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Financial Services Guide

Bano Pty Ltd ACN 643 260 431 AFSL No. 536984
Date: 19 December 2022
Version: 1

Purpose of this Financial Services Guide

This Financial Services Guide (FSG) sets out key information about the financial services we may provide to you. It is designed to assist you to make an informed decision about the financial services we provide and contains important information about:

  • who we are and how to contact us
  • the financial services we are authorised to provide
  • how we are paid in relation to the financial services we provide
  • how to make a complaint

This FSG is provided by Bano Pty Ltd ACN 643 260 431 AFSL No. 536984 (Bano, we, our orus).

We strongly recommend that you read and understand this FSG before you engage us to provide you with any financial services. Please contact us if you have any questions.

Who we are

Bano is the issuer of a mobile application (Bano App) that offers users with an investment and payment solution via an online account (Bano Account). The Bano Account currently has the following offerings:

  • ability to store money, transfer, receive and withdraw money from the online account
  • option to invest in US shares
  • ability to hold multi-currency accounts
  • option to use international money remittance services to send and receive international transfers

Documents you may receive

We may provide you with general financial product advice. General advice is financial advice that does not take your personal needs, objectives or financial situation into account. General advice may be provided to you individually, or as part of broader communications we may distribute to users and the public.

If you open an account with us, you will receive a Product Disclosure Statement (PDS). The PDS contains important information about the Bano Account, including features, benefits, risks, costs, fees and charges. The PDS is intended to assist you to make an informed decision about whether to acquire the Bano Account.

The Bano Account is governed by our Terms & Conditions, which can be accessed from our website (www.banosuperapp.com).

Financial services are authorised to provide

We are authorised to provide the following financial services to retail and wholesale clients:

  • provide general financial product advice in relation to basic deposit products, non-basic deposit products, non-cash payment products and securities;
  • deal in a financial product by issuing non-cash payment products; and
  • deal in a financial product on behalf of another person in relation to basic deposit products, non-basic deposit products, non-cash payment products and securities.

We only act on our own behalf with respect to the financial services we provide.

General advice warning

We only provide general advice with respect to the financial services and products we offer. General advice is financial advice which does not take your personal needs, objectives or financial situation into account. As a result, before acting on any advice we provide, you should consider the appropriateness of it having regard to your personal circumstances. You should carefully consider the product disclosure statement of any financial product that has been included in general advice communications before making a decision about whether to acquire the relevant financial product.

How we are paid for our services

Any general financial product advice we provide is provided free of charge.

However, we impose fees and charges for using the Bano Account. These are available on our website (https://www.banosuperapp.com/help/) in the “fees and charges” section or you can contact us to request this information without charge.

Bano may introduce new fees and charges or increase its existing fees and charges at any time by giving notice via the website or Bano App.

If you take out a financial product through us, we may receive payments in the form of initial commissions and/or ongoing commissions from the financial product providers. These commissions are included in the fees or premiums you pay for the product. They are not an additional cost to you.

Our directors and employees are paid a salary which does not change depending on the amount of financial services provided.

How to give us instructions

If you wish to use our services, you may give us your instructions via the Bano App. We only offer telephone services if the Bano App is unavailable for any reason. When providing instructions by telephone, you will need to provide us with adequate identification information.

Disclosure of any conflicts of interest

We do not have any relationships or associations which might influence us in providing you with our financial products and services.

Resolving complaints

If you have a complaint or concern about services provided to you, we encourage you to contact us. When your complaint is received by us it will be investigated. If your concern is not resolved, or if you are not satisfied with the decision you may contact the Australian Financial Complaints Authority (AFCA), which is an external dispute resolution scheme of which we are a member (AFCA Member No. 78414).

AFCA’s details are:

Phone: 1800 931 678

Email: [email protected]

Address: GPO Box 3, Melbourne VIC 3001

Website: www.afca.org.au

Compensation arrangements in place

Bano maintains professional indemnity insurance to cover the financial services it is authorised to provide. This policy complies with the requirements imposed by section 912B of the Corporations Act 2001 (Cth).

Contact

If you have any further questions about the financial products and services we provide, please contact us:

Email: [email protected]

Address: Level 13, 2 Bulletin Place, Sydney, 2000, NSW, Australia

Website: www.banosuperapp.com