FINANCIAL SERVICE GUIDE
WIT Capital Group Pty Ltd (WCG)
ABN 55 622 536 485
Last updated on 13 December 2018
Address: Suite 4, 334 Highbury Road, Mount Waverley VIC 3149, Australia
P: + 61 3 8577 9666
E: [email protected]
ABOUT THIS FINANCIAL SERVICE GUIDE (FSG)
This Financial Services Guide (FSG) has been prepared and issued by WIT Capital Group Pty Ltd (ABN: 55 622 536 485; AFSL 505077) (WCG, we, us or our) to inform you about the financial services provided by us and to comply with our obligations as the holder of an Australian Financial Services Licence (AFSL) issued by the Australian Securities and Investment Commission (ASIC).
This FSG has been prepared to provide you with information about the financial products and services that we offer. The FSG is an important document and a regulatory requirement under the Corporations Act 2001 (Cth) (Corporations Act). This FSG contains general information only. If you have further questions regarding this FSG please contact us.
Important general information contained in this FSG includes:
λ Who we are and how you can contact us;
λ What financial services we offer;
λ Insurance arrangements;
λ How we charge for our services, information about the remuneration and benefits received by us or any related person;
λ How we deal with complaints, including our internal and external dispute resolution procedures and how you can access them;
λ How we handle your personal information.
WHO WE ARE AND HOW YOU CAN CONTACT US
WCG provides advisory and dealing services in deposit products, derivatives and securities for both retail and wholesale clients. We offer:
λ Investment advisory services including market research reports and corporate advisory services; and
λ Dealing services by assisting a client to execute orders for a wide range of deposit products, securities and derivative contracts.
For more information please visit www.witcapital.com.au.
Our Contact Details & How You Can Instruct Us
Please see below our contact details;
Office Address: Suite 4, 334 Highbury Road, Mount Waverley VIC 3149 Australia.
Postal Address: Same as above.
Phone: +61 3 8577 9666
Email: [email protected]
You may give us instructions via phone, email or via any other means as we agree with you.
WHAT FINANCIAL SERVICES WE OFFER
WCG is authorised to provide the following financial services to retail and wholesale clients:
λ Provide general financial product advice in relation to basic deposit products and deposit products other than basic deposit products, derivatives and securities;
λ Deal and issue derivatives;
λ Deal by applying for, acquiring, varying or disposing of a financial product on behalf of another person in relation to basic deposit products and deposit products other than basic deposit products, derivatives and securities.
No Personal Advice
WCG does not provide personal advice. This means that any financial product advice we provide you does not take into account your specific financial situation, needs or objectives.
We recommend you seek independent advice from a professional financial adviser to ensure you fully understand that risks in light of your personal circumstances before making any investment decisions.
WHO WE ACT FOR
WCG is responsible for the financial services we provide to you under our AFSL. We do not act as a representative of any other AFSL in relation to the financial services we provide you. WCG does not act as a principal to any transactions with you in respect of the financial products offered by us. Instead, WCG will act as your agent in dealing in such financial products.
OTHER DOCUMENTATION YOU MAY RECEIVE
We will provide you with a Client Agreement which governs our relationship with you. You will also receive a Product Disclosure Statement (PDS) and any relevant Terms & Conditions (T&Cs) from a financial product issuer. You must read and understand such PDS and T&Cs prior to making any investment decisions.
WCG has professional indemnity insurance in place, which satisfies the requirements for compensation arrangements pursuant to section 912B of the Corporations Act. This policy covers claims made against WCG in relation to professional services provided by our representatives, employees and authorised representatives.
CONFLICTS OF INTEREST
WCG, its associates and/or other persons connected with WCG, may have an interest, relationship, association or arrangement that is material in relation to any financial products in relation to which we offer services. We may provide services to third parties whose interests may be in conflict (taking an opposite position) or competition (to acquire the same or similar position) with your interests. We will not act in a way that would deliberately favour the position of another party over you or vice versa.
In addition, WCG may receive commissions from the product issuers we refer you to.
FEES, COSTS, COMMISSIONS AND OTHER BENEFITS
When WCG provides financial services to you, certain fees may be charged for providing these financial services. These fees are explained below.
Please note that the fees charged are dependent on the nature of the financial services provided to you.
We will endeavour to explain all fees payable by you prior to any advice or product being offered to you. You can request further particulars of remuneration, fees and commissions we receive by using the contact details provided above.
If you acquire or enter into a financial product we refer you, the provider will charge you costs as set out in their PDS or offer document. In addition, we may receive referral fees from the product provider.
Transactions in securities and derivatives such as shares and ETOs are conducted by our third-party broking partners. In most cases, these broking partners will pay to WCG a portion of the fees, interest, financing, spreads and commissions that are paid by you when dealing in securities and derivatives. For example, an WCG dealing client might purchase shares that incur a brokerage fee of $100; up to 100% (or in this example $100) of this fee may be paid to WCG.
Upfront Fees and Trailing Commissions – Only applicable to securities
WCG may receive commission from fund management groups, product issuers, or other financial service providers when we place investments on your behalf in relation to securities. The exact amount of upfront commission may vary from 1% to 5% depending on the type of securities involved.
Some product issuers also have ongoing fees or trailing commissions which are payable to WCG by the product issuer as long as you hold that financial product.
Fees and Commission Paid to Third Parties
If you are introduced to WCG by another AFS Licensee, WCG may share a percentage of our revenue derived from your account with the referring party. Such fees or commission may be of a one-off nature or an ongoing nature.
If any amount we receive or pay any third parties are considered “conflicted remuneration” under the Corporations Act, then they will only be made with your explicit consent and you are entitled to receive full details regarding such payment upon written request.
WCG’s employees are remunerated by way of salary and other employee benefits. A discretionary cash bonus may be paid to employees as part of their remuneration, based on their individual performance, the performance of their business unit and/or WCG as a whole. In addition, WCG’s employees may also earn performance-based commissions and/or other monetary rewards, calculated by reference to predetermined business objectives that may include contribution to company profitability, client service, risk management and marketing.
HOW WE DEAL WITH COMPLAINTS
We have an internal dispute resolution process in place to resolve any concerns or complaints you may have, quickly and fairly. Any concerns or complaints should be directed to the Complaints Officer by email ([email protected]) or in writing to our postal address. Your written notice should specify the nature of the complaint, including all relevant details, as well as your desired outcome and how this may occur.
The Complaints Office will, on receipt of your written notice:
λ Provide a written acknowledgement of your complaint within five (5) business days and indicate a timeframe in which WCG will formally respond to your complaint;
λ Consider and investigate the circumstances of your complaint, which may also involve communicating directly with you;
λ Notify you in writing of our decision, including the reasons for the decision and any potential remedies, within twenty (20) business days from receipt of your complaint.
If your complaint is not resolved within 20 business days, the Complaints Officer will inform you in writing of the reasons for the delay.
Where you have any redress (financial or otherwise), we will provide that redress promptly. If the complaint can’t be resolved to your satisfaction by WCG through our internal dispute resolution process, you have the right to refer your complaint to the Australian Financial Complaints Authority (AFCA). Our AFCA membership is 40883. Please see below AFCA’s contact details:
Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Phone: 1800 931 678
Before AFCA will deal with your complaint, you must have first lodged a formal complaint with us and given us time to investigate and resolve the dispute.