FSG

Purpose of this Financial Services Guide

The purpose of this Financial Services Guide (FSG) is to help prospective clients (clients, you and your) make an informed decision about the financial products and services we offer. This FSG is an important document that explains how we provide our services to you. You should read this FSG carefully before using our services. It is intended to give you sufficient information to decide whether to obtain financial products and services from us. It provides information on:

  • who we are
  • the exemption we rely on under the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020
  • general advice warning
  • our contact details
  • documentation we provide you
  • how we are paid for our services
    • how to give us instructions
  • disclosure of relevant conflicts of interest
  • privacy statement and how we manage your personal information
  • how to resolve complaints
  • compensation arrangements in place
  • your Client Services Agreement

This FSG is dated 10 May 2021 and is provided to you by Bano Pty Ltd ACN 93 643 260 431 (Bano, we, our or us) to inform you of the financial services we provide and to comply with our obligations under the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020.

Who we are

Bano provides a website platform and a mobile application that offers users a sophisticated investment and payment solution via a digital wallet with the following offerings:

  • ability to store money, transfer, receive and withdraw money instantly from the digital wallet;

The exemption we rely on under the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020

Bano is not an Australian Financial Services Licensee but relies upon an exemption under the Corporations (FinTech Sandbox Australian Financial Services Licence Exemption) Regulations 2020 (Exemption). The Exemption only allows Bano to provide eligible financial products and services, subject to the Exemption Conditions, the Retail Client Exposure Limits and the Total Exposure Limit set out below, for a period not exceeding 24 months (Exemption Period). Prior to the end of the Exemption Period Bano will apply for an Australian Financial Services License.

Service Approved under exemption

  • Provide general financial product advice for the following classes of financial products:
    • a deposit taking facility made available by an ADI in the course of its banking business;
    • a non-cash payment facility made available by an ADI in the course of its banking business;
    • a debenture, stock or bond issued or proposed to be issued by the Commonwealth;
    • a security included in an official list of a prescribed Australian financial market;
    • a security included in an official list of a prescribed overseas financial market: Euronext, Frankfurt Stock Exchange, Hong Kong Stock Exchange, JSE (Johannesburg Stock Exchange), London Stock Exchange, NASDAQ Global Market, New York Stock Exchange, NZX (New Zealand Stock Exchange), Singapore Exchange, SIX Swiss Exchange, Tokyo Stock Exchange, Toronto Stock Exchange;
    • interests in simple managed investment schemes;
  • Deal by applying for or acquiring/arranging to issue, vary or dispose of the following:
    • a debenture, stock or bond issued or proposed to be issued by the Commonwealth;
    • a security included in an official list of a prescribed Australian financial market;
    • a security included in an official list of a prescribed overseas financial market: Euronext, Frankfurt Stock Exchange, Hong Kong Stock Exchange, Johannesburg Stock Exchange, London Stock Exchange, NASDAQ Global Market, New York Stock Exchange, New Zealand Stock Exchange, Singapore Exchange, SIX Swiss Exchange, Tokyo Stock Exchange, Toronto Stock Exchange;
    • interests in simple managed investment schemes; and
  • Deal by issuing, varying or disposing of a non-cash payment facility

Retail Client Exposure Limits

Under the Exemption, each retail client may only commit a maximum of $10,000 in the following financial products:

  • Interests in a managed investment scheme
  • Commonwealth debentures, stocks or bonds
  • Securities listed on approved domestic or overseas markets
  • Non-cash payment facilities issued by Bano.

Total Exposure Limit

A $5 million aggregate client exposure limit applies across all financial products and services that Bano provides to retail and wholesale clients.

The Products and Services we provide

Bano provides general financial product advice in relation to the following classes of financial products listed below, pursuant to the Exemption, the Exemption Conditions, Retail Client Exposure Limits, Total Exposure Limit and ASIC Information Sheet 248 Enhanced regulatory sandbox. Such products include:

  • non cash payment facility;
  • a debenture, stock or bond issued or proposed to be issued by the Commonwealth;
  • a security included in an official list of a prescribed Australian financial market;
  • a security included in an official list of a prescribed overseas financial market;
  • interests in managed investment scheme;

to retail and wholesale clients.

We are also authorised under the Exemption to deal in a financial product by applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:

    non-cash payment facility
  • a debenture, stock or bond issued or proposed to be issued by the Commonwealth;
  • a security included in the official list of a prescribed Australian financial market;
  • a security included in an official list of a prescribed overseas financial market;
  • interests in a managed investment scheme;

to retail and wholesale clients.

