Financial Services Guide (FSG)

A Financial Services Guide (FSG) is a document that Australian financial services providers, including insurance brokers, must give you before providing advice. It explains who they are, what they offer, how they are paid, and how to make a complaint.

It’s a legal requirement under the Corporations Act 2001. If your broker or adviser doesn’t give you one, that’s a red flag.

Why It Matters

• It helps you understand who you’re dealing with and what services they can provide.
• It tells you how your broker or adviser gets paid, including any commissions or broker fees.
• It explains how to lodge a complaint if something goes wrong, including access to the Australian Financial Complaints Authority (AFCA).
• It’s your right as a consumer to receive this document before you get financial advice.

What an FSG Includes

• The name and contact details of the provider and their Australian Financial Services Licence (AFSL) number.
• A description of the services they offer (for example, general advice or personal advice on insurance).
• How they are paid, including commissions, fees, and any other benefits they receive.
• Details of any relationships or associations that could influence their advice.
• How to access their internal complaints process and external dispute resolution through AFCA.
• Information about any professional indemnity insurance the provider holds.

Simple Examples

• You contact an insurance broker for a quote. Before they give you advice, they send you their FSG so you know how they operate and how they get paid.
• You receive an FSG from a financial adviser that explains they earn a commission from the insurer plus a flat broker fee from you.
• A broker’s FSG lists the Australian Financial Complaints Authority as the external dispute resolution scheme, giving you a clear path if something goes wrong.

Common Mistakes or Misunderstandings

• Ignoring the FSG. It’s easy to skip past, but it contains important information about how your broker operates and how to complain.
• Confusing an FSG with a PDS. The FSG is about the broker or adviser. The Product Disclosure Statement is about the insurance product itself.
• Thinking only brokers provide them. Any business providing financial services under an AFSL must give you an FSG.

When to Speak to a Broker

If you’ve never received an FSG, don’t understand how your broker is paid, or want to know your complaint options, just ask. A good broker will be happy to walk you through it.

Need help?

If you have questions about how we work, how we’re paid, or anything in our FSG, reach out to Tank Insurance. Transparency is how we operate.

Related Terms

• Broker Fee - The FSG explains how broker fees and commissions work so you know exactly what you’re paying.
• Product Disclosure Statement (PDS) - While the FSG covers the adviser, the PDS covers the insurance product and its terms.