Complaints Handling
Magic Millions Insurance Brokers Pty Lts is registered and licensed with the Australian Securities and Investment Commission (ASIC). We are a member of the National Insurance Brokers of Australia (NIBA), and we are a subscriber to the Financial Ombudsman Service (FOS).
IF YOU HAVE A CONCERN
If you have a concern with us, please contact the person you have been dealing with in the first instance. If they are unable to satisfy your concern, please ask to speak to the Manager who is obliged to ensure that any concerns you have are resolved in a speedy and professional manner.
In the event that we do not achieve our aim and cannot resolve the matter to your satisfaction, we subscribe to the Financial Ombudsman Service in respect of our role when acting as your insurance broker.
We have a dispute resolution process that you can access.
If you are not happy with our response or if we have taken more than 20 days to respond you may refer the matter to the Financial Ombudsman Service.
This external dispute service is free to consumers. They have a review panel that adjudicates on disputes issues.
Disputes under policies issued under our binder with Lloyd’s are subject to Lloyd’s complaints procedures which are detailed in the certificate of insurance.
LLOYDS: - What to do if you have a complaint?
About Lloyd’s
Since the late seventeenth century, the name Lloyd’s has been synonymous with insurance. Many of the world’s leading underwriters are based at Lloyd’s. The market is internationally renowned and has an impeccable claims record.
In Australia, Lloyd’s is proud to be a member of the Insurance Council of Australia, and strives to comply with the agreement we have made under the General Insurance Code of Practice.
Our aim is to provide the highest service to our Australian policyholders and, to this end, we have developed the following procedures for the fair handling of complaints from Lloyd’s policyholders.
How can we help you?
There are established procedures for dealing with complaints and disputes regarding your policy or claim. All policyholders can take advantage of the complaints service, as can third-party motor vehicle claimants who are uninsured and where the amount in dispute is less than $3,000.
Step 1
Any enquiry or complaint relating to a Lloyd’s policy or claim should be addressed to either your Lloyd’s insurance intermediary (“the Coverholder”) or to the administrator handling your claim in the first instance – in most cases this will resolve your grievance.
They will respond to your complaint within 15 business days provided they have all necessary information and have completed any investigation required.Where further information, assessment or investigation is required, they will agree to reasonable alternative timeframes with you.You will also be kept informed of the progress of your complaint.
Step 2
In the unlikely event that this does not resolve the matter or you are not satisfied with the way your complaint has been dealt with, you should contact Peter Fryer at:
Lloyd’s Australia LimitedTelephone: (02) 9223 1433
Suite 2, Level 21 Angel PlaceFacsimile: (02) 9223 1466
123 Pitt StreetEmail: peter@lloydsaustralia.com.au
Sydney NSW 2000
When you lodge your dispute with us, we will usually require the following information:
Name, address and telephone number of the policyholder
Nameand address of the insurance intermediary through whom the policy was obtained
Details of the reasons for lodging the dispute
Copies of any supporting documentation you believe may assist us in addressing your dispute appropriately.
Following receipt of your dispute, you will be advised whether your dispute will be handled by either Lloyd’s Australia or the Policyholder & Market Assistance Department at Lloyd’s in London:
Where you are a retail client and your dispute is eligible for referral to the Financial Ombudsman Service (FOS), your dispute will be reviewed by a person at Lloyd’s Australia with appropriate authority to deal with your dispute.
Where you are a retail client and your dispute is not eligible for referral to the FOS, or where you are a wholesale client, Lloyd’s Australia will refer your dispute to the Policyholder & Market Assistance Department at Lloyd’s, who will then liaise directly with you.
How long will the Step 2 process take?
Your dispute will be acknowledged in writing within 5 business days of receipt, and you will be kept informed of the progress of our review of your dispute at least every 10 business days.
The length of time required to resolve a particular dispute will depend on the individual issues raised, however in most cases you will receive a full written response to your dispute within 15 business days of receipt, provided we have received all necessary information and have completed any investigation required.
Step 3
If your dispute is not resolved in a manner satisfactory to you, we will then provide retail clients eligible for referral to the FOS with details of that body.FOS is an independent body that operates nationally in Australia and aims to resolve disputes between you and your insurer.Your dispute must be referred to the FOS within 3 months of the date of our final decision.
Retail clients not eligible for referral to the FOS, and wholesale clients, may be eligible for referral to the Financial Ombudsman Service (UK).Such referral must occur within 6 months of the final decision by the Policyholder & Market Assistance Department at Lloyd’s.Further details will be provided by the Policyholder & Market Assistance Department with their final decision to you.
How much will this procedure cost you?
This service is free of charge to policyholders.
Finance & Administration Departments: F +61 7 5531 6888 | info@magicmillions.com.au