HiFX Australia Pty Ltd
This Financial Services Guide (FSG) issued on 24 March 2023 by:
HiFX Australia Pty Ltd
105 106 045
In this document, the use of the words ‘us’, ‘our’, and/or ‘us’ refer to HiFX Australia trading as Xe Australia.
Xe Australia’s Financial Services Guide
1. WHAT IS THE PURPOSE OF THIS FSG?
Under the Corporations Act we are obliged to provide you with this FSG. The purpose of this FSG is to inform you of the financial services we offer and to ensure that you receive the information required to make an informed decision about whether to use our financial services. This FSG contains important information about:
- who we are;
- how we can be contacted;
- the services and products we offer;
- how we are paid;
- how our associates are paid;
- any associations or relationships we may have with financial product issuers and details of any potential conflicts of interest; and
- our internal and external dispute resolution procedures and how you can access them and lodge a complaint.
This FSG is intended for retail clients as defined by the Corporations Act. The information contained in this FSG is general information only and has been prepared without taking into account any particular person’s objectives, financial situation, or needs. We provide no warranty regarding the suitability of any of the products or services described in this FSG for any person.
2. WHO WE ARE
Any financial services offered are provided by HiFX Australia Pty Ltd ACN 105 106 045; AFSL 240 917 (trading as ‘Xe’, ‘Xe.com’ or ‘Xe Australia’) (Xe Au). We are responsible for the dealing and market making financial services in respect of foreign exchange transactions. We are authorised to accept orders and transactions relating to retail derivative products (forward exchange contracts).
3. HOW TO CONTACT US
We can be contacted at any time by phone, email or post using the details below:
HiFX Australia Pty Ltd
Level 1, 75 Castlereagh Street, Sydney NSW 2000 Australia
1800 875 483
4. OTHER DOCUMENTS YOU MAY RECEIVE FROM US
You should also receive from us a Product Disclosure Statement (PDS) about the products that we issue. The PDS will be provided to assist you in making an informed decision about that financial product.
We provide factual information to assist retail customers in understanding our products and services. You may also ask us to provide you with general financial product advice, which means that we will not take into account your financial needs, circumstances or objectives in the advice we provide.
5. WHAT FINANCIAL SERVICES DO WE PROVIDE?
We specialise in providing foreign currency services to both Corporate (Wholesale & Retail) and Consumer (Retail) clients who need to buy and/or sell foreign currencies for a commercial purpose or take physical delivery of the currency.
Our AFSL authorises us to provide the following services to both wholesale and retail clients:
- provide financial product advice and deal in derivatives, and foreign exchange contracts; and
- make a market for derivatives and foreign exchange contracts.
Our products and services include
Spot foreign exchange contracts
Forward foreign exchange contracts
Vanilla foreign exchange options (Wholesale clients only)
Payment products including wire transfers
Structured foreign exchange options (Wholesale clients only)
6. WHAT IS THE NATURE OF OUR ADVICE?
We provide general advice to retail clients. We recommend that you take all reasonable steps to fully understand the outcomes of specific foreign exchange trades and strategies adopted in relation to using general advice provided by us.
Regular updates, marketing materials, research reports, market reports, PDSs or other offer documents and website content are not personal advice.
7. HOW CAN YOU GIVE US INSTRUCTIONS?
We accept order instructions in any of the following ways:
- electronically, via Xe Australia client platform;
- via telephone; and
- by email, you must check and confirm with us that instructions sent by email have in fact been received by us.
It is your obligation to review any confirmation or statement we send to you to ensure its accuracy and report any discrepancies that you may have to us immediately.
8. HOW IS MY PERSONAL INFORMATION DEALT WITH?
We are committed to compliance with the Privacy Act and the Australian Privacy Principles and providing you with financial products and services in a manner which ensures your right to privacy is respected.
We only collect, use and retain personal information which is necessary to provide you with access to, and information about, our services. If you wish to access or update information we hold about you, please ask us and we will make arrangements for you to do so.
A copy of our Privacy Notice is available on our website or from our Client Services team. Please contact us if you have any concerns.
For complaints concerning privacy matters which have not been resolved to your satisfaction, you can lodge your complaint with the Office of the Australian Information Commissioner via its online Privacy Complaint Form, available at http://www.oaic.gov.au/privacy/making-a- privacy- complaint.
9. HOW ARE WE REMUNERATED FOR THE SERVICES WE PROVIDE?
In relation to all transactions, and in addition to any fee that we might charge, we derive a profit on the transaction based on the difference between the rate quoted to you and the rate we can negotiate with our own providers. This profit will vary according to the currencies involved and the arrangements that we enter into with our banks from time to time.
Our team receives salaries and the board has established principles for the application of performance pay which it reviews each year, along with appropriate performance measures and targets to ensure ongoing suitability to Xe Australia’s circumstances.
10. WHAT RELATIONSHIPS DO WE HAVE WITH REFERRING ENTITIES?
In limited circumstances, you may have been referred to us. Depending on the circumstances and as permitted under the Corporations Act, the referring entity may receive a referral rebate.
Rebates paid to referring entities by us as a result of transactional business by you do not impact any payments made by us to beneficiaries as instructed by you.
We have a policy for managing, avoiding and disclosing relevant conflicts of interests.
We receive referral rebates from any referring entities from time to time and is not independent or unbiased.
11. DO WE HAVE COMPENSATION ARRANGEMENTS IN PLACE?
Under the Corporations Act and regulations made under that Act, Xe Australia as the holder of an AFSL is required to have professional indemnity insurance that is adequate having regard to the nature of our business and the potential for compensation claims.
We maintain adequate professional indemnity insurance to cover the financial services it provides under its AFSL in accordance with the Corporations Act requirements and reviews insurance coverage and policies annually. Further information is available upon request.
12. DO WE HAVE ANTI-MONEY LAUNDERING PROTECTIONS?
We are compliant with the relevant anti-money laundering and counterterrorism financing legislations and associated regulations made under it. As part of these legislative requirements, you will need to provide evidence of identification.
13. WHAT ARE OUR DISPUTE RESOLUTION PROCEDURES?
We have internal and external dispute resolution procedures to resolve complaints from clients who receive financial services. A copy of these procedures may be found on our Help Centre.
If you have a complaint about the financial services provided to you, please submit a complaints form online, which can be found in our Help Centre article, How to make a complaint.
Upon receiving your complaint, we will acknowledge the receipt of it within 24 hours or, if that's not possible, as soon as practicable after receiving it. Xe will attempt to resolve your complaint within 30 days. If there is any delay you will be notified of the same, including the reasons for the delay.
2. Contact Australian Financial Complaints Authority.
If you are not satisfied with our response, you may lodge a complaint with the Australian Financial Complaints Authority (AFCA) using the details provided below:
Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001
1800 931 678 (free call)
Xe Australia’s AFCA membership number is 11671. The service provided by AFCA is free of charge.
3. Contact the Australian Securities and Investments Commission (ASIC) on 1300 300 630.
This is a Free call Infoline. This is another alternative that you may use to make a complaint and obtain information about your rights.