FINANCIAL SERVICES and CREDIT GUIDE
Date: 19 March 2020
This Financial Services and Credit Guide (FSCG) describes RateCity’s financial and credit services to help you to decide whether to use them. It also describes how we are remunerated, our professional indemnity insurance and how we handle any complaints you may have. RateCity is licensed under the Corporations Act and the National Consumer Credit Protection Act 2009 to provide the services outlined in this FSCG.
RateCity provides product information, search and compare facilities for a wide range of lending, investment, superannuation and insurance products and links to some of the financial institutions whose products we compare.
Our Australian Financial Services and Credit Licence No 316710 authorises us to:
- Provide general financial product advice and apply for, acquire, vary or dispose of a financial product on behalf of another person in respect of a range of financial products (including deposit and payment products, general and life risk insurance, managed investment schemes, superannuation and margin lending), and
- Provide credit services (other than lending money).
We do not recommend any particular financial or credit products or any particular financial institution. Any advice we provide is general and does not take into account your personal circumstances. You will need to decide if the products featured on our site are appropriate for you. You should confirm the rates, features and read the PDS or loan documents before making any decision.
Not all banking and insurance products are shown on our search results or top tables. This is for one of four reasons:
- Some institutions are not in a position to accept online leads because, for example, they can only deal with customers from a certain industry, or from a limited geographic area, or because they might not be able to process any new customers at all for a period of time;
- Some institutions won’t allow RateCity to get access to their data;
- RateCity may have rated their products poorly; or
- Some institutions aren’t willing to pay for leads so from time to time or will not provide a suitable consumer link, we’ll exclude them from our default search results if we believe that we can still offer users a good set of search results. However, we always offer consumers the ability to see these institutions with one additional click.
Our terms of service
We do not act for you when providing our services.
How we are paid
RateCity is not owned by any financial or credit product issuer.
We make money by displaying advertising on our website and we are also paid for generating leads for financial institutions or brokers.
A lead is generated when people visit a financial institution’s website either via a link from our website or a link from a partner’s website. We can be paid either for the click itself, or more likely, if you “do something” with the institution, e.g. open an account or complete an application form. We may receive a fee when we refer you to a broker, financial adviser, or financial institution, and with consent we may pass your details that were collected on RateCity over as the referral.
For a more detailed overview of our remuneration please refer to the following link:
Staff remuneration, commissions and other benefits
RateCity 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; but not influenced by any product issuer or financial institution.
Will anyone be paid for referring me to you?
RateCity has commercial relations with related parties. RateCity may also pay third parties who refer people to our website or from RateCity content displayed on third party websites.
We are insured
RateCity is covered by professional indemnity insurance satisfying the requirements under section 912B of Corporations Act (2001) and section 48(1) of the National Consumer Credit Protection Act (2009). This insurance covers the actions of our staff and representatives dealing with you even where those people are no longer employed by us.
Why is this guide provided to you?
Under the Corporations Act, RateCity is deemed to provide general financial product advice to you through any of the above means and to deal, even though we do not deal directly with you. RateCity's credit licence requires it to provide you with a credit guide setting out the information in this document.
RateCity materials may be distributed to you through third party intermediaries, including advisers or mortgage brokers or may be published on our website.
RateCity does not accept instructions in relation to our services directly from you. General advice and credit information provided by RateCity does not constitute personal advice as it does not take into account your financial situation, needs and objectives.
What to do if you have a complaint
If you have a complaint about our services, please email our Complaints Officer at firstname.lastname@example.org. We have established procedures to ensure that all complaints are properly considered and dealt with. We are a member of the Australian Financial Complaints Authority (AFCA). If you are not satisfied with the way we handle your complaint, you may take your complaint to AFCA. AFCA’s contact details are:
Australian Financial Complaints Authority
GPO Box 3
Melbourne Vic 3001
Our contact details
RateCity Pty Limited ABN 12 122 743 542
Level 3, Suite 302, 52 Alfred Street. Milsons Point, NSW 2061
T: 1300 001 153