Who will be providing the services to you?
FinEx is a specialist provider of wholesale stockbroking services to financial services providers such as financial planners and other AFSL holders. We supply execution and settlement services and we can also source research, market news and model portfolios from third party providers. We take no responsibility for the content of the information provided by these third party providers.
Our Third Party Clearer will administer the client’s Participant Sponsored Holdings on our behalf of but FinEx Limited remains responsible to the client for any actions or matters done or omitted to be done in respect of the client’s Participant Sponsored Holdings. The Third Party Clearer will also provide services to clear and settle the transactions that you execute through FinEx.
The FSP you have chosen to use, holds an AFSL or is an Authorised Representative of, an AFSL holder and will have the necessary financial services/product authorisations to use our services on your behalf. FinEx has a wholesale service relationship with your FSP. You have a direct, primary relationship with your FSP and a secondary relationship with us.
Our advisory and research services are subject to different arrangements. They are provided directly to your FSP for their reference and support when researching recommendations for you in relation to market-traded products. If you wish to execute transactions using our services, please contact your FSP who will arrange to have those transactions executed by FinEx.
Therefore, the client relationship we have with you is essentially limited to dealings conducted on behalf of your account in accordance with the order instructions provided to us by your FSP, following your consultations with them. Who do we act for when providing services?
When providing our execution services, we will be acting on instructions provided by your FSP, and we will be acting as your agent. At times, we may even be acting as agent for another client who is the counterparty to your transaction (e.g. a sale of shares on market between clients).
On rare occasions we may act ‘as principal’ on our own account and appear on the other side of a transaction with you. In such circumstances we cannot charge you brokerage. We may also accumulate and price-average a number of transactions on one Confirmation. Your consent to these scenarios is granted when you sign the acknowledgements, authorisations and consents in our New Account Application.
Our advisory services are provided only to your FSP and your FSP may pass these services to you.
Terms and conditions applying to our services
All market transactions are executed subject to:
the Services Agreement we have with your FSP; the acknowledgements, authorisations and consents you agree to when you sign our New Account Application form; the ASIC Market Integrity Rules, the directions, decisions and requirements of ASX, ASX Operating Rules, ASX Clear Rules and ASX Settlement Rules and any other relevant market operator;
the customs and usages of the relevant market and the correction of any errors and omissions.
You should read our New Account Application form carefully before signing. The Services Agreement between FinEx and your FSP ensures all the necessary market related services are available to support the services your FSP provides directly to you.
More About Our Dealing Services
Dealing services means buying, selling, applying for or redeeming financial products on behalf of clients.
FinEx provides your FSP with access to investment opportunities made available by an issuer rather than someone selling on market. These involve applying for, or redeeming financial products. Your FSP can assist you make applications for Initial Public Offerings (IPOs) and other new issues of securities (e.g. shares) or interests in managed investment schemes (e.g. equity trust units). We can assist your FSP in arranging applications or redemptions.
Secondary Market transactions are dealt on market. The products have already been issued. Before using our dealing services for the first time, we require your FSP to verify your identity as required under the AML/CTF Act and to confirm settlement arrangements.
FinEx has immediate access, when ASX Markets are open, to order execution and transaction settlement platforms. Subject to the relevant dealing and settlement regulations, FinEx will accept and transact orders placed by your FSP, on your behalf, and will facilitate settlement via its Third Party Clearer.
There may be other circumstances in which FinEx will not be able to accept order instructions, but they are most unlikely and we would give your FSP reasons for not doing so and assist with alternative arrangements. A Confirmation will be dispatched directly to you following execution of a market transaction. It confirms the detail of the transaction, the contractual terms and conditions which applied to the transaction, and also serves as a Tax Invoice. If you so authorise, in the New Account Application, a copy will go to your FSP.
We urge you to have us CHESS sponsor your holdings of traded products (i.e. sign the Sponsorship Agreement in our New Account Application). This service has many advantages and minimises the risk of failed settlement of sell transactions, which incurs additional fees. Your FSP must instruct us in certain ways FinEx will accept instructions from your FSP in a number of ways including electronically (email or through an electronic order pad) or over the phone. Notifications and instructions in relation to important matters (e.g. change of your address, payment of sale proceeds to parties other than you) must be provided to us (via your FSP) in writing, signed by you.
Market Transactions may be cancelled by ASX ASX has the power, when market integrity is at stake, to cancel or amend a market transaction (or reinstate an order) which has been executed. Cancellation of an executed transaction would mean the loss of the benefit of the market price and other entitlements flowing from the transaction. Amendment of a transaction may have a similar impact. You would not be entitled to any compensation from us or ASX. Settlement requirements
FinEx will not, nor is it obliged to, settle cash (currency). We will not pay you in cash and we won’t accept cash from you or your FSP directly. You can make electronic transfers or pay via cheques to settle your transactions. In the case of transactions executed on ASX Markets, funds (i.e. cheques or direct deposits), documents (e.g. share certificates, prescribed statutory declarations) or sponsored holdings must be available to FinEx’s Third Party Clearer by the time and date specified on the Confirmation