We are Alex Bank Pty Ltd ABN 13 627 244 848 (“Alex”), Australian Financial Services Licence and Australian Credit Licence 510805 (Alex, We, Us or Our).
Alex Bank Pty Ltd (Alex Bank) has been granted a restricted Banking Authority from the Australian Prudential Regulation Authority (APRA). Under this authority Alex Bank has restrictions on the amount of deposits it can take and has simpler prudential requirements while it builds its resources and capability.
Alex Bank Pty Ltd has until 7 July 2023 to meet APRA’s full prudential requirements or it must exit the banking industry.
Arrangements have been put in place to protect customers in the event Alex Bank Pty Ltd exits the banking industry. This includes:
We have designed this Financial Services Guide (FSG) to assist you in deciding whether to acquire financial services from Alex.
The FSG provides you with information in relation to:
Our AFSL authorises us to carry on a financial services business to:
to retail and wholesale clients.
In addition to the financial products and services we provide under our AFSL, we also deal in and provide advice on consumer lending products which are covered under our Australian Credit Licence. This FSG does not cover our consumer lending products. For those products please refer to the relevant terms and conditions and policies available on our website.
When we provide you with a financial product, we may also provide you with one or more Terms & Conditions documents, as described below.
Terms & Conditions provide you with essential information about a financial product offered by Alex so that you can make an informed decision about whether or not to acquire the product.
We must provide you with Terms & Conditions about a financial product or service when:
Where permitted by law, we may provide you with the Terms & Conditions electronically. We do not need to provide you with the Terms & Conditions in certain circumstances, for example if you already have a copy.
The information in this FSG, on our Website and in the Terms & Conditions is general advice only, prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs.
We only deal in and provide advice in respect of deposit and payment products issued by Alex. We will not arrange for you to acquire products and services issued by third parties.
The Terms & Conditions for our financial products and services disclose details of the fees, commissions and benefits paid and received by us. As we only issue our own products we are not paid any remuneration or incentives for referring other parties’ products.
Our staff are paid salaries and superannuation, not commissions. Our staff may be eligible to participate in an Employee Share Scheme that is based on a number of factors. These include contribution towards organisation objectives, extent of collaboration with other areas of the business and their own personal development. Where permitted by law, from time to time our staff may also receive non-monetary benefits from product providers, such as tickets to events or promotional merchandise.
We may from time to time use third party comparison or product or rate aggregation websites in order to make potential customers aware of our products, market our products and/or provide potential customers with a link to our website or application process. Such websites may be remunerated by us for each referral or clickthrough that they generate.
As at the date of this FSG, the details of such remuneration are not known. However, you may request particulars of the remuneration (including commission) or other benefits paid to such third party websites within a reasonable time after you are given this FSG and before any financial service identified in this FSG is provided to you.
Our consumer lending products are outside the scope of this FSG but in the interest of full disclosure we note that we do use brokers to source and arrange our consumer lending products and they are paid fees for doing so. Please refer to our Credit Guide for more information.
We are regulated by APRA and as such are exempt from the compensation requirements in the Corporations Act 2001. Nonetheless we have professional indemnity insurance, which provides cover for claims that relate to the financial services that we and our representatives provide.
You can always reach us on phone and email during our business hours. Our contact details are:
Some financial products and services may have their own rules as to how to provide instructions or carry out certain transactions. Please refer to the Terms & Conditions for the relevant product for these details.
Our internal dispute resolution scheme
We hope you are delighted with our services, but if you wish to make a complaint, you can notify us in the following ways:
Please clearly provide your contact details, and the details of your complaint. We aim to resolve all complaints within 5 business days and if this is not possible we will keep you informed of our progress. If you do not hear from us within five business days, you may contact our Complaints Team by email at firstname.lastname@example.org or by phone at 1300 738 453.
If you are not satisfied with our response to your complaint, or if you consider that we have not responded to you in a timely manner, you may contact the Australian Financial Complaints Authority (AFCA) online at www.afca.org.au, by phone on 1800 931 678, or by mail at GPO Box 3, Melbourne, VIC 3001.
Alex Bank Pty Ltd ABN 13 627 244 848 ("Alex"), Australian Financial Services Licence and Australian Credit Licence 510805, is authorised by the Australian Prudential Regulation Authority ("APRA") to operate under a time-limited and restricted Banking Authority. Further information regarding Alex's restricted Banking Authority is available here.
The information on our website is general advice only, prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs. Loan applications are subject to credit approval. Interest rates are subject to change. Fees and charges may apply.
The Canstar 5-Star Rating was awarded on 30th November 2021 for the Unsecured Personal Loan product for the Personal Loans profile. The Canstar 5-Star Rating was awarded on 30th November 2021 for the Unsecured Personal Loan - Excellent Credit product for the Excellent Credit Personal Loans profile. The Canstar 5-Star Rating was awarded on 5th November 2020 for the Unsecured Personal Loan - Excellent Credit product for the Unsecured Personal Loan profile.
The InfoChoice 2021 Winner 'Personal Loan Unsecured - Fixed Rate'.
#As recognised by Australia’s leading industry comparison sites and finance journals.
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