What is the purpose of this Financial Services and Credit Guide?
This Financial Services and Credit Guide is prepared by Flux Technologies. In this guide we outline:
- Who we are
- How you can contact us and Mozo
- The financial services and credit activities that Mozo has authorized Flux Technologies to provide under its AFSL and credit licence
- The commissions, fees and charges we will receive if you use our services
- Details of our Dispute Resolution Procedures if you wish to make a complaint
Who we are?
There is a big problem happening in front of our eyes. 3 in 4 Aussies aged 18-34 are struggling to make basic financial decisions.
What does this mean? It means they are unable to save money, we’re vulnerable to predatory lending and we struggle to accumulate wealth.
That’s where Flux comes in. We want to make the topic of money fun by breaking down complex concepts and making them accessible.
We do this through content and tech – free credit score monitoring, easy ways to save and offers that give you value.
How you can contact Flux Technologies and Mozo
Flux Technologies Pty Ltd:
Level 2, 710 Collins St, Docklands, VIC 3008
Mozo who can be contacted as follows:
Mozo Pty Ltd
Level 10, 89 York St, Sydney NSW 2000
What Financial Services and Credit Activities is Flux Technologies authorised to provide under Mozo’s AFSL and credit licence?
Under the Corporations Act 2001 and the National Consumer Credit Protection Act 2009, an Australian Financial Services Licence (“AFSL”) is required to be authorised to provide advice on certain financial products, and an Australian Credit Licence (“ACL”) is required to be authorised to engage in credit activities. Mozo has obtained both an AFSL and ACL so that it can offer general advice on financial products and to engage in credit activities.
As an authorised representative of Mozo's AFSL, Flux Technologies provides general advice only. It does not constitute “personal advice”, as it does not take into account one or more of your financial objectives, circumstances or needs. We are obliged to warn you that our general advice provided to you does not take account of your objectives, financial situation or needs. Therefore, we recommend that you ensure that you obtain advice from a licensed professional regarding the suitability for your own circumstances, of utilising our products and services.
Specifically, the authorisations under Mozo’s AFSL which it has authorised Flux technologies to operate under are as follows:
(a) provide general financial product advice for the following classes of financial products:
(i) deposit and payment products including:
(A) basic deposit products;
(B) deposit products other than basic deposit products;
(C) non-cash payment products; and
(ii) general insurance products; and
(iii) life products limited to:
- life risk insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds limited; and
(v) standard margin lending facility; and
(b) deal in a financial product by:
(i) applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:
(A) deposit and payment products including:
(1) basic deposit products;
(2) deposit products other than basic deposit products;
(3) non-cash payment products; and
(B) general insurance products;
(C) life products limited to:
(1) life risk insurance products as well as any products issued by a Registered Life Insurance Company that are backed by one or more of its statutory funds;
(D) securities; and
(E) standard margin lending facility;
to retail and wholesale clients.
As a credit representative of Mozo's ACL, Flux Technologies makes available factual information that is sourced from credit providers. Flux Technologies is in no way providing or intending to provide credit assistance to you by suggesting or assisting you apply for, remain in, or increase your credit limit with a particular credit product with a particular credit provider. If Flux Technologies refers you to a credit provider or provider of credit assistance you will be dealing directly with them and not Flux Technologies.
Specifically, the authorisations under Mozo’s ACL (No. 328141) which it has authorised Flux Technologies to operate under are as follows:
(a) Engage in credit activities other than as a credit provider by:
providing a credit service where the licensee is not or will not be:
- where the service relates to a credit contract or proposed credit contract - the credit provider under the contract; or
- where the service relates to a consumer lease or proposed consumer lease - the lessor; and/or
(ii) performing the obligations or exercising the rights of a credit provider in relation to a credit contract or proposed credit contract under which the licensee is not or will not be the credit provider; and/or
(iii) performing the obligations or exercising the rights of a mortgagee in relation to a mortgage or proposed mortgage that secures or will secure obligations under a credit contract under which the licensee is not the credit provider; and/or
(iv) performing the obligations or exercising the rights of a beneficiary under a guarantee or proposed guarantee that guarantees obligations under a credit contract under which the licensee is not the credit provider; and/or
(v) performing the obligations or exercising the rights of a lessor in relation to a consumer lease or proposed consumer lease where the licensee is not or will not be the lessor.
