Updates to the Financial Services Guide (FSG) effective 30 June 2022

The following updates were made to the Financial Services Guide (FSG) effective 30 June 2022.

1. Updated wording to ‘How are our staff remunerated?’ section on page 9.

• Removed: “They may be eligible for a bonus payment. Some staff bonus payments may be up to 45% of fees that the Participant receives from the placement of a financial product.”
• Replaced with: “They may be eligible for a bonus payment of up to 45%.””

2. Added a new paragraph under ‘How is customer information dealt with?’ on page 10.

• “We will provide notifications, information and important documents to you about your account and/or financial products and/or services offered either to the email address you last notified to us, or on our website. Also we may use other electronic means to notify you of amendments/s and provide information about where you can access full details of the amendment/s. If you do not want to receive information via electronic methods, please contact us.”

3. Updates to the referencing note numbers throughout the rates table on page 13.

• New note added (number 2): “Unless otherwise indicated, where a fee or charge is expressed as a percentage, it refers to a percentage of the transaction value. For GST rounding reasons, the final brokerage fee may result in a slight variance from the stated or expected charge, which may exceed two cents for large trades.”
• Updated the following referencing note numbers in the footer and throughout the tables.

4. Updates to the “Brokerage” table on page 15.

• New row 10 added under ‘Miscellaneous’: “Interest rate charges may be incurred on credit balances where negative interest rates apply to specific currencies². Under ‘Fees (GST free)’: “At cost ^”
• New row 11 added under ‘Miscellaneous’: “Foreign exchange fees apply when converting funds into another currency for the purpose of settlement of trades. A variable foreign exchange spread charge many be incurred for providing this option. Under ‘Fees (GST free)’: “The applicable foreign exchange fee is 0.60% of the transaction amount.”
• New note added (number 2): “Refer to https://www.westpac.com.au/personal-banking/share-trading/rates-fees/” for a list of all currencies, thresholds and rates.”

5. Added new paragraphs and headings under “Debit interest” on page 16.

• New heading and paragraph: “Interest: Interest rate charges may be incurred on credit balances where negative interest rates apply to specific currencies.”
• New heading and paragraph: “Overdue balances: Interest will be charged on overdue/unpaid accounts. This will be charged directly to your account with Pershing at the Pershing Base Lending Rate (PBLR) plus 150 basis points.”

6. Updated wording relating to ‘Options’ under ‘Miscellaneous Fees and Charges’ on page 17.

   • Removed: “ASX Clear”
   • Replaced with: “ETO Contract”

7. Updated any Chi-X references to Cboe to reflect the change of name of the market operator.

8. Removed references to “commissions”.

You can find the updated FSG available for download from this website. Should you have any questions about these changes, please contact us.