Affinity Insurance Services Pty Ltd has become a Corporate Authorised Representative of Oracle Group (Australia) Pty Ltd as of the 5th April 2016.
The transfer to Oracle Group (Australia) provides the customers of Affinity Insurance Services with access to the combined strength of the IBNA Group including broader wordings with mainstream insurers for Home Insurance, Motor Insurance, and Business Insurance.
It has been alleged that Winley Insurance Group mishandled the money in their trust account. Affinity Insurance Services first became aware of this on Friday 1st April 2016. As a result, enquiries were made with trusted colleagues resulting in the transfer of all clients to a new licensee on Tuesday 5th April 2016 to ensure that our customer interests were put first as their broker.
Whilst at the time of this publication the allegations against Winley Insurance Group are still being investigated by ASIC, we have made a transfer to Oracle Group to protect our customer interests.
As a Corporate Authorised Representative, we do not maintain, administer, or access the trust account of the licensee. At no stage have the allegations implicated the directors or staff of Affinity Insurance Services Pty Ltd who are in no way employees, shareholders, partners, officials or in any way connected with Winley Insurance Group.
If you are a customer and your payment was made to Winley Insurance Group prior to our transfer of licensee, we understand that legislation has been designed to protect you as a policyholder. We will continue to represent you and your interests as your broker and as an Authorised Representative of Oracle Group (Australia) Pty Ltd moving forward.
CORPORATIONS ACT 2001 - SECT 985B
Status of amounts paid to financial services licensees in respect of contracts of insurance
(1) If:
(a) a contract of insurance is arranged or effected by a financial services licensee; and
(b) the licensee is not the insurer;
payment to the licensee of money payable (whether in respect of a premium or otherwise) by the insured under or in relation to the contract is a discharge, as between the insured and the insurer, of the liability of the insured to the insurer in respect of that money.
If you have any concerns about this process and how it may affect you, please contact our office on 1300 429 707.