Financial Services Guide
LifePay Pty Ltd
Effective from 18 February 2021
The financial services described in this document are offered by:
LifePay Pty Ltd ACN 642 332 974, a corporate authorised representative (AFS Representative Number 001285448) of Flexewallet Pty Ltd ACN 164 657 032
Unit 1, Level 1, 19 Prospect Street, Box Hill, VIC 3128
+61 3 9917 3256
The purpose of this Financial Services GuideThis Financial Services Guide (FSG) is issued by LifePay Pty Ltd ACN 642 332 974, a corporate authorised representative (AFS Representative Number 001285448) of Flexewallet Pty Ltd ACN 164 657 032 (Lifepay, we, us, or our). It is aimed at assisting our retail clients to decide whether to use any of the services that we offer. It provides important information about:
- who we are and how to contact us;
- the products and services we are authorised to offer;
- our associations and relationships with other entities;
- information about the remuneration that we and your investment adviser may receive;
- potential conflicts of interest;
- our internal and external dispute resolution procedures and how you can access them; and
- our current fees and charges.
Lifepay is a corporate authorised representative of Flexewallet Pty Ltd ACN 164 657 032 who holds AFSL no. 448066 (Flexewallet).
Product Disclosure Statement (PDS)
If you choose to acquire certain financial products or services offered by Lifepay, you may receive a PDS from us.
A PDS is a document that describes a financial product, its key features and the benefits, fees and risks associated with it. We will provide you with a PDS if we recommend certain financial products to you. This document should help you make an informed decision about whether or not to acquire the financial product.
Nature of advice
Please note that Lifepay does not provide personal advice which is advice taking into consideration of your financial objectives, circumstances or needs. The information provided to you regarding our services does not take account of your objectives, financial situation or needs. We recommend that you seek independent professional advice before making any decision to acquire any of our products or services.
Giving us instructions
You may provide us with instructions by letter, email (subject to verbal confirmation), telephone or other means agreed with us. We may take the discretion to confirm instructions with you personally prior to proceeding. We do not accept orders or instructions over voicemail.
How to contact us
You may contact us and find out more about us in the following ways.
PO Box 122
Doncaster VIC 3108
+61 3 9917 3256
Lifepay is an unlisted, privately held entity owned by its directors.
Lifepay is a corporate authorised representative of Flexewallet no. 001285448.
Lifepay does not currently provide tax advice, and we strongly recommend that you review any financial or planning advice with a Registered Tax Agent for the purpose of completing tax returns and assessing your current or previous tax positions.
Flexewallet holds AFSL no. 448066 and is authorised under its AFSL to provide non-cash payment services. It has approved the distribution of this FSG.
Flexewallet is a member of the Novatti Group Pty Ltd (ASX: NOV) (Novatti Group). Novatti Pty Ltd ACN 100 681 758, another member in the Novatti Group, is a shareholder of Lifepay.
Flexewallet is also a ‘designated services’ provider and is registered and regulated by the Australian Transaction Reports and Analysis Centre (AUSTRAC) and is a current member of the Australian Financial Complaints Authority (AFCA: 33296).
2.1.How to contact Flexewallet
You can contact Flexewallet in the following ways.
Flexewallet Pty Ltd
461 Bourke Street
MELBOURNE VIC 3000
3.Service and products
3.1.Our financial services and financial products
Lifepay has been authorised under Flexewallet’s AFSL to provide the following financial services:
(a)provide general financial product advice for deposit and payment products limited to non-cash payment products; and
(b)deal in a financial product by issuing, applying for, acquiring, varying or deposing of deposit and payment products limited to non-cash payment products,
to retail and wholesale clients.
The non-cash payment products and services offered by Lifepay include but not limited to:
(a)Lifepay Prepaid Visa Card;
(b)Virtual bank accounts for the Lifepay Prepaid Visa Card;
(c)Payment services associated with the Lifepay Prepaid Visa Card; and
(d)An alternative payment solution platform owned and operated by Flexewallet and its related entities that enables the customers to make non-cash payments for goods and services offered on LifePay’s website, mobile application and any other distribution channels of the Lifepay, using Chinese leading payment platforms, including but not limited to WeChat Pay and Alipay.
