Financial Services Guide

1. What is a Financial Services Guide?

This Financial Services Guide (“FSG”) is an important document to help you understand and decide if you wish to use the financial services we are able to offer you.

It provides you with information about The Currency Shop Pty Ltd ACN 163 569 462 (“The Currency Shop, us, our, we”) and the services we provide. Its purpose is to educate you, before we provide a financial service, on matters including:

  • who we are and how we can be contacted
  • what services we are authorised to provide to you;
  • how we (and any other relevant parties) are paid; and
  • who to contact if you have a complaint.

We provide an information service intended to help you make informed decisions about foreign exchange products. To do this, we obtain quotes and compare certain foreign exchange products and services on the basis of criteria selected by you from options provided by us.

Type of service we provide:

General Financial Advice: Our website only provides general financial advice. Our telephone service also provides general financial advice. When providing general financial advice we do not take into account your needs, financial situation or objectives, and you should consider your circumstances before choosing to act on the advice. You should also take all reasonable steps to understand the potential outcomes of the transactions we may recommend.

Personal Financial Advice: We are licensed to provide personal financial advice, which is financial advice that takes into account some of your personal circumstances. We will only provide telephone advice to wholesale clients. We will not provide personal advice through our website. We may provide personal financial advice to wholesale clients through our telephone service and consultancy arm on occasion.

We do not conduct the foreign exchange transaction for you. We are not a financial product provider. When we recommend a foreign exchange product, it is up to you to purchase the financial product from the provider and read and understand the provider’s terms, conditions, and disclosure documents (including its Product Disclosure Statement).

We have arrangements in place to maintain adequate professional indemnity insurance as required by section 912B of the Corporations Act 2001 (the Act). This insurance provides cover for claims made against us and our representatives/employees including claims in relation to the conduct of representatives/employees who no longer work for us but who did so at the time of the relevant conduct.

2. Who will be providing the Financial Services to you?

The Licensee

The Currency Shop is the holder of the Australian Financial Services Licence (AFS Licence Number: 462269) and is responsible for the financial product advice that its representatives provide to you on The Currency Shop’s behalf. The Currency Shop authorises, and is also responsible for the content and distribution of this FSG.

You can request our services by:

  1. visiting our website;
  2. using our telephone service; or
  3. through our consultancy arm.

Our contact details are at the end of this document.

3. On whose behalf are we acting when we provide our services to you?

When we provide recommendations to you we are acting on our own behalf. If you choose to act on a recommendation, you will be engaging with the product issuer to conduct the transaction.

4. What services and products are we authorised to provide to you?

The Currency Shop is authorised to provide you with general and personal advice in relation to “non-cash payment products”, “derivatives” and “foreign exchange contracts”. Put simply, this involves making recommendations about different types of money transfer or currency exchange products available to you. These include comparisons on:

  • Spot FX Contracts
  • Forward FX Contracts
  • Option FX Contracts

In providing our service, other financial issues may arise, such as how to invest money, or taxation issues. We are not authorised to provide advice relating to those financial issues, or any other issues except those explained above. You should seek specific advice from the appropriate professionals if these issues are relevant to your objectives. If you have any further questions about how The Currency Shop is able to assist you, please contact us.

5. What fees and commissions are payable to The Currency Shop?

We do not charge you for the service we provide. Instead, we have agreements in place with foreign exchange product providers (eg. Banks, financial institutions etc.) that remunerate us for the transactions we direct to their website. The remuneration arrangement may be in the form of a ‘click-through’ fee, referral fee, or commission on settled trades. We are also remunerated through advertising on our website.

If we do not provide you with personal advice, you may request further information about our remuneration details within a reasonable time from receiving this document, and before we provide the financial services described in this guide to you.

The Currency Shop’s website will list foreign exchange providers in order of cost, highlighting the cheapest provider based on the information provided by you. The Currency Shop will not rank providers in accordance with the level of remuneration received by The Currency Shop.

By using or continuing to use our services, you agree that:

  • All fees and charges received by The Currency Shop as described in this FSG (other than third party fees and charges) are a benefit given to The Currency Shop by you or a Third Party, in exchange for the advice services provided by The Currency Shop.
  • The remuneration provided to The Currency Shop by the foreign exchange provider as a result of your interaction with The Currency Shop or the foreign exchange provider does not influence any General Advice provided to you on The Currency Shop website.

6. How are our people remunerated?

The Currency Shop’s directors and employees are remunerated by an annual salary. Directors and employees may also be awarded an annual bonus. This will depend on several factors including:

  • performance;
  • personal attitude, professionalism and adherence to compliance procedures; and
  • and team performance.

7. What should you do if you have a complaint?

In the event you have a complaint about the service provided, you can:

  1. Contact The Currency Shop and discuss your complaint via the contact details in point 9 of this FSG. We will try and resolve your complaint quickly, fairly and within prescribed time frames.
  2. If the complaint cannot be resolved to your satisfaction you have the right to refer the matter to the Financial Ombudsman Service (FOS) which is an external complaints service, of which The Currency Shop is a member: You can contact the FOS on 1300 780 808 or in writing at GPO box 3, Melbourne, Victoria 3001. You can also contact the FOS through their website:
  3. The Australian Securities and Investments Commission (ASIC) also has an Infoline phone (1300 300 630) which you may use to obtain information about your rights

8. Personal Information

The Currency Shop is committed to ensuring the confidentiality and security of the personal information of its clients, and is also committed to complying with the Privacy Act 1988 (Cth) and the Anti-Money Laundering & Counter-Terrorism Financing Act 2006 (Cth). The Currency Shop Privacy Policy detailing our handling of personal information is available upon request. You may request access to information held about you by contacting The Currency Shop Privacy Officer using the contact details in point 9.

The Currency Shop may use information received from its clients to send marketing material to its clients from time to time unless you elect not to receive it.

By using our services you consent to The Currency Shop recording its telephone conversations. The telephone recording can be used by The Currency Shop to confirm the terms and conditions of any transaction, and for training and monitoring purposes. Please retain this FSG for your reference and any future dealings with The Currency Shop. We may also add documents at a later date which will form part of this FSG, and should be read together with it.

9. Get in touch

The Currency Shop Pty Ltd – ACN 132 368 971

A: Level 4, 90 William St, Melbourne

T : 1800 004 930

E : connect(Replace this parenthesis with the @ sign)

Australian Financial Services Licence Number: 462269

Issue date: 09 September 2014 Version: 1.0