Who Are We?
FinEx (previously Lonsec Ltd, trading as Lonsec Stockbroking) holds an Australian Financial Services License (AFSL) issued by the Australian Securities and Investments Commission (ASIC) (AFSL No. 246842) and is an ASX Limited (ASX) Market and Account Settlement Participant.
FinEx was purchased by Finclear Pty Ltd (FinClear) on 7 October 2017 and is a wholly owned subsidiary of FinClear Pty Ltd (FinClear). FinClear holds its own AFSL (AFSL No 481017) and is an ASX Clearing and General Settlement Participant of ASX who is the provider of third party clearing and settlement services.
As FinEx is not an ASX Clearing Participant, it is required to enter into third party clearing arrangements with an ASX Clearing Participant (Third Party Clearer). FinEx’s Third Party Clearer is FinClear Pty Ltd (FinClear). As FinEx’s Third Party Clearer, FinClear has the clearing and settlement obligations for all ASX transactions executed by FinEx on behalf of its clients. FinEx also has commercial arrangements (Services Agreements) with your FSP for FinEx to provide the services as described in this FSG.
In addition, FinEx aims to identify and secure access to a wide range of quality investment opportunities likely to be of interest to clients. In doing so, FinEx may develop relationships with issuers which involve FinEx receiving fees for rating, promoting or arranging client investment in their financial products. These relationships may lead to research being commissioned from FinEx, success fees, distribution/research introduction fees, portfolio advice or transaction fees etc. which enable FinEx to source the products for clients. If FinEx receives any monetary or other benefits, that will be disclosed in any ‘offer’ documentation or research distributed to your FSP. FinEx is not controlled by any issuers, and our Directors and staff do not act in that or any other capacity within the business of an issuer of financial products.
What documentation will I receive?
To open an account with FinEx you have to complete and sign our New Account Application Form, which is available from your FSP. Its acknowledgements, authorisations and consents govern our dealing related services. In particular, you authorise us to deal and do other things on your behalf in accordance with the instructions of your FSP. We do not expect you to contact us directly and we will only act on the instructions of your FSP.
You may receive Product Disclosure Statements (PDS) if we offer to issue or arrange for the issue of certain financial products. A PDS is an important document and sets out the information needed to make an informed investment decision about whether to acquire the product. Any PDS that is required to be provided to you will be provided to you via your FSP.
FinEx does NOT provide personal advice (see Section 0 below). We will never provide advice about whether a product is a suitable investment for you personally, and consequently you will not receive Statements of Advice (SOA) from us. All our advice will be general product advice (see Section0, below), which is based solely on our assessment of the investment/trading merits of the financial product and does not take into account your personal financial situation, needs or objectives.
If you use your FSP’s stockbroking services, our execution and settlement infrastructure is used. An account will be established at FinEx in your name. You will have to fill out, sign and return our account opening documentation (i.e. our New Account Application), which will be submitted by your FSP.
You may also have to sign and return certain prescribed product- specific agreements (e.g. ASX Warrants Client Agreement), and receive prescribed Explanatory Booklets or other documentation, before FinEx can accept any orders from your FSP for that product(s).