RATECITY FINANCIAL SERVICES and CREDIT GUIDE (FSCG)
RateCity Pty Limited ABN 12 122 743 542
Level 3, Suite 302, 52 Alfred Street. Milsons Point, NSW 2061
T: 1300 001 153
Date: 30 September 2021
What is a Financial Services and Credit Guide?
This Financial Services and Credit Guide (‘FSCG”) is an important document prepared by RateCity Pty Limited (‘RateCity’) to assist you in determining whether you wish to use any of the financial services or products provided by RateCity.
This FSCG also provides information about:
- who we are;
- what services and types of financial product we are authorised to provide you;
- how we are paid
- any potential conflict of interest we may have; and
- our internal and external dispute resolution procedures and how you access them.
What Financial Services does RateCity offer?
RateCity is authorised to carry on a financial services business 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
- deposit and payment products;
- general insurance products,
- life risk insurance;
- interests in managed investment schemes excluding investor directed portfolio services;
- standard margin lending facility and;
RateCity is authorised pursuant to the Australian Credit Licence, to:
Engage in credit activities other than as a credit provider by:
- providing a credit service where the licensee is not or will not be:
- where the service relates to a credit contract or proposed credit contract – the credit provider under the contract; or
- where the service relates to a consumer lease or proposed consumer lease – the lessor; and/or
- performing the obligations or exercising the rights of a credit provider in relation to a credit contract or proposed credit contract under which the licensee is not or will not be the credit provider; and/or
- performing the obligations or exercising the rights of a mortgagee in relation to a mortgage or proposed mortgage that secures or will secure obligations under a credit contract under which the licensee is not the credit provider; and/or
- performing the obligations or exercising the rights of a beneficiary under a guarantee or proposed guarantee that guarantees obligations under a credit contract under which the licensee is not the credit provider; and/or
- performing the obligations or exercising the right of a lessor in relation to a consumer lease or proposed consumer lease where the licensee is not or will not be the lessor.
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
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 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 provided by RateCity does not constitute personal advice as it does not take into account your financial situation, needs and objectives.
RateCity's credit licence authorisation requires it to provide you with a credit guide setting out the information in this document.
Are there any relationships that exist that may influence us when we provide advice?
RateCity is not owned by any financial product issuer. RateCity may provide some product issuers with referrals and advertising placements. It has partnership arrangements with third parties in relation to data supply. For more details see below.
Canstar Pty Limited ABN (21 053 646 165) is the majority shareholder in RateCity. Canstar provides product data and other services to RateCity. RateCity provides technology services to Canstar.
Mr Andrew Spicer is Managing Director and CEO of Canstar, and a Director of RateCity. Mr Lachlan Given is a non-executive Director of Canstar and also a Director of RateCity. Mr Jeremy Willink is an alternate Director of Canstar and is a related party of RateCity’s shareholders.
How we are paid
For an 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.
Will anyone be paid for referring me to you?
RateCity may pay third parties who refer people to our website or from RateCity content displayed on third party websites.
Are there adequate compensation arrangements in place?
RateCity holds professional indemnity insurance satisfying the requirements of section 912B of Corporations Act (2001) and section 48(1) of the National Consumer Credit Protection Act (2009). Representatives who have left RateCity employment are covered by our insurance in respect of the events occurring during their employment.
What to do if you have a complaint
Should you wish to lodge a complaint about the service provided by RateCity you should send an email to our Complaints Officer at firstname.lastname@example.org. We have established procedures to ensure that all complaints are properly considered and dealt with. Complaints relating to financial products may be referred to the product provider, as required by legislation.
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