In this article
This Financial Services Guide (FSG) sets out the range of financial services and the types of financial products that we can provide.
About this document
This FSG is an important document prepared and provided by MYOB Australia Pty Ltd ABN 13 086 760 198 ('MYOB,' 'we,' 'us' or 'our'). Our contact details are set out on the last page of this FSG.
This FSG sets out the range of financial services and the types of financial products that we are authorised to provide under our Australian Financial Services License 241059 ('AFSL').
This includes:
Payment services (payment processing and disbursal facilities)
General insurance arrangement services (arranging general insurance products for clients)
Banking product distribution services (arranging banking products for clients)
If we provide you with other financial services beyond those covered in this FSG, we may provide you with a separate FSG containing information relevant to those additional services.
This FSG provides you with details about:
Our name and contact details
The financial services that we are authorised to provide and the financial products to which those services relate
The cost of any services that we provide
Any remuneration, commissions or other benefits that we, or any relevant person, may be paid in relation to the financial services we offer
Any associations we have that may impact your decision to use our services
How we collect and use your personal information
Details of our internal and external complaints handling procedures and how you can access them
At times we may provide information about a particular financial product. Such information is purely factual and is not considered to be personal or general advice. To the extent any information we provide to you is financial product advice, such advice is general advice only and has been prepared without taking into consideration your objectives, financial situation or needs. You should consider your needs prior to acting on any advice or making any financial decisions and seek independent financial advice regarding your own personal circumstances.
This FSG should be considered alongside relevant disclosures documents (including Product Disclosure Statements ('PDS')) for specific financial products, which are available on our website. PDSs include additional information to enable you to make an informed decision about using specific financial products, including details of key features, fees, benefits and risks.
Financial services and products MYOB is authorised to provide
Our AFSL authorises us to offer the following financial services to retail and wholesale clients:
General financial product advice for:
Basic deposit products
Deposit products other than basic deposit products
Non-cash payment products
General insurance products
Deal in a financial product by issuing, applying for, acquiring, varying or disposing of non-cash payment products
Deal in a financial product by arranging for another person to issue, apply for, acquire, vary or dispose of a financial product for:
Basic deposit products
Deposit products other than basic deposit products
General insurance products
Who does MYOB act for when providing the financial services?
We are responsible for the financial services we provide to you under our AFSL. We may act as a distributor or agent on behalf of other product issuers and general insurance through distribution or agency arrangements. See below for further information on those.
Relationship with Great Southern Bank (Credit Union Australia Ltd)
We have a distribution agreement with Great Southern Bank (Credit Union Australia Ltd, ABN 087 650 959, AFSL 238317) (GSB) to distribute banking products through our Solo by MYOB platform. Under this agreement, we are limited to providing factual information only. If you require general advice about banking products, GSB can provide that to you under its AFSL.
Under this arrangement, MYOB may receive a fixed payment from GSB for each eligible customer who opens a GSB business bank account through the MYOB platform. MYOB may also receive ongoing payments (commonly referred to as trailing commissions) based on the customer’s continued use of the account.
The ongoing payments may be calculated as a percentage of your account’s average interest-bearing balance, or based on account activity, and are paid while the customer remains eligible under the arrangement. These commissions are paid by GSB to MYOB and do not result in any additional cost to you.
Other Third-Party Arrangements
From time to time, we may engage other third-party providers to deliver financial services. Where this occurs, we will ensure appropriate disclosure of any material benefits received and maintain our commitment to acting in your best interests.
For example, for general insurance products the insurer will charge a premium that includes any relevant taxes, charges and levies. We often receive a payment based on a percentage of this premium (excluding relevant taxes, charges and levies) called commission, which is paid to us by the insurers as a distribution fee for our services to you to find the appropriate insurances for you to choose.
Client instructions and communications
Our role in making financial products and services available to our clients will include:
communicating to eligible clients about the availability and features of financial products and services;
facilitating the up-front client registration process including provisioning, maintaining and hosting an online registration portal; through MYOB’s software; and
providing help, support and communication to clients using MYOB’s software.
Clients can communicate with us by using the contact details set out on the last page of this FSG. Generally, clients need to give us instructions in writing via email, or another method as agreed between the client and MYOB.
Remuneration for the services we provide
MYOB or our product partners may charge fees based on your usage of products and services. Full disclosure of fees can be found in the relevant disclosure documents.
MYOB does not charge clients directly for arranging banking products through our GSB partnership. Instead, we receive commissions from GSB as detailed in the " Relationship with Great Southern Bank” section above.
Where we arrange insurance products, we may receive commissions from insurance providers. Specific commission rates will be disclosed to you before any insurance arrangement is completed.
MYOB staff do not receive any proportion of fees or commissions paid in connection with financial services referred to in this FSG. Staff members may be entitled to receive additional monetary or non-monetary rewards resulting from programs run by MYOB. Additional monetary benefits or rewards may include an annual bonus, the level of which
may depend on the overall performance of both MYOB and the staff member. Non-monetary rewards may include things such as film tickets or gift vouchers.
You may request particulars of the remuneration or other benefits set out above, but you must make such a request within a reasonable time of being given this FSG and before we provide you with any financial service described in it.
Conflicts of interest
We have a distribution arrangement with GSB that provides us with revenue through the commission arrangements detailed above. These relationships may create potential conflicts of interest.
To manage these potential conflicts, we:
Do not provide advice: MYOB only provides factual advice on the banking product any general advice is provided by GSB
Provide transparent disclosure: All material benefits and commission arrangements are disclosed in this FSG
Maintain professional training: Our staff are trained to identify and manage conflicts of interest
Compensation and insurance arrangements
We hold a professional indemnity insurance policy ('the Policy'), which satisfies the requirement for compensation arrangements under section 912B of the Corporations Act 2001.
Subject to its terms and conditions, the Policy provides cover for civil liability resulting from third party claims concerning the professional services provided by us and our employees and representatives. The Policy covers professional services provided by employees and representatives of MYOB while they are in our employ, even where that employee or representative has subsequently left our employ.
What to do if you have a concern?
Contacting us - you are entitled to enquire into or complain about the services you receive from us in relation to any financial service we provide. You should contact us immediately if you suspect an error has occurred in a transaction or if you experience any other problems concerning the use of our financial services. You should do this by either calling MYOB's support team, emailing us or by writing to us. Our full contact details are set out at the end of this FSG.
What we will do - we will promptly look into your concern and decide what course of action should be taken. We will seek to resolve your concern immediately, however if that is not possible, we will aim to resolve it within 5 business days. If this is not possible, we will keep you informed of progress and how long it is expected to take to resolve.
If you are not satisfied with the response we give you to resolve your concern, you have the option of contacting the following independent external complaints resolution scheme of which MYOB is a member:
The Australian Financial Complaints Authority (AFCA)
Online: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678 (free call within Australia), 9:00am – 5:00pm AEST weekdays
Mail: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
For complaints specifically related to banking products arranged through our GSB partnership, we will coordinate with GSB to ensure prompt resolution. You also have the right to complain directly to GSB or AFCA about banking products issued by GSB.
Privacy
You consent to us collecting, using and disclosing your personal information for the purpose of providing the financial services described in this FSG, and associated services that you request, available to you. We value your privacy. You can read more about how we protect and handle your personal information in the MYOB Group Privacy Policy, found on our website.
Contacting Us
Phone: 1300 783 674
Website: www.myob.com/au
Office address: Level 3/168 Cremorne St, Cremorne VIC 3121
Postal address: MYOB Australia Pty Ltd, PO Box 371, Blackburn VIC 3130
Email: feedback@myob.com