLD 4064
VISIT BUSSQ 299 Coronation Drive,
Milton QLD 4064
HOW DO I CONTACT SKYLIGHT?
PHONE 1800 SKYLIGHT (1800 759 544)
MAIL SKYLIGHT PO Box 1526
Milton QLD 4064
VISIT SKYLIGHT 299 Coronation Drive
Milton QLD 4064
HOW DO I CONTACT AAS?
PHONE 02 8571 5000
FAX 02 8571 5555
VISIT 1A Homebush Bay Drive,
Rhodes NSW 2138
HOW DO I CONTACT LINK ADVICE?
PHONE 1300 734 007
MAIL PO Box 240 Parramatta NSW 2124
VISIT 1A Homebush Bay Drive,
Rhodes NSW 2138