Financial Services Guide
Issue Date 1 February 2010
Introduction
This Financial Services Guide (FSG) provides you with information about State Super Financial Services Australia Limited ABN 86 003 742 756 (State Super Financial Services, SSFS, we, our, or us) to help you decide whether to use the financial services we provide.
This FSG is issued by us and explains the services and products we can offer you. It also explains how we are remunerated for these services, and includes details of our internal and external complaints handling procedures and how you can access them.
Who are we?
State Super Financial Services is licensed under the Corporations Act to provide financial services and products to you as outlined in this guide. All financial services offered will be provided by a suitably qualified employee of State Super Financial Services. We are a Principal Member of the Financial Planning Association (FPA).
Our Australian Financial Services Licence (AFSL) Number is 238430. In accordance with our obligations under the Corporations Act, we have effected professional indemnity insurance.
We do not act as a representative of any other licensee nor do we act on behalf of any third party in providing advice or other financial services to you.
Our registered office is:
- Level 7, 83 Clarence Street, SYDNEY NSW 2000.
You can contact us:
- by writing to us at GPO Box 5336, SYDNEY NSW 2001, or
- by calling your nearest regional office (see the Contact Us page on our website).
SSFS has 15 offices located across Australia.
State Super Financial Services was established in 1990 by the SAS Trustee Corporation (STC), to provide a range of financial planning and investment services to current and former New South Wales public sector employees and their family members.
In 2002, the Australian Reward Investment Alliance (ARIA) entered into an access agreement with SSFS. As a result, the services offered by SSFS have been extended to current and former Commonwealth public sector employees and their family members.
We are a separate legal entity to the STC. None of the STC, the New South Wales Government, ARIA or the Australian Government takes any responsibility for any of the services offered, nor do they or SSFS guarantee the performance of, any product provided by SSFS.
Other than the above, we are not aware of any association or relationship between any of our related companies and other product issuers which may reasonably be expected to influence us in providing financial services.
What financial services and products do we offer?
State Super Financial Services is licensed to provide general and personal financial planning and product advice.
Personal advice occurs when we take into account your needs, objectives and personal financial situation.
General advice does not take into account your needs, objectives and personal financial situation. Accordingly, you should consider the appropriateness of the advice before acting on it.
If the general advice relates to a particular product you should obtain a copy of the Product Disclosure Statement (PDS) or relevant scheme information before making a decision to acquire the product.
We offer a broad range of financial planning services, specialising in all aspects of retirement planning and planning for redundancy.
We will only recommend a superannuation fund or managed investment product issued by us or a superannuation scheme operated by the STC or ARIA after considering its suitability to your needs, objectives and financial situation.
We may also consider any insurance benefits you have in your current superannuation fund and recommend whether you should retain an investment in your current fund for the purpose of servicing the premiums to retain the insurance cover.
Other documents you may receive from us
Should we provide personal advice, you will receive a Statement of Advice (SoA). Your SoA will include important information regarding the basis of the advice, details of the fees that apply to the recommended investments and details of remuneration paid (if any) in relation to the advice.
If we recommend a new investment in a financial product we will also provide you with the relevant PDS. The PDS contains information about the particular product including details of any fees and charges relating to investments in that product and will assist you in making an informed decision about the product.
How are we paid for the services we provide?
State Super Financial Services does not charge a separate fee for providing financial planning advice and services to you.
If you invest in one of the superannuation funds or managed investment schemes that we operate, we will receive a single ongoing management fee that covers the cost of gaining access to advice, as well as investment management and administration. For further information in relation to the management fee please refer to the relevant PDS.
We do not receive fees in relation to any advice or service we provide regarding STC and ARIA schemes.
In addition, we do not pay fees or commissions or provide any other benefit to any other person or entity for referring potential clients to us.
What fees, commissions or other benefits are received?
State Super Financial Services does not receive any commissions, brokerage or other benefits.
The only fees we receive are the management fees paid out of our superannuation funds and managed investment schemes that we operate.
Employees of SSFS who give advice do not receive commissions, brokerage or other benefits for the giving of that advice. These employees receive a salary and may be entitled to an incentive payment from us.
We pay salaries and incentives to such employees from the fees we receive for operating our superannuation funds and managed investment schemes. They are not an additional cost to you.
The amount of incentive payable (if any) is based on meeting key performance indicators (KPIs). These KPIs are based on the services provided by the employee and compliance with our standards and procedures. The applicable KPIs will depend on the employee’s role. For financial planners who advise on SSFS products, the KPIs include the total amount of funds invested by clients during the relevant period and the retention of existing funds. The amount of incentive payable cannot be ascertained at the time this FSG is provided to you.
If applicable, incentives may be paid yearly or half yearly following 31 December and 30 June.
How is my personal information dealt with?
At State Super Financial Services the privacy of your personal information is important to us.
We collect your personal information to ensure that we are able to provide you with the advice, products and services most appropriate to your needs. We maintain a record of your personal profile that can include details of your needs and objectives and your individual financial situation generally.
We also maintain copies of SoA’s containing all recommendations provided to you.
You may request access to the personal information that we hold by writing to us as outlined in our privacy brochure.
A copy of our privacy brochure is available at each of our regional offices or on our website at www.ssfs.com.au
What should I do if I have a complaint?
Should you not be satisfied with the advice or service you receive from us, you are entitled to make a complaint. We have established procedures to ensure that all complaints are resolved quickly and fairly.
Should you wish to make a complaint about any aspect of our advice or service you should initially lodge your complaint with the regional office employee you deal with and/or inform the Regional Manager or contact the General Manager, Financial Planning.
The General Manager, Financial Planning may be contacted by telephoning 02 9333 9555, writing to us at GPO Box 5336 SYDNEY NSW 2001 or by email to complaints@ssfs.com.au
External Complaint Handling Mechanisms
Should you not receive a satisfactory outcome you may lodge a written complaint with an external complaints handling service.
The Superannuation Complaints Tribunal (SCT) can deal with matters regarding the conduct and decisions of trustees of superannuation funds and insurers in relation to insurance benefits provided under superannuation funds. Should your complaint not be satisfactorily resolved within 90 days, the matter may be referred to the SCT.
The Financial Ombudsman Service (FOS) will consider all other matters. You should contact FOS if your complaint has not been satisfactorily resolved within 45 days of making a complaint.
Superannuation Complaints Tribunal
Locked Bag 3060 Melbourne VICTORIA 3001 or call the SCT on 1300 884 114 or fax on 03 8635 5588 or website www.sct.gov.au or e-mail to info@sct.gov.au
Financial Ombudsman Service
GPO Box 3, Melbourne VICTORIA 3001 or call FOS on 1300 780 808 or fax on (03) 9613 6399 or website www.fos.org.au or e-mail to info@fos.org.au
State Super Financial Services is a member of FOS and is subject to the jurisdiction of the SCT
Similarly, the Australian Securities and Investment Commission (ASIC) also has an info line on 1300 300 630 which you may use to make a complaint or obtain information about your rights.
Contact Us
For further questions, please contact us directly.
Contact Us