Flexewallet is the issuer of the non-cash payment products offered by Lifepay.
he fee schedule below sets out the fees and charges that apply to our services. Details of all fees and costs will be disclosed to you prior to receiving any advice or entering into a transaction.
In particular, the fees and charges charged for the use of the Lifepay Prepaid Visa Card are outlined in the table below. They are also set out in the ‘Fees and Charges’ section of the PDS available at Product Disclosure Statement
|Card Renewal Fee (after card expiry)||Free|
|Monthly Card Fee||Free|
|ATM Withdrawal Fee||Service Not Available|
|Load Fee||Free by bank transfers|
|Lost/Stolen Cards Replacement Fee||$10.00 AUD|
|Emergency Replacement Within 2 Days (Domestic)||Service Not Available|
|Emergency Replacement Within 24 Hours (International)||Service Not Available|
|Emergency Cash Disbursement (International)||Service Not Available|
|International Foreign Exchange Service Fee
(Charged when any transaction which is processed outside of Australia in a currency other than AUD)
|Transaction Fee for making BPAY payments (per transaction)||$0.50 AUD|
The fee information relating to any of the above will be disclosed in writing prior to engagement of services by Lifepay in either of the following: engagement letter, limited statement of advice, or full statement of advice.
You may be charged differently based on the actual service or advice you receive, or the agreement you reach with your adviser. If you are charged fees that differ from the Standard Fees then such fees will be discussed and agreed with your adviser. Please also note that the Standard Fees may be updated from time to time and that such updates will not impact the fees paid by existing clients unless agreed with the relevant adviser.
To the extent that the amounts of any fees or charges are not disclosed in this FSG, you may request particulars of such fees and charges from your adviser at any time before the relevant transaction or service is entered into.
Lifepay may enter into arrangements with various third parties to provide financial services to our clients. The fees and charges relating to these services will be disclosed in the relevant third parties’ disclosure documentation relating to those services. These disclosure documents are available on the Lifepay website at www.lifepay.com.au.
5.Remuneration, commission and other benefits
5.1.Staff remuneration and bonuses
All of our employees receive a salary, superannuation, various employee benefits and may also be eligible for variable reward and other non-cash awards based on their performance.
Our employees receive an annual fixed total remuneration package on a full time basis. This package is inclusive of superannuation contributions made on the employees’ behalf by Lifepay.
Lifepay reviews its employees’ salaries on an annual basis as part of the performance review process conducted by the employees’ managers and Lifepay executives around the end of each financial year.
Specific KPIs are agreed between the parties during the first month of the employees’ employment.
Additionally, Lifepay may at its sole discretion invite its employees to participate in the Lifepay annual performance bonus program in the future. This program may offer the employees a cash or ESOP based bonus based on LifePay’s evaluation of the employees’ performance, the company performance and any other relevant factors.
5.2.Third party referrals
We may pay third parties a referral fee for introducing new accounts to us, this generally consists of a trailing component based on the percentage of turnover of the account introduced.
6.Complaints and dispute resolution
If you are dissatisfied with the service or advice you receive from us, you are entitled to make a complaint. We have established an internal dispute resolution procedure (which complies with the standards and requirements mandated by ASIC) to ensure all complaints are dealt with properly.
To assist us in addressing your complaint, please gather all the facts and any documents you wish to present, think about the questions you want answered and decide how you would like us to resolve the complaint. Please then:
(a)contact your adviser to make them aware of your complaint;
(b)if your complaint is not satisfactorily resolved within five (5) business days, please put your complaint in writing addressed to:
Telephone: (03) 9917 3256
Lifepay will make every effort to promptly resolve your complaint. Lifepay will send a written acknowledgement as soon as possible, but in any event within five business days and will endeavour to provide a comprehensive response within 45 days.
If you are still not satisfied with the resolution of any complaint, you may be eligible to refer the complaint to the Australian Financial Complaints Authority (AFCA) of which Flexewallet is a member. AFCA’s dispute resolution service is provided free of charge.
The Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001
Phone: 1800 931 678
Please note that AFCA will not begin to consider the dispute unless you have first given us the opportunity to resolve the dispute with you directly.
7.Professional indemnity insurance
Lifepay maintains professional indemnity insurance to cover the financial products and services we provide, including any claims in relation to the conduct of our former representatives or employees.