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Præmium Australia Pty Ltd - Financial Services Guide

This Financial Services Guide ('FSG') has been prepared by Præmium Australia Pty Limited (Præmium) in accordance with the requirements of the Corporations Act, to assist you in determining whether you wish to use any of the financial services or products provided by Præmium. It is dated 31 March 2006.

The matters covered by the FSG include:

Who are we, and how can you contact us?

Præmium is a wholly owned subsidiary of Præmium Limited. Præmium provides:

  • Portfolio administration services which can be accessed by financial advisers, stockbrokers, accountants and professional portfolio administration providers using the internet either via Præmium's own website or the websites of its clients;
  • p-Desktop, an internet application which provides access to stock market data and which incorporates functionality which may be used by stockbrokers and other market participants to manage orders placed on the ASX to trade in securities.  p-Desktop may be provided to you under another name or brand by your adviser; 
  • A separately managed accounts platform which is used by BlackRock Investment Managers (Australia) Limited to deliver its Customised Share Portfolio product.

Præmium does not provide services directly to retail investors and will not accept any instructions from them. Accordingly, if you have questions about Præmium or wish to issue any instructions in respect to your portfolio you should contact the adviser who provides you with access to our portfolio administration service. However, if you wish to contact us you can do so at any of the following: 

  • Street Address: Level 1, 406 Collins 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: mail@praemium.com
  • Website: www.praemium.com.au

What Financial Services is Præmium authorised to provide?

 

  • provide general financial product advice for the following classes of financial products:
    • deposit and payment products limited to:
      • basic deposit products;
      • interests in managed investment schemes including investor directed portfolio service, and
    • securities;
    • deal in a financial product by arranging for another person to apply for, acquire, vary or dispose of financial products in respect of securities
  • to retail and wholesale clients.

In respect to any financial advice Præmium 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 License before making a decision on a financial product

Præmium holds an AFSL because some of its activities may be financial services as defined by the Corporations Act 2001 (Cth).  Præmium has no intention of using its llicence for any purpose other than to provide the services within its area of expertise, namely, providing online portfolio administration services and online execution services only in securities to retail and wholesale clients and therefore comply with its obligations under the Corporations Act.

Who will provide the services to you?

Præmium provides services to advisers and not for you or for any product arrangers or issuers.  Any financial product advice provided to you as a direct consequence of your use of the portfolio administration system will be provided by Præmium.  Præmium acts in its own right.

Why is this guide provided to you?

Under the Corporations Act, Præmium may be deemed to provide general financial product advice to you as a consequence of the way that you may use the functionality of the portfolio administration service, even though we do not intend it to be used for that purpose and we do not deal directly with you. Præmium may also provide arranging services to your adviser or broker and, depending on the way that your broker provides you with access to p-Desktop, arranging services may be provided indirectly to you.

You have access to Præmium's services through third party intermediaries, including financial planners, accountants and stockbrokers. Præmium will not ever 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. General advice provided by Præmium does not constitute personal advice as it does not take into account your financial situation, needs and objectives.

How is Præmium remunerated?

Præmium does not receive commissions for the use of its portfolio administration services. Where Præmium provides the service to an intermediary, it is remunerated by the payment of a subscription fee which is based on the number of portfolios which that intermediary administers using Præmium. Subscriptions are paid as agreed with individual clients.

Præmium 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 services.

Præmium's Staff

Præmium 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 which is discretionary and based on reaching agreed performance levels.

Are there any relationships that exist that may influence us when we provide advice?

No. 

Making Complaints

Should you wish to lodge a complaint about the service provided by Præmium you should lodge a formal letter of complaint directly with Præmium. The letter should be addressed to the Director of Operations, c/- Præmium Australia Pty Limited, Level 1, Præmium House, 406 Collins Street, Melbourne 3000. The Chief Operations Officer is a senior member of the Management team (she is a director of Præmium and its parent company) and is able to confer with the CEO if she believes it appropriate to do so in respect to any issue that you raise. 

We will follow our internal dispute resolution procedure and, if necessary, refer the matter to our General Counsel (who, as the Company's senior compliance officer, is able to refer the matter to the company's Audit, Risk & Compliance Committee). In the event that the outcome of your complaint is not satisfactory to you, you may request that the matter be referred to the Financial Industry Complaints Service Limited (FICS) as described in the Præmium Complaints Handling and Dispute Resolution procedures. You may request further information about the complaints scheme at any time. FICS may be contacted by freecall on 1300 780 808.