FIIG Rolling Term Deposit 
Terms & Conditions

1. Definitions

ADI means Authorised Deposit-taking Institution.

CMA means a cash management account held by the client from which funds can be instructed to be transferred or withdrawn by FIIG on instruction from the client or the client’s Financial Advisor and moved into an ADI deposit account, and to which the client authorises FIIG to credit payments payable to the client.

DSA means the Deposit Service Authority form.

FATCA means the US Foreign Account Tax Compliance Act

FIIG means FIIG Securities Limited ABN 66 085 661 632.

Financial Advisor means an Australian financial services licence holder, its employees, officers and representatives acting on behalf of a client.

PDS means Product Disclosure Statement.

RTD means FIIG’s Rolling Term Deposit service.

Capitalised words used in this document that are not otherwise defined have the meaning given to those terms in the RTD training manual.

2. Financial Advisors

2.1 Where access to the RTD portal is provided to a client’s Financial Advisor, the Financial Advisor is responsible for ensuring the client is aware of and agrees to comply with these terms and conditions.

2.2 Financial Advisors and their clients using the RTD portal warrant that they have received and read FIIG’s Financial Services Guide and are bound by the terms and conditions of dealing with FIIG contained therein.

3. Limitation of liability

3.1 While care is taken to ensure that information available for access on the RTD portal is timely and correct and that the RTD portal will function as intended, under no circumstances will FIIG be liable to pay compensation, nor will FIIG accept responsibility, for any loss arising from any information, errors or omissions on data accessed nor will FIIG be liable for any breakdown or malfunction of RTD (regardless of the cause or fault).

3.2 FIIG shall in no circumstances be liable to any client or client’s Financial Advisor for any losses, claims or inconvenience that arises from the use of the RTD portal by a client’s Financial Advisor or a client in recommending, making or reviewing any term deposits (or other investments within the scope of RTD’s programming) unless any such losses, claims or inconvenience arises from fraud or a wilful act attributed to FIIG or any of its officers or employees.

4. Authorised Deposit-taking Institutions

4.1 The client’s Financial Advisor or the client is responsible and undertakes to read and acknowledge the terms and conditions of any investment as may be set out in the respective PDS of the ADI/s in which the Financial Advisor (on behalf of a client) or the client wishes to and makes an investment.

4.2 FIIG only deals with ADIs with whom they have an agreement in place with and not all ADIs with agreements with FIIG are accessible via the RTD portal.

4.3 A Financial Advisor may limit the ADI’s available to it by instructing FIIG as required.

5. Deposit Service Authority form 

5.1 The DSA is required to be completed by the client and the client’s Financial Advisor for the purposes of opening or applying to open a deposit account with an ADI through the RTD portal. The client grants FIIG a limited power of attorney in the DSA which authorises FIIG to act on all instructions and undertake actions or functions as necessary in connection with or to implement, complete or execute an application in relation to any deposit with an ADI as instructed by the client or the client’s Financial Advisor.

5.2 FIIG will act in accordance with the DSA and will only accept instructions from any authorised signatories or client’s Financial Advisors as the client sets out in the DSA.

5.3 FIIG will collect information about the client in the DSA (including client identification details) which may be provided to ADIs in order for FIIG and those entities to meet their obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.

6. Application Forms

6.1 The client’s Financial Advisor or the client is responsible for checking information provided by any means (including, where applicable, information provided on any ADI application form) to FIIG is true and correct prior to signing and providing the forms to FIIG or an ADI.

6.2 Signed client forms and supporting identification documents are kept on file at FIIG and forwarded to the ADIs compliance department subject to the institution’s requirements; this may be prior to or at the time of investment. The information provided to FIIG is required to be current and valid as at the date it is provided to be relied on.

6.3 ADIs reserve the right to update application and compliance requirements at any time. This may result in forms on file at FIIG becoming invalid or unacceptable by the ADIs.

6.4 ADIs may require these documents once while establishing an investment or with each investment or lodgement for the same client.

6.5 FIIG will conduct FATCA due diligence on clients in accordance with the ADIs requirements. The client’s Financial Advisor or the client is responsible for providing FIIG with any up-to-date and accurate FATCA related information and/or documentation to be used in the completion of any ADI application form. Failure to do so may result in the ADI application form not being accepted by the ADI.