We can also arrange for financial products to be issued without advice from us. Some of the services you are able to access through Bano include international remittance services. We may also act on behalf of other product issuers in distributing their products (eg securities). If we are acting on behalf of another issuer, this will be stated in the PDS for that product. We do not act on your behalf. If we have a binding authority from a product issuer, this means we act on their behalf as if we were them and can bind them by our actions.

General advice warning

None of our services take into account your personal circumstances. Please note that Bano does not provide personal advice (advice which takes into consideration one or more of your financial objectives, circumstances or needs). We are obliged to warn you that our general advice provided to you as a retail client does not take account of your financial objectives, situation or needs. Therefore, we recommend that you take all reasonable steps to fully understand the outcomes of specific products and strategies adopted in relation to utilising the services provided by Bano. Prior to following our advice, you should determine if any of our recommendations meets your objectives, financial situation or needs. If you feel you need personalised advice, please consult a finance professional.

Our contact details

If you have any further questions about the financial products and services which we provide, please contact us:

  • Phone: 1300 088 155
  • Email: enquires@banofinancial.com
  • Address: Room 109, Level 26, 161 Castlereagh Street, Sydney NSW 2000
  • https://www.banofinancial.com
Please retain this document for your reference and any future dealings with us.

Documentation

Bano will provide you with disclosure documents and any other relevant documentation to facilitate and confirm requested transactions. The disclosure document will also disclosure any risks in financial products, disclose net value / records and costs for each product. We will also provide you with a Client Services Agreement which details the terms and conditions applicable to the financial products and services we provide. Bano will not provide ‘statements of advice’, as we do not give personal financial product advice.

How we are paid for our services

Any general financial product advice we provide is provided free of charge. However, Bano may receive referral fees and commissions paid by product providers. For example, if we refer you to another business to provide you with services, we may receive referral fees. Those fees may vary according to the party to whom we are referring, and the products involved. We will provide written notification to you if we are likely to receive referral fees for referring you to another service provider. Additionally, if you take out a financial product through us, Bano may receive payments in the form of initial commissions and/or ongoing commissions from the financial product providers. These commissions are included in the fees or premiums, you pay for the product.

How to give us instructions

If you wish to utilise our services you may give us your instructions online, verbally, in person, by phone or in writing, such as by email or letter. However, in some instances we may require your instructions issued to us in writing.

Disclosure of any Conflicts of Interest

We do not have any relationships or associations which might influence us in providing you with our financial products and services.

Privacy Statement

This Statement is a summary of our Privacy Policy and provides an overview of how we collect, disclose and handle your personal information. Our Privacy Policy may change from time to time and where this occurs, the updated Privacy Policy will be posted to our website.

Why we collect your personal information

We collect personal information from you to provide you with services including general financial product advice. We may also use your information to comply with legislative or regulatory requirements in any jurisdiction, to prevent fraud, crime or other activity that may cause harm in relation to the particular products or services provided, and to help us run our business. If you do not provide all the information we request, we may not be able to provide you with any products and/or serviced, including general financial advice. Sometimes, we may use your personal information for our marketing campaigns, in relation to new products, services or information that may be of interest to you. If you wish to opt out of our marketing campaigns, you can contact us.

How we obtain your Personal Information

We collect your personal information when you fill out an application form. Personal information is usually obtained directly from you but sometimes via a third party service provider. Please refer to our Privacy Policy for further details. When information is provided to us via a third party we use that information on the basis that you have consented or would reasonably expect us to collect your personal information in this way.

When do We disclose Your Personal Information?

We may disclose the information we collect to third parties, including service providers engaged by us to carry out certain business activities on our behalf (such as brokers and remittance service providers). In some circumstances, in order to provide our services to you, we may need to transfer your personal information to third parties with whom we have sub-contracted to provide a specific service for us, which may be located outside of Australia. In the circumstances where we disclose personal information to third parties or third parties outside Australia we take steps to protect personal information against unauthorised disclosure, misuse or loss.

Your Consent

n dealing with us, you agree to us using and disclosing your personal information as set out in this Privacy Statement and our Privacy Policy. This consent remains valid unless you tell us otherwise. If you wish to withdraw your consent, including for things such as receiving information on products and offers by us or persons we have an association with, please contact us.

Access to and correction of Your Personal Information

If you’d like a copy of your personal information or wish to correct or update it, want to withdraw your consent to receiving offers of products of services from us or persons we have an association with, or you would like a copy of our Privacy Policy please contact us.