Are there any relationships that exist that may influence us when we provide our services?
Neither Mozo or Flux Technologies (including employees) has any associations or relationships with product issuers, that might reasonably be expected to be capable of influencing the services Flux Technologies provides other than those described in this financial services and credit guide.
Mozo’s remuneration arrangements
Mozo may receive fees or commissions from the financial institutions, issuers of financial or credit products and third party advice providers that it displays on its site and other 3rd parties for the following activities:
- Fees for market research or data and helping 3rd parties use the data Mozo has collected
- Licensing and hosting fees for content such as financial calculators and other tools
- Advertising fees for product advertisements based on a Cost per impression, Cost per click or Fixed fee
- Licensing fees for the use of badges awarded in Mozo’s Expert’s Choice and other awards programs
- Fees for referrals to product issuers on the following basis
o Cost per click when a person clicks from Mozo’s website through to a product issuer's or third party advice provider's website
o Cost per application when a person completes an application for a product issuer's product after being referred from Mozo
o Cost per approved account when a person completes and is approved for a product issuer's product after being referred from Mozo
o Cost per lead when a person clicks through to a product issuer's or third party advice provider's website and submits his or her contact details, or requests that Mozo passes on his or her contact details to a product issuer or third party advice provider
o Commission share on enquiries referred to product issuers or third party advice providers
The rates of the fees and commissions that Mozo receives vary between financial institutions, product issuers and third parties. It is important to note that:
- The fee or commission received by Mozo does not change the product its clients receive, or the fees, rates or commissions the client is charged by the financial institutions or providers of financial products
- Mozo provides its services free to consumers
The amount of fees and commissions Mozo receives will vary greatly due to the large number of providers and products Mozo represents on the site, so will depend on the specific products which customers choose.
Mozo staff and contractors are remunerated directly by Mozo and not in any way by other financial institutions or providers of financial products.
Other than as set out in this financial services and credit guide, Mozo does not have any association or relationship with the financial institutions and providers of financial and credit products that they display on their website.
You can request further information on Mozo’s commissions and remuneration by contacting them on firstname.lastname@example.org.
Flux Technologies’ remuneration arrangements
Flux Technologies receives a share of the revenue that Mozo is paid by third party product issuers on a cost per click basis or approved application basis, when a person clicks through Flux’s website to that third party’s website, or when a person also successfully applies for a product.
Flux Technologies staff and contractors are remunerated directly by Flux Technologies and not in any way by the financial product and credit providers.
Flux Technologies and its associates do not receive any remuneration or benefits in relation to the financial services and credit activities we provide, other than disclosed in this financial services and credit guide.
Flux Technologies does not charge consumers in relation to the services we provide as an Authorised/Credit Representative of Mozo. Flux Technologies provides its financial and credit services free to consumers.
Will anyone be paid for referring me to you?
Flux Technologies may pay fees to third party websites for referrals to the Flux Technologies website.
What should I do if I have a complaint or dispute?
Flux Technologies takes your complaints seriously, and is committed to trying to resolve them as quickly as possible.
To assist you in any complaints or disputes, we have:
- Established internal dispute resolution procedures
- Become a member of the Australian Financial Complaints Authority which allows you an external source of assistance if you are not satisfied with our resolution
If you wish to make a complaint about our services, in the first instance please email us at email@example.com.
The Flux Technologies team will respond to your complaint and seek to come to a satisfactory resolution directly with you.
If the outcome of this is not satisfactory to you, you may refer your complaint to the Australian Financial Complaints Authority (‘AFCA’) of which Flux Technologies is a member (Member Number 78391).
To find out more about AFCA and how they can assist you, please contact them as
Australian Financial Complaints Authority Limited
GPO Box 3
Melbourne, VIC 3001
1800 931 678
(03) 9613 6399