Financial Services Guide
1. What is a Financial Services Guide?
This Financial Services Guide (FSG) is an important document to help you understand and decide if you wish to use the financial services we are able to offer you.
It provides you with information about CoAssets and the services we provide. Its purpose is to educate you, before we provide a financial service, on matters including:
• Who we are and how we can be contacted;
• Who our authorising Australian Financial Services Licensee is;
• What financial services and products we are authorised to provide to you;
• The costs of any services we may provide to you;
• How we (and any other relevant parties) are paid and any remuneration we may receive;
• Any relationships we have with any other organisations affiliated with us or with product issuers, which might influence us in providing financial services to you;
• Who to contact if you have a complaint and how such complaints may be dealt with; and
• Our compensation arrangements.
We may provide general advice regarding the financial markets or our services. If we provide you with general advice, it may not be appropriate to your needs, financial situation or objectives, and you should consider your circumstances before choosing to proceed with using our products.
2. Who will be providing the Financial Services to you?
CoAssets is a lending intermediary and administrator of an online crowd funding platform. Our contact details are at the top of the first page of this FSG.
The online platform allows businesses seeking funding (Opportunity Providers) to submit funding opportunities (Opportunities) to us. Prospective Investors may view the Opportunities and determine whether or not to invest in them. If they choose to invest, they do so by transferring the investment sum (no smaller than $1,000.00) into a bank account operated by Melbourne Securities Corporation Limited.
Once the aggregate of sums received by us exceeds the Opportunity’s target amount, the listing is closed and the relevant transaction documents are entered into between the syndicate of Investors and the Opportunity Provider.
We operate the online platform as a business introduction service in accordance with ASIC Class Order 02/273.
3. How you may provide instructions to us
If you wish to use our platform, you must access it at coassets.com.au. It is not possible to use the CoAssets system other than by accessing the platform through our website, or through our mobile app.
4. What services and products are we authorised to provide to you?
We are authorised (Australian Financial Services Representative Number 001239859) to provide Financial Services by Melbourne Securities Corporation Limited Licence Number: 428289 (Melbourne Securities, our licensee, the licensee). Melbourne Securities has authorised the distribution of this FSG.
We are authorised to:
Provide general financial product advice; and
Deal in a financial product by applying for, acquiring, varying or disposing of a Financial Product on behalf of another person in respect of securities, limited to offerings via the CoAssets platform only, to retail and wholesale clients.
Our licensee and we act on our own behalf when we provide financial services to you.
In providing our service, other financial issues may arise, such as how to invest money, or taxation issues. However, we are not authorised to provide advice relating to those financial issues, or any other issues except those explained above. You should seek specific advice from the appropriate professionals if these issues are relevant to you.
5. What fees and commissions are payable to us?
There will be no fees payable directly by Investors. Opportunity Providers will be charged a percentage (3-5% plus GST) of the amount raised by each Opportunity they list with us.
This will be negotiated on an individual basis with each Opportunity Provider, and the fee payable by each Opportunity Provider will be disclosed prior to e-listing.
You may request more details about the way we are remunerated within a reasonable time after receiving this document.
6. How are our people and third parties remunerated?
Our shareholders will receive a benefit based on our ongoing company performance. We may enter into referral based commission arrangements with various third parties from time to time.
You may request more details about the way these people or entities are remunerated within a reasonable time after receiving this document.
7. Compensation Arrangements
Our licensee has arrangements in place to maintain adequate professional indemnity insurance as required by s912B of the Corporations Act 2001. This insurance provides cover for claims made against the licensee and its representatives/employees including claims in relation to the conduct of representatives / employees who no longer work for the licensee but who did so at the time of the relevant conduct. We also hold our own insurance cover for claims made against us.
9. What should you do if you have a complaint?
In the event you have a complaint, you can contact your CoAssets representative and discuss your complaint. We have established procedures to ensure that all enquiries and complaints are dealt with in a timely manner. All complaints will be acknowledged immediately, and we will seek to resolve within 30 business days.
Additionally, you may contact our licensee at the following details:
Address: Level 2, Professional Chambers, 120 Collins Street, Melbourne VIC 3000
Phone: 1300 798 790
If the complaint cannot be resolved to your satisfaction you have the right to refer the matter to the Financial Ombudsman Service (FOS) which is an external complaints service, of which our licensee is a member (member number 31446).
You can contact the FOS on 1300 780 808 (if in Australia) or +613 9613 7366 (if outside Australia) or in writing at GPO Box 3, Melbourne, Victoria 3001, Australia. You can also contact the FOS through their website: www.fos.org.au, by email: [email protected], or by facsimile (03) 9613 6399.
Please retain this FSG for your reference and any future dealings with us. We may also add documents at a later date which will form part of this FSG, and should be read together with it. They will include the word “FSG” in the heading.