Resolving complaints

If you have a complaint or concern about the service provided to you, we encourage you to contact us about your concern. When your complaint is received by us it will be investigated. If your concern is not resolved, or if you are not satisfied with the decision you may contact the Australian Financial Complaints Authority (AFCA), the Australian Securities and Investments Commission (ASIC) or the Privacy Commissioner.

Australian Financial Complaints Authority

The Australian Financial Complaints Authority (AFCA) is an external dispute resolution (EDR) scheme to deal with complaints from consumers involving financial services and products.

Australian Financial Complaints Authority

GPO Box 3, Melbourne VIC 3001

info@afca.org.au

1800 931 678

www.afca.org.au

Australian Securities and Investments Commission

The Australian Securities and Investments Commission (ASIC) is Australia’s corporate, markets and financial services regulator. ASIC seeks to protect consumers against misleading or deceptive and unconscionable conduct affecting financial products and services.

Australian Securities & Investments Commission

GPO Box 9827 (in you Capital City)

1300 300 630

www.asic.gov.au

Privacy Commissioner

The Privacy Commissioner deals with any complaints or issues relating to your personal information.

The Privacy Commissioner

GPO Box 5218, Sydney NSW 2001

1300 363 992

privacy@privacy.gov.au

Compensation arrangements in place

Under the Exemption, Bano is required to have arrangements for compensating retail clients for losses they suffer as a result of a breach of Chapter 7 of the Corporations Act 2001 (Cth). Bano maintains professional indemnity insurance to cover its advice and any recommendations provided. This satisfies the requirements imposed by the Exemption. The insurance covers claims arising from the actions of former employees or representatives of Bano, even where subsequent to these actions they have ceased to be employed by or act for Bano.

Client Service Agreement

The Client Service Agreement between us and you (Contract) governs the relationship between you and us in relation to the financial products and services we provide. The Contract sets out the rights, entitlements and obligations of you and us. A summary of the Contract is set out below and includes details about:

Your rights and obligations

  • your right to receive communications about your investments;
  • your right to close your account with us; and
  • the giving of instructions to us in relation to your
    • account.

Our rights

  • our duties and powers in relation to your account;
  • the limitation of our liability to you, including where we act on an instruction that we reasonably believe to be from you or your authorised representative and where we act reasonably in relation to any instruction that contains an error or ambiguity;
  • our liability to you being limited to the extent of fraud, dishonesty, wilful default or failure to act with reasonable care and diligence by us or our agents;
  • our right of indemnity against you or your account to cover us for any expenses, losses or other liabilities incurred by us or our agents in the proper administration and management of your account;
  • termination of the Services by us; and
  • our right to vary the Contract.

Our obligations

  • to act honestly and with reasonable care and diligence, and to ensure our directors, employees, representatives and agents also do so;
  • to give you account reports and transaction information; and
  • to ensure that you receive a current FSG and disclosure document for investments.

Client Services Agreement

CLIENT AGREEMENT

This Client Services Agreement (agreement) and where applicable, any subsequent confirmation letters forms the entire agreement between Bano Pty Ltd (referred to as Bano, we, us and our) and a prospective client (referred to as client, you or your) in delivering the services.

SCOPE OF SERVICES

  • This agreement sets out the terms and conditions of our ongoing professional relationship with you and on which we will provide you with services.
  • From time to time, we may appoint agents to assist us in providing the services.
  • Where necessary and if you accept our general product advice, we will assist with the completion of paperwork, arranging for the investment of funds, the acquisition of securities or any other services we provide from time to time.
  • As part of our services, we will not provide you with personal advice and any information or general financial product advice that we give you is generic in nature and does not consider your financial situation, needs or personal objectives.

[FEES/COMMISSIONS]

  • We will charge you a fee for the services we provide under this agreement.
  • We may receive referral fees and/or commissions from product providers and other parties in connection with our financial products and services.

YOUR INSTRUCTIONS

You acknowledge and agree that:

  • if we are providing services to you jointly, we accept instructions both jointly and severally from you;
  • any instructions you provide to us are subject to this agreement and any applicable laws;
  • we do not provide any tax, legal or accounting advice and our services do not include reviewing your transactions in light of the application of any tax laws;
  • you will be bound by any instructions provided by you, or which we reasonably believe to be provided by you;
    • you are responsible for any liability arising from your instructions;
  • you will provide us with all information requested in a clear, accurate and timely manner;
  • you will read any financial product disclosure documents provided to you by us and notify us promptly of the decision taken on any recommendation or if the meaning of any information is unclear;
  • any conflict of interest which may impact the advice we provide to you has been disclosed in our Financial Services Guide;
  • we may require information from you from time to time to comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Anti-Money Laundering and Counter-Terrorism Financing Rules 2007 (AML/CTF Laws). By opening an account or transacting with us, you undertake to provide us with all information and assistance that we may require to comply with the AML/CTF Laws;
  • we are not liable to reimburse you if an unauthorised transaction occurs on your account and you have not made a reasonable attempt to prevent unauthorised access.

