Free fact finder · Australia
Financial planners' and mortgage brokers' insurance fact finder
Every question the financial planners' and credit licensees' professional indemnity forms ask, asked once in plain English. Send it to your client and their answers fill each insurer's form.
- No login needed
- Fillable PDF with your logo
- 85 questions
- Written for AU rules
What it asks
The questions underwriters ask, in plain English.
Each one comes with a line saying why it's asked, so your client answers fully the first time.
- 1Roughly what percentage of your loans have an LVR over 80%?High-LVR loans leave borrowers little equity, so they are more likely to end in a claim if values fall.
- 2Do you always sight original documents to verify the identity of every borrower and guarantor?Identity fraud on loan applications is a leading cause of claims against brokers.
- 3Does the business have authority to approve or settle loans on a lender's behalf?Approving loans for a lender takes on the lender's risk, which a broker's policy may not cover.
- 4Have any funds you recommended ever been frozen?Frozen and failed funds have driven the largest claims against financial planners.
- 5Do you use lead generation services to find clients?Super switching advice from bought leads has led to regulator action and claims.
- 6Does the business have credit representatives acting under its credit licence?A licensee answers for its credit representatives' work, and ASIC counts their revenue when setting the minimum cover.
- 7Has ASIC ever accepted an enforceable undertaking from the business or any of its representatives?Insurers ask about enforceable undertakings by name.
Licences
AFSL and credit licence, the licensee they act for, AFCA, MFAA or FBAA, and the aggregator.
Services
Tick the services, then the share of income for each: advice, life risk, mortgage and finance broking, management and more.
Loans and investments
Loan types, LVRs over 80%, low doc and non-conforming loans, or frozen funds, margin lending and MDAs.
Representatives
Authorised and credit representatives: how many, whether they hold their own cover and how they're supervised.
Risk management
ID and income checks, needs assessments, credit guides, commission disclosure, money controls and cyber security.
How it works
- 1
Open it and try it
Answer it on the page as your client would. Follow-up questions appear as you go. Nothing is saved.
No login
- 2
Send it, or download the PDF
Send your client a link to answer by form or chat, with reminders sent for you. Or download a fillable PDF with your logo.
PDF free, no email
- 3
Fill the insurers' forms
When your client answers, one click starts each insurer's form with their answers in, and drafts a needs summary for you to finish.
Free 14-day trial
Minimum cover
Who sets a financial planner's or credit broker's minimum cover
AFS licensees and credit licensees must have arrangements to compensate clients, usually professional indemnity insurance. ASIC's guides set the minimum limit.
- AFS licensees (ASIC RG 126)
- With retail revenue of $2 million or less, a limit of at least $2 million for any one claim and in the aggregate. Above that, cover roughly equal to actual or expected retail revenue, up to $20 million. Authorised representatives' revenue counts. The policy must also cover AFCA awards.
- Credit licensees (ASIC RG 210)
- At least $2 million per claim and in the aggregate, and roughly equal to actual or expected revenue from consumer credit activities, up to $20 million. Credit representatives' revenue counts.
A summary, not advice. Authorised and credit representatives are usually covered by their licensee's policy. Check ASIC's current guides before setting a limit.
Free tool or a free trial
The fact finder is free. A trial does the forms.
Free, no login
Everything you need to use it.
- The whole fact finder, answered as your client would
- How much of each insurer's form it fills
- Fillable PDF with your firm's logo
With a 14-day free trial
Your client answers once. No card needed.
- Send it as a link: answered by form or chat, with reminders
- Upload a PDF your client filled in and the answers are read in
- Start each insurer's form with your client's answers in
- A first draft of the client's needs summary
- Next year, your client only confirms what changed
Before you ask
Questions about the financial planners and credit brokers fact finder.
- Is the financial planners' fact finder really free?
- Yes. Answer it on the page as your client would, and download it as a fillable PDF with your logo, with no login and no email. Sending it to a client as a link comes with a free 14-day trial.
- Does it suit mortgage brokers as well as financial planners?
- Yes. Your client ticks what they do, and only the questions for those services appear: loan questions for brokers, investment questions for planners, both for firms that do both.
- Which insurers' forms does it fill?
- Financial planners', credit licensees' and finance brokers' professional indemnity forms from Arch, DUAL, Pacific Indemnity and Vero. The page shows how much of each one it fills.
- Does it work out the limit my client needs?
- No. It shows ASIC's minimums and collects your client's revenue, so you can check the limit against RG 126 or RG 210. The advice is yours.
Ask once. Fill every form.
Open the fact finder, try it as your client and download the fillable PDF. No login needed.
Open the fact finder