FSG

1. About this Financial Services Guide
Praemium Australia Limited ACN 117 611 784 (‘Praemium’) has prepared this Financial Services Guide ('FSG') in accordance with the requirements of the Corporations Act 2001 (Cth). It contains information to assist Australian residents in determining whether they wish to use any of the services or products (including any financial services) provided by Praemium and its representatives. This FSG is dated 17/12/2012. The matters covered by the FSG include:

  • Information about who we are and how you can contact us
  • What services and types of financial products we are authorised to provide you
  • How we are remunerated
  • Details of any potential conflicts of interest we may have
  • Details of our internal and external dispute resolution procedures

2. Who are we, and how can you contact us?
Praemium Australia Limited is a wholly owned subsidiary of Praemium Limited. Praemium is licensed under the Corporations Act, Australian Financial Services Licence (‘AFSL’) No 297956, to provide certain financial services. Praemium does not issue any financial products. Praemium:

  • Provides a system for reporting on and administering investment portfolios, known as V-Wrap, and related tools (including access to stock market data). These can be accessed by financial advisers, stockbrokers, accountants and professional portfolio administration providers using the internet either via Praemium's own website or the websites of its clients (using interfaces known as ‘V-Wrap’ or ‘V-Wrap Investor, V-Wrap Mobile or under the branding of our clients), or using Praemium's internet application (V-Wrap Adviser or the branding of our clients);
  • Provides separately managed accounts platform technology, used by licensed operators of managed investment schemes to deliver SMAs (that is, separately managed accounts structured as managed investment schemes).

Praemium does not provide services directly to retail investors and will not accept any instructions from them. Accordingly, if you have questions about Praemium, the V-Wrap System or any of its components, or wish to issue any instructions in respect to your investment portfolio, you should contact the adviser who provides you with access to our portfolio administration service. Should you wish to contact Praemium, our details are:

  • Street Address: Level 3, 50 Queen Street, Melbourne VIC
  • Mailing Address: PO Box 322 Collins Street West, Melbourne, Vic 8007
  • Telephone: +61 3 8622 1222
  • Facsimile: +61 3 8622 1200
  • Email: support@praemium.com.au
  • Website: www.praemium.com.au

3. What Financial Services is Praemium authorised to provide?
Praemium's AFSL authorises it to carry on a financial services business. For retail and wholesale clients this includes:

  • Provision of general financial product advice for the following classes of financial products:
    • Deposit and payment products limited to:
      • Basic deposit products;
    • Derivatives;
    • Interests in managed investment schemes including:
      • Investor directed portfolio service, and
    • Securities; and
  • Dealing in a financial product by:
    • issuing, applying for, acquiring, varying or disposing of a financial product in respect of the following classes of financial products:
      • interests in managed investment schemes limited to own managed investment scheme only, and
    • applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:
      • Deposit and payment products limited to basic deposit products
      • Derivatives;
      • Interests in managed investment schemes including investor directed portfolio services, and
    • Securities; and
  • Operating the following kinds of registered managed investment schemes (including the holding of any incidental property) in its capacity as responsible entity:
    • "Separately Managed Accounts" scheme (ARSN: 114 818 530),
      • a scheme which only holds financial assets

to retail and wholesale clients. In respect to any financial advice Praemium provides, you should note the following:

  • Taxation is only one of the matters that must be considered when making a decision on a financial product; and
  • You should consider taking advice from the holder of an Australian Financial Services Licence before making a decision on a financial product.

Praemium holds and AFSL because some of its activities relate to financial services and products as defined by the Corporations Act. Praemium has no intention of using its licence for any purpose other than to provide the products and services within its area of expertise and as permitted under its AFSL. A special note about Taxation: Reports generated by Praemium's V-Wrap System may assist a qualified professional in respect to ascertaining liabilities, obligations or entitlements attaching to an investment portfolio for a taxpayer under a taxation law. If you are not a Registered Tax agent you should consider seeking the advice of a Registered Tax Agent before using any reports generated by the V-Wrap System for that purpose. If a Registered Tax Agent has provided you with a report generated by the V-Wrap System, you should take into account any additional advice or materials provided by your adviser before using that report in connection with the preparation of a tax return.