OUR OBLIGATIONS

  • In providing our services to you we will act honestly and with reasonable care and diligence, and we will ensure our directors, employees, representatives and agents also do so.
  • We will provide documents, reports, notices and communications about our services to you (upon written request by you).
  • We will ensure that you receive a current Financial Services Guide and disclosure documents for relevant investments.
  • All information supplied by you will be treated as confidential and in line with applicable privacy laws and our privacy policy. Information will only be disclosed to a third party with your consent or as permitted by law.

THIRD PARTY INFORMATION

  • You acknowledge that information or data provided by a Third Party Provider which is not associated or affiliated with us (Third Party Information), are for informative purposes only and such Third Party Information does not in any way constitute our general advice.
  • Any number of financial products and/or services may be offered through a Third Party Provider. Unless otherwise noted, all authority granted to us, or limitations of liability to us, shall include all members of Bano, including officers, directors, employees, representative and agents.
  • You agree that we are not responsible for any Third Party Information and make no warranties, express or implied, as to any such Third Party Information. You acknowledge and agree that such Third Party Information does not reflect our opinions or policies and we do not verify the accuracy or completeness of such Third Party Information.
  • You acknowledge and agree that we are not responsible for any third party advertisements or third party applications made available to you and you access these third party advertisements or third party applications at your own risk.

RECORDS

We will generally keep our client files regarding the provision of our services for 7 years after termination of this agreement before destroying them. At the end of that period we may destroy client files without further reference or notice to you.

ELECTRONIC COMMUNICATIONS

  • You consent to us giving you documents, reports, notices and communications in relation to the services provided by us in electronic form by electronic communication though email or any online system provided by us.
  • Where you have provided us with an electronic address you agree that you have nominated this address for all communication with you.
  • You agree that any such electronic communication is taken to be dispatched by us and received by you at the time is leaves our information system or is uploaded to a relevant online system provided by us.

NOTICE

  • Notices, requests, statements and reminders under this agreement must be sent in writing (including by email, SMS or any other electronic form) unless otherwise stated.
  • You must tell us promptly if your contact details change (including any change to your phone number, email address or residential address).
  • We may also contact you via any phone number, email address or any other residential address that you provide to us.
  • If you do not respond to our communications, we will interpret this as a decision not to proceed with a recommendation. The timeframe for a response before the recommendation expires is 30 days.

FORCE MAJEURE

We will not be liable to you for any delay or failure to fulfil our obligations under this agreement to the extent that any such delay or failure arises from causes beyond our control, including but not limited to fire, floods, acts of God, acts of regulations of any governmental or supranational authority, war, riot, terrorist activities, strikes, lockouts and industrial disputes.

