Financial Services Guide

1. About this Guide

This Financial Services Guide (“FSG”) is prepared by Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 (Hay) Under its Australian Financial Services Licence, Hay is authorised to provide financial services including arranging for the issue of non-cash payment facilities such as Prospa Business Account and Prospa Card (“Card/Account”).

This FSG is issued by Hay. Hay and Prospa have entered an agreement that allows Prospa to market, promote and distribute the Hay issued non-cash payment products. This FSG is an important document, which provides information about the financial services offered by Prospa and is designed to assist you in deciding whether to use the services offered in this FSG.

Hay is the issuer of a Visa Debit card whereby users can load value onto the card to make payments wherever Visa prepaid cards are accepted (Prospa Card or Card).

The Card is linked to a digital account (which is not a bank account) which can be accessed via the Prospa App (Business Account or Account).

As an Australian Financial Services Licence holder, Hay is required to hold client monies with an approved Authorised Deposit-taking Institution.

Hay holds the client monies for Prospa customers with National Australia Bank.

It is important for you to know that Hay is not a bank and our prepaid cards are not protected under the financial claims scheme.

2. Important Information

This FSG is designed to assist you to make an informed decision about whether to use our financial services. It contains important information about:

  • the financial services we provide and documents you may receive from us;
  • fees and other benefits we may receive for providing the financial services to you; and
  • how you can make a complaint to us and how we will deal with your complaint.

3. Documents you may receive

You will receive this document at the time you may be provided with a financial service.

You will also be provided with the product disclosure statement (PDS) before you sign up to our product(s). The PDS will provide you with information about the product, its features, benefits, risks, costs and other relevant information, available in the Prospa App and at www.prospa.com/product-disclosure-statement

The product(s) are governed by the Terms and Conditions which are available in the Prospa App and our Privacy Policy which is available at www.prospa.com/privacy-policy

You should read the Terms and Conditions and Privacy Policy before you decide to obtain our product(s).

4. After reading this FSG, you will know:

  1. Who we are and how to contact us;
  2. What financial services can be provided to you and how these services will be provided to you;
  3. How we (and any other relevant persons) may be remunerated;
  4. Whether any relevant associations or relationships exist that may influence our general advice;
  5. How we maintain your personal information; and
  6. How to access our internal and external complaints handling arrangements.

The content of this FSG is general information only and does not take into account any person’s particular needs or objectives. Hay provides no warranty as to the suitability, for any person, of the services outlined in this FSG.

If you need any more information than is contained in this document, please contact us. You have the right to ask us about our charges, the type of advice we will provide you, and what you can do if you have a complaint about our services.

5. About the Issuer Hay Limited

Hay is an Australian Financial Services Licensee, Licence No. 515459. Customer’s contact Prospa directly for all account and service queries.

6. What kinds of financial products and services can Prospa promote on behalf of Hay Limited?

Prospa has integrated the Hay non-cash payment product into their broader service offerings. Prospa is authorised under an agency agreement by Hay to market, promote and distribute a non-cash payment product to small business clients.

The Card is a facility for making non-cash payments (a Debit Visa product) issued by Hay.

This means that Prospa can:

  1. Arrange for the issue of the Card by Hay to you;
  2. Provide factual information in relation to the Hay issued Card; and
  3. Publish or issue certain promotional material in relation to the Card.

Prospa and its associated companies are not authorised to provide (and Hay itself does not provide) personal advice about financial products. Personal advice is advice when your objectives, financial situation or needs have been or would be expected to be considered. This means that Prospa will not take your objectives, financial situation or needs into account whenever it gives general information (in publishing or issuing promotional material) about the Card.

It is your responsibility to decide whether any general information given by Prospa in its promotional material is suitable for you, or to get personal advice from a financial adviser who holds an Australian Financial Services licence or who is an Authorised Representative of an Australian Financial Services licence and who is authorised to provide personal advice.

Prospa will only provide factual information on the relevant non-cash payment products. Prospa cannot advise you on, or influence you in favour of, a financial product that is not a product that we are authorised to provide advice on.

Please be aware that Hay shall not be responsible where the Prospa Representative provides any services to you, which are outside of their authorisation limits. You should therefore ask the Prospa Representative to confirm specifically that the service or product relates to deposit and non-cash payment products, prior to acting on any information.

  • A Product Disclosure Statement will be provided to you.
    Before or at the time you are offered the Card, Hay Limited will provide you with, or explain how to access, a Product Disclosure Statement (“PDS”) for the Card. The PDS contains information about the costs, benefits, risks and other features of the recommended financial product. You should read this information to enable you to make an informed decision prior to acquiring the Card.
  • Can I provide Prospa with instructions?
    You may provide the Prospa  Representative with specific instructions by letter, email or other means (as agreed with the Prospa  Representative).
  • Disclosure of any relevant conflicts of interest
    Hay and Prospa are not related entities. Prospa does not have any relationships or associations that might influence them in providing you with Prospa’s  services.

7. How you can provide instruction to Prospa

You can contact us by:

8. What commissions, fees or other benefits are received?

Hay does not receive any commissions from any party in relation to issuing the customer with a non cash payment product. Hay charges fees for providing the services to the customer and Hay’s clients. The fees charged to the cardholder are set out in the PDS.

9. Associations and Relationships

Hay does not have any associations/relationships which could influence the financial services provided.

10. What should you do if you have a complaint?

If you have a complaint or dispute relating to our product(s) or the financial services we have provided to you, please follow the below procedure:

  • Step 1
    Contact Prospa in the first instance via:

  • Step 2
    If you are not happy with the outcome, you may request that Prospa’s customer advocate review your complaint and Prospa’s proposed resolutions. The customer advocate may contact you for more information. The customer advocate will contact you with his or her decision.
  • Step 3
    If you are still not satisfied with the decision or Prospa does not respond to you within 21 days after you make the initial complaint to Prospa, you can contact Australian Financial Complaints Authority (AFCA). AFCA’s details are:
    • Australian Financial Complaints Authority
    • Website: afca.org.au
    • Email: [email protected]afca.org.au
    • Phone: 1800 931 678
    • Mail: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
    • You can only contact AFCA once you have followed the procedure above.

How to contact Prospa

11. Compensation Arrangements

Hay holds professional indemnity insurance, which covers the financial services we are authorised to provide to you. This professional indemnity insurance satisfies the requirements of section 912B of the Corporations Act 2001 (Cth).

12. How to contact Hay

You can contact Hay via: