Terms and conditions of appointment
Once authorised we will issue you Terms and Conditions of Appointment. You must operate within our guidelines or you risk breaching our requirements and also the law. We have carefully crafted these guidelines for the safety of both you (and your business), our other Authorised Representatives and ALI Group. If you fail to meet our requirements when discussing and offering My Protection Plan, we can be found to be in breach of our Australian Financial Services Licensee obligations and the Australian Securities and Investment Commission (ASIC) may impose penalties against us (such as a fine or impact to the ALI Group licence).
As an authorised representative you must make sure:
1. You provide only general advice to your clients.
2. Your clients are aware that you provide only general advice and do not take your clients’ personal circumstances into account when offering My Protection Plan.
3. Your clients have your Financial Services Guide (FSG).
4. Your clients have access to the PDS.
5. Your clients provide acknowledgement of the required declaration.
Along with the above responsibilities, you will complete an annual compliance review with your BDM to ensure you’re operating within the parameters of your authorisation.
As a general advice model, you must offer My Protection Plan to all eligible clients. Does your client base align with our typical policyholder? Our product generally appeals to First Home Buyers, making up 50% of new ALI policyholders. What does the average First Home Buyer in Australia look like?
- The average age is 31 years1
- The average loan size is $316,8502
- Often settling in outer metro or regional areas
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or read more about why we think brokers should offer My Protection Plan to their clients
My Protection Plan is issued by Zurich Australia Limited ABN 92 000 010 195 AFSL 232510. It is distributed by Australian Life Insurance Distribution Pty Ltd ABN 31 103 157 811 AFSL 226403 (ALI). ALI’s AFS licence authorises the provision of general financial product advice only. This means that any advice provided to you by ALI and its representatives (including mortgage brokers appointed as its authorised representatives) in relation to My Protection Plan does not take into consideration your personal objectives, financial situation and needs, or any information held as a result of the provision of credit assistance by your mortgage broker relating to your home loan or other loans. Whilst the initial My Protection Plan quote you received was based on your loan amount, we are not recommending that this product nor any specific cover amount is personally suited to you and your circumstances. You should consider the combined Product Disclosure Statement and Policy Document (available at http://www.aligroup.com.au) when deciding if this product is appropriate for you. If you require advice specific to your circumstances, you should speak to a financial adviser. © ALI Group 2021