LIABILITY AND INDEMNITIES

  • In addition to any other indemnities contained in this agreement, you agree to indemnify us and hold us, our officers, directors, agents, representatives and employees harmless against all actions claims, demands, proceedings, costs, damages, expenses, liabilities and losses (including without limitation legal costs of a solicitor and client basis) paid, suffered or incurred by us directly or indirectly as a result of:
    • us undertaking your instructions in respect of any dealings in securities;
    • any failure by you to comply with the terms of this agreement;
    • your use of any Third Party Information in violation of this agreement; or
    • any breach of your representations and warranties in this agreement.
  • You acknowledge and agree that while we and our directors, employees, agents and representatives will exercise due care and skill when recommending financial products and services, we do not give any assurance or warrant any particular financial product performance or rate of return.
  • We are not responsible for any loss incurred by you as a result of any act, omission, deceit, neglect, mistake or default of any third party except to the extent that the loss is attributable to our negligence, deceit or default.
  • To the extent that any loss, liability cost or expense to you is caused by our negligence, fraud or dishonesty, our liability is limited to the extent permitted by law to the value of the financial product or asset to which the liability arose at the time of the negligence, fraud or dishonesty.
  • You agree to reimburse us for the costs of all actions, proceedings, claims, demands, taxes, and expenses incurred by us as a result of providing services to you pursuant to this agreement. In this case, “taxes” include all stamp duty, registrations, and other duties, levies, deductions and charges whatsoever.
  • You are responsible for all fraudulent, illegal or unauthorised dealing on your account which are attributable to you conduct, and you release discharge and indemnify us and our directors, employees, agents and representatives in relation to all liability in this regard.
  • We are not able to exercise control over any service that we do not supply directly to you, and we therefore will not be responsible for any loss or damage arising for any clause outside our control or the control of our directors, employees, representatives or agents.
  • To the extend permitted by law, in no event shall we, or any of our officers, directors, agents, representatives or employees be liable for any damage, claim or loss incurred by you in connection with or arising from:
    • us undertaking your instructions;
    • us refusing to act on your instructions;
    • any failure by you to comply with this agreement;
    • us not receiving your instructions;
    • any dealing or proposed dealing is interrupted, unable to be completed or unable to take place due to the failure or delay of any telephone, computer or other electronic or technological service;
    • any error, omission or invalidity in your instructions;
    • any problems in relation to any exchange, market operator and or failure of an exchange, including any error, omission, interruption, deletion, defect, delay in operation or transmission or any other factor;
    • market movements and other risk associated with dealing in securities or trading;
    • your use of Third Party Information;
    • any insider trading, false or misleading trading, market rigging or market manipulation, including without limitation, compensatory, incidental, direct, indirect, special, consequential or exemplary damages, irrespective of whether we have been informed of, knew of, or should have known of, the likelihood of such claim or loss. This limitation applies to all causes of action in the aggregate.
  • You acknowledge and agree that:
    • your use of Third Party Information is at your own risk; and
    • you shall not have access to any of the approved dispute resolution schemes to recover any loss of damage you may suffer as a result of your reliance on any Third Party Information.
  • Each indemnity in this agreement is a continuing obligation, which is independent of and separate from your other obligations and survives termination of this agreement.

WARRANTIES

  • By entering into this agreement, you represent and warrant that:
    • you have the power and authority to enter into this agreement;
    • the information you have provided to us is true and correct;
    • your obligations under this agreement are valid and enforceable against you;
    • you are not aware and have no reason to suspect that the moneys used to fund your transactions have been or will be derived from or related to any money laundering, terrorism financing or other illegal activities, whether prohibited under applicable laws, international law or convention or by agreement or the proceeds of your investment will be used to finance any illegal activities;
    • neither you nor your directors (if you are a body corporate) are a politically exposed person as the term is used in the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1);
    • if you are a body corporate, you have the authorisations necessary for you to enter into this agreement and to observe and exercise your rights and obligations under the agreement;
    • if you are a trustee this agreement will bind you in both your personal capacity and your capacity as a trustee and you are entitled to be indemnified out of the assets of the trust for liabilities which you may incur under this agreement;
    • your instructions are lawful and authorised; and
  • This clause 7 shall survive termination of this agreement.

GENERAL

  • This agreement forms the entire agreement between us relating to the products and services. It replaces and supersedes any previous proposals, correspondence, understandings or other communications where written or oral.
  • You agree we may assign our interest and responsibilities under this agreement by prior written notice to you. You may not assign your interest under this agreement to any other person without our prior written consent.
  • We may amend the terms on which we provide our financial products and services by providing you 30 days’ written notice.
  • This agreement may only be amended by the mutual agreement of the parties.
  • This agreement shall be governed by and construed in accordance with the laws of the State in which it is entered into. The parties agree to irrevocably submit to the non-exclusive jurisdiction of the courts of that State.

TERM AND TERMINATION

  • This agreement commences from the date on which you sign and return this agreement to us and continues until terminated by either party at any time.
  • [Upon termination of this agreement, you may be liable to pay us any outstanding Fees associated with the financial products and services we have provided.

INTERPRETATION

In this Agreement unless the contrary intention appears:

  • headings are for ease of reference only and do not affect the meaning of this agreement;
  • the singular includes the plural and vice versa, and a gender includes other genders;
  • another grammatical form of a defined word or expression has a corresponding meaning;
  • a reference to a clause, schedule or annexure is to a clause, or schedule or annexure to this Agreement, and a reference to this Agreement includes any schedule or annexure;
  • a reference to a document or instrument includes the document or instrument as novated, altered, supplemented or replaced from time to time;
  • a reference to time is to Sydney, New South Wales, Australia time;
  • a reference to a party is to a party to this Agreement, and a reference to a party to a document includes the party's executors, administrators, successors and permitted assigns and substitutes;
  • a reference to a person includes a natural person, partnership, body corporate, association, governmental or local authority or agency or other entity;
  • a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them; and
  • the meaning of general words is not limited by specific examples introduced by including, for example or similar expressions.