4. Who will provide services to you?
Praemium provides products and services for investors through financial advisers and other authorised third parties and does not deal directly with you. Praemium has authorised its customers (financial advisers, stockbrokers, accountants and professional portfolio administration providers) to allow their investor clients and other third parties involved in advising those investor clients to access and, in some cases to use, the V-Wrap System. Praemium acts in its own right. Praemium offers investors interests in a managed investment scheme known as Separately Managed Accounts which it is licensed to operate.

5. Why is this guide provided to you?
Under the Corporations Act Praemium is required to issue this FSG to give investors information about its financial products and services. You have access to Praemium's services through third party intermediaries, including financial planners, accountants and stockbrokers. Praemium will never accept instructions in relation to our services directly from you. If you wish to change the way in which your portfolio is administered or the persons who have access to it, you need to instruct the person who gives you access to it. This will be your financial planner, accountant, stockbroker or portfolio administration provider. Praemium only provides factual information which in some circumstances may seem like general financial product advice but there is no intention to influence you into making an investment decision. You have to make your own decision and, if you feel it is necessary, please contact your own financial adviser. Praemium does not provide any personal advice which takes into account your personal circumstances, financial needs or objectives.

6. How is Praemium remunerated?
Praemium does not receive commissions for the use of its portfolio administration services. Where Praemium provides the V-Wrap service to an intermediary, it is remunerated, either by way of payment of a subscription fee based on the number and type of investment portfolios that intermediary administers using Praemium or, in some cases, by payment based on a percentage of the funds that are administered and/or managed on that platform. Subscriptions are paid as agreed with Praemium's individual clients. Praemium does not receive commissions for the use of its arranging services. It charges its clients a fee based on the number of users who have access to the service or the number of trades executed using the service.

7. Praemium's Staff
Praemium employees receive a salary and do not receive remuneration, commissions or other benefits from any product issuers. They may be eligible for an annual performance payment that is discretionary and based on reaching agreed performance levels. For managing the Separately Managed Accounts product, Praemium charges management costs as described in the product disclosure statement.

8. Are there any relationships that exist that may influence us when we provide advice?
No.

9. Making Complaints
If you have a complaint about the service or product you have received, you should take the following steps:

  1. Contact your financial adviser and tell your adviser about your complaint.
  2. If this complaint is not resolved by your financial adviser you can contact Praemium. Either call our Client Services Team on (03) 8622 1222; write to our Complaints Officer at Praemium Australia Limited, Level 3, 50 Queen Street, Melbourne, VIC 3000; fax your complaint to (03) 8622 1200; or send it by email to complaints@praemium.com.au.
  3. Please provide us with all information relevant to the complaint that is in your possession or control. We will try to resolve your complaint quickly and fairly within 45 days of receipt of the complaint.
  4. If we cannot reach a satisfactory resolution within 45 days our our receipt of the complaint, you may refer your complaint to the Financial Ombudsman Service ("FOS") by writing to GPO Box 3, Melbourne, VIC 3001; phone 1800 367 287; or email info@fos.org.au.

Should the dispute remain unresolved after being referred, you may refer the matter to the Financial Ombudsman Service (FOS) (http://fos.org.au/centric/home_page.jsp) as described in the Customer Complaints and Dispute Resolution Procedure. You may request further information about the complaints scheme at any time. FOS may be contacted on 1800 367 287.

Please note: Praemium cannot deal with complaints received from consumers of products or services that are supplied by third parties who use Praemium’s technology services.

10. Compensation Arrangements
Praemium maintains Professional Indemnity Insurance in accordance with s.912B of the Corporations Act 2001 and ASIC regulatory guide 126 to provide insurance cover to Praemium and our representatives in relation to financial services and products offered by Praemium. This is intended to cover us for loss which may arise as a result of claims against us. PI insurance is not designed to protect investors and is not a guarantee that compensation will be paid. It is a means of reducing the risk that we cannot afford to pay claims.

Contact Praemium

Level 19, 367 Collins Street Melbourne, 3000

1800 571 881