Effective date: 25 April 2025
The purpose of this Website Disclosure Information (WDI) is to provide you with information about us and the financial services we offer in relation to products, to assist you in making an informed decision about whether you want to use the services we offer. The WDI also contains important information about documents we may give you, remuneration and other benefits we receive and how this may influence our recommendations to you, our associations and relationships with product providers, your privacy, compensation arrangements and information about what to do if you have a complaint. Our WDI replaces the Financial Services Guide (FSG).
Our financial services
Our Australian Financial Services Licence (AFSL) authorises us to deal in and provide financial product advice in relation to the following product groups:
- Banking products, such as deposit accounts and payment facilities
- General insurance
- Government debentures, stocks or bonds
- Superannuation
- Life insurance
- Interests in managed investment schemes (including investor directed portfolio services).
If we provide financial advice to you, we will only provide factual information or general financial product advice, as Greater Bank staff are not authorised to provide personal financial product advice, which is advice that considers your objectives, financial situation and/or needs. Further, not all our staff are qualified to give you financial advice and some may only be authorised to advise on a limited range of financial products. If one of our staff can’t assist you, they will refer you to the right person. You may ask to be referred to Newcastle Permanent financial planning staff for personal advice.
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Not Independent Any NGM Group staff who give personal advice to retail clients about financial products (limited to financial planning services) are not independent, impartial or unbiased as: – they are employed and remunerated by us and we may receive commissions on the sale of life insurance products; and – financial advisers can only advise on products approved by NGM Group (which includes deposit products issued by NGM Group). |
Documents you may receive
If we recommend or arrange for the issue of a financial product, we will provide you with a Product Disclosure Statement (PDS) or other disclosure document (such as the product’s terms and conditions). The PDS contains information about the features, benefits, costs and risks associated with that product, to help you make an informed decision about the product and compare it with similar products.
Target Market Determinations for our products are available at greater.com.au/help/legal/target-market-determinations/.
The relevant Target Market Determination for Allianz insurance products is available by calling Allianz on 1300 493 824.
Who is responsible for the financial services you receive
When we provide financial services relating to financial products issued by Greater Bank, we act on our own behalf.
We may act as a distributor or agent on behalf of other product issuers and insurance companies through distribution or agency arrangements. Refer to ‘Our associations and relationships’ section below for further detail.
How staff are paid
In addition to their salary, our staff may also be eligible for an annual performance-based reward payment (reward payment) and other non cash benefits from time to time. Eligibility for a reward payment is based on a number of factors including business and customer service outcomes. All staff members are required to meet minimum risk and compliance standards and demonstrate adherence to NGM Group’s corporate values to participate in the variable reward program. The reward payment will generally not exceed more than 15% of the relevant employee’s salary. Our staff may also receive non cash performance benefits from us which may include business lunches or dinners, tickets to cultural or sporting events, corporate promotional merchandise, opportunities to attend business seminars either within Australia or overseas and other minor benefits.
Our associations and relationships
We are required to disclose any associations or relationships between us, our related entities and product issuers that could reasonably be capable of influencing the services provided to you.
Greater Bank acts on behalf of other product issuers when we distribute the following products:
|
Product |
Product issuer |
|
General insurance such as home and contents, landlord, motor vehicle, caravan and trailer |
Allianz Australia Insurance Limited (Allianz) |
|
Travel insurance |
AWP Australia Pty Ltd trading as Allianz Global Assistance as agent for the insurer: Allianz |
|
Cash Passport Platinum Mastercard (multi-currency cash passport) |
MasterCard Prepaid Management Services Australia Pty Limited (Mastercard). Mastercard arranges in conjunction with the issuer, EML Payments Solutions Limited |
Our commissions/ fees
We may receive the below commissions for distributing the products of other product issuers.
|
Product |
Commission / fee – Initial |
Commission / fee- Ongoing |
|
General insurance - home and contents, landlord |
20% of the first year’s premium payment |
20% of any subsequent year’s premium payment |
|
General insurance - motor vehicle, caravan and trailer |
10% of the first year’s premium payment |
10% of any subsequent year’s premium payment |
|
Travel insurance |
14% of the premium payment |
Not applicable |
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Cash Passport Platinum Mastercard (multi-currency cash passport) |
A flat fee of $10 per card loaded in one of Greater Bank’s branches
A flat fee of $20 per card purchased via Greater Bank’s website |
A flat fee of $10 per card reloaded in one of Greater Bank’s branches
A commission of 1% on the AUD value reloaded via BPAY®
Up to 50% share of profits earned from products arranged by Greater Bank |
The above insurance commissions are excluding GST and calculated based on the base premium, excluding government taxes, charges and levies.
In addition to the above, Greater Bank may also receive the following from Allianz:
- A marketing allowance of up to 2% of annual premiums, as a reimbursement of costs incurred by us for the marketing of insurance.
- Up to a 40% share of profits on general insurance sales, only where an agreed premium threshold is met in a year. The amount we may be entitled to receive is calculated based on factors such as premium amounts, claims and expenses.
- Funding towards business development and sales enablement initiatives and staffing expenses, relating to the promotion and sale of insurance.
® Registered to BPAY Pty Ltd ABN 69 079 137 518
Protecting your privacy
The privacy of your personal information is important to us. In general, we collect your personal information for the purpose of providing you with products and services and to allow us to administer our ongoing relationship.
If you would like further information about our privacy and information handling practices, a copy of our Privacy and Credit Reporting Policy is available on our website at greaterbank.com.au/privacy-policy or by contacting us.
Giving us instructions
You can give us instructions by using the contact details set out at the end of this WDI.
You may give instructions to us in person, by telephone, in writing or electronically (for example, by email or via our website). However, for certain types of instructions, we may have particular requirements, such as a need for your signature.
Compensation arrangements
We hold professional indemnity insurance cover in place in respect of financial services we provide, satisfying our requirement under the Corporations Act 2001 (Cth).
Making a complaint
If you have a complaint, please tell us so we can do something about it. To register your complaint please refer to our contact details below. Our staff will either deal with the matter or refer it to an appropriate person who can answer your questions.
Greater Bank aims to resolve complaints on the spot wherever we can or within 5 business days. If we can’t provide a resolution on first contact, we’ll acknowledge your complaint has been lodged, provide you with a reference number and details of how to contact us about your complaint.
If we need more time to resolve your complaint, we may need to refer your complaint to our Customer Relations team for further investigation. Our Customer Relations team will let you know they have received your complaint and investigate your complaint, in an objective and unbiased manner. During the assessment and investigation of your complaint a Customer Relations Specialist will keep you updated on the progress and work to find a fair solution.
If we are unable to resolve your complaint within 30 days, we will advise you of the reasons for the delay and the expected timeframe for an outcome to your complaint. We will continue to keep you updated on the progress of your complaint and provide you with contact details for the Australian Financial Complaints Authority (AFCA).
If you are not satisfied with our response, you can lodge a complaint with AFCA. AFCA provides fair and independent financial services complaint resolution that is free to consumers.
Website: afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678 (free call)
Post: GPO Box 3, Melbourne VIC 3001
How to contact us
Phone: 13 13 86 (Mon - Fri from 8am - 6pm, Sat from 8am-1pm)
Mail: PO Box 173, Hamilton NSW 2303
Email: customervoice@greater.com.au
At a branch: To locate your nearest branch visit greater.com.au/findus
Website: greater.com.au