6.6 The Financial Advisor (on behalf of a client) or the client should consult with their tax adviser for clarification regarding any FATCA related information and/or documentation to be provided to, or requested by FIIG.

7. Rates

7.1 Rates shown on the RTD portal are indicative only and subject to change without notice. ADIs reserve the right to change rates without notice. The applicable rate will be that determined by the ADI on the settlement date.

7.2 Rates shown on the RTD portal are for interest paid at maturity for terms of up to one year and for interest paid annually on terms over one year.

8. Trade Instructions

8.1 Lodgement instructions can be placed up until 1pm (Sydney time) for same day settlement instructions. Due to varying institutional procedures the settlement date may not be that which is requested through the RTD portal. The applicable rate will be that which is available on the date the deposit is established and confirmed by the relevant ADI.

8.2 Maturity instructions, redemption or reinvestment, must be placed prior to 1pm (Sydney time) on maturity date. If a term deposit investment matures without instruction from, or on behalf of, the investor on the RTD portal, FIIG will arrange for that term deposit investment to be repaid, which includes principal and interest.

8.3 Lodgement and maturity instructions may be amended through the RTD portal prior to either 1pm (Sydney time) or until processing of the instruction commences, as reflected on the RTD portal, whichever occurs first. In the event FIIG has begun processing of the lodgement or maturity instruction please contact 1300 337 674.

9. Settlement of funds

9.1 The responsibility for the settlement of funds is between the ADI and the client. FIIG provides instructions only to both parties to facilitate an investment in an ADI deposit account. FIIG does not transfer or control any investment or have access to the client funds invested in accordance with these terms. FIIG may receive instructions from the client or the client’s Financial Advisor through the RTD portal to instruct the CMA ADI to transfer any cleared funds on or before the confirmed settlement date as instructed by or on behalf of the client and confirmed in FIIG’s trade confirmation.

9.2 If settlement is via Direct Debit (selected ADIs only) it is the clients responsibility to ensure sufficient cleared funds are available in the relevant account and to review and ensure the funds have been drawn from the clients account the day following settlement and notify FIIG if the ADI has failed to debit funds.

9.3 In the case of settlement via Direct Debit, some ADIs will value deposited funds at the at call interest rate until the direct debit clears into the ADI’s settlement account. For these ADIs, the term deposit will only commence once funds have cleared.

9.4 If settlement is via Electronic Funds Transfer it is either the clients or the CMA ADI’s responsibility to transfer cleared funds on the confirmed settlement date to the ADI’s account nominated on FIIG’s trade confirmation. If the client or the CMA ADI is unable to transfer funds, FIIG is to be notified on or before the settlement date. FIIG is not responsible or liable for any loss or damage the client suffers or may suffer due to any delay or failure by the client or the CMA ADI to transfer funds into the ADI’s account.

9.5 ADIs have varying cut off times for same day processing of redemptions where redemption of funds upon repayment is via Electronic Funds Transfer. Visibility of the redeemed funds in the recipient account may take up to 48 hours. It is the clients responsibility to check their account balance and notify FIIG if cleared funds have not settled from the ADI within this timeframe.

9.6 If any settlement has failed, the relevant trade will be cancelled and a Cancelled Trade Confirmation issued. New instructions will be required through the RTD portal when the client’s funds become available and any subsequent investment may not be on the same basis as the failed transaction, any loss is for the client’s account.

10. Fee Disclosure

10.1 FIIG acts as a broker of deposit facilities offered by ADIs, whereby FIIG will make a margin on the interest rate offered on the deposit. The interest rates quoted to you by FIIG on deposits are net of FIIG’s margin. The ADI providing the deposit facility is responsible for paying FIIG the margin, which is likely to be 0.25% or less of the yield received on the deposit.

11. Privacy Policy and Collection Statement ("Privacy Policy") 

11.1 FIIG’s Privacy Policy is available in FIIG’s Financial Services Guide and can be sent to the client upon request. It should be read in conjunction with the terms and conditions above. It contains further details about FIIG’s information collection and handling practices including information about: • what sort of information does FIIG collect;
• ways FIIG may collect, use or exchange client information;
• what happens if the client does not provide sufficient personal information;
• why FIIG collects information about the client;
• who FIIG discloses the personal information to;
• how FIIG will keep client information secure;
• how the client may access and seek correction of the information; and
• how to make a complaint about a breach of the client’s privacy rights.