Financial Services Guide
Dated 12th October 2022
This Financial Services Guide (FSG) is an important document that provides you with information about the financial services offered by YP Operator Pty Ltd (ABN 67 645 956 912, Authorised Rep No 001297827) (referred to in this FSG as YP, we, our or us) to assist you in deciding whether to use these services.
1. About this Financial Services Guide
This FSG provides information about:
Who we are and our contact details
Our products, services, and their associated costs
Other documents you may receive
Details of our associations and relationships which might influence us in providing financial services to you
How you can use our services
Information about investing using YP’s services, including the risks of doing so
How we, our staff and other related parties are remunerated and any other benefits we might receive
How we collect and use your personal information
Details of how you can make a complaint about us
2. About us
YP and its related bodies corporate provide an online investment platform (YP Platform) that allows clients (also referred to as ‘members’ in this Guide) to make certain types of investments. YP Operator provides a securities trading service through the YP Platform which allows members to indirectly invest in listed securities on the Relevant Exchange*. The YP Platform also allows members to trade in digital currencies, which is a service provided by YP Digital Asset Nominees Pty Ltd (a related body corporate of YP). As these services are not financial services provided by YP, the content of this Guide is not applicable to those services.
YP is a related body corporate, and an authorised representative of YP Securities Limited (ABN 41 647 627 889), AFSL No. 531729) (YP Securities). YP Securities has authorised YP to provide this FSG.
YP Securities (including its Authorised Representative YP Operator) has an arrangement under which Openmarkets Australia Limited (Openmarkets), a market participant of the Relevant Exchange, can provide execution, clearing and settlement services to YP Platform members. Openmarkets is a clearing participant of ASX Clear Pty Ltd and a sponsoring broker and participant of CHESS, the clearing and settlement facility operated by ASX Settlement Ltd. Openmarkets Australia Nominees Pty Ltd (Openmarkets Nominees), a related body corporate of Openmarkets, also acts as custodian and hold assets on trust for YP Platform members in a single omnibus account as bare trustee. You will communicate all your trading instructions using the online features of the YP Platform and YP will pass on those instructions to Openmarkets to execute trades on your behalf in the name of Openmarkets Nominees (as bare trustee) and for your cash account balance held within the YP Securities client money trust account to be debited or credited (as appropriate).
YP may outsource some functions relating to its services to third parties. We have put in place measures to ensure due skill and care is taken in choosing suitable service providers, and arrangements to monitor the provider’s ongoing performance to ensure continued compliance with the relevant regulatory requirements.
*Relevant Exchange means ASX, CBOE or NSX and, without limitation, any other exchange on which Openmarkets enters a Transaction and to which Openmarkets agrees through the ISA with YP Securities shall apply or the financial markets operated by them (as the context requires).
3. About our services
YP operates the YP Platform securities trading service for retail and wholesale clients.
YP Platform members have access to investment products, data, and tools to make investment decisions, execute transactions and monitor investment performance. This is achieved with the aid of technology to allow the sharing of data and facilitation of transactions and reporting.
Using the services provided by YP through the YP Platform, members can:
use a cash account to fund acquisitions of investments, receive proceeds of sale of investments, hold surplus cash funds, pay fees to YP where required, receive dividend and interest payments and make payments to and from their own nominated bank account;
use the YP Platform to select from a range of securities listed on the Relevant Exchange on YP Securities authorised investment list (AIL) and give instructions to Openmarkets to buy or sell securities;
use the YP Platform to purchase multi security Investment Strategies; and
log in to the YP Platform to review their portfolio asset holdings online and obtain transaction confirmations, statements, and reports.
4. Financial services we are authorised to provide
YP has been authorised by YP Securities to provide the following kinds of financial services to retail and wholesale clients:
a) provide general financial product advice about
i. deposit products;
ii. debentures, stocks or bonds issued or proposed to be issued by a government;
iii. interests in managed investment schemes including investor directed portfolio services (IDPS); and
iv. securities; and
b) deal in a financial product by applying for, acquiring, varying, or disposing of a financial product on behalf of another person in respect of:
i. deposit products;
ii. debentures, stocks or bonds issued or proposed to be issued by a government;
iii. in managed investment schemes including IDPS; and
5. Other services you may receive
If you wish to use our services you will receive our YP Terms and Conditions, which contain more information about how our services will be provided to you and use of the YP Platform.
We will not provide any personal financial product advice to you. Any advice we provide to you is general advice only and does not consider your specific needs or objectives. All our commentary, statements of opinion and recommendations in relation to financial products have been prepared without considering your personal objectives, financial situations or needs. It is up to you to decide whether you want to use our services, and if you need assistance or advice in this regard, you should consult a suitably qualified financial adviser.
As we do not provide personal financial product advice, you will not receive a Statement of Advice from us.
Generally, if we arrange for the issue of a financial product to you, you may receive a Product Disclosure Statement (PDS) or other relevant disclosure documents that include information about the product so that you can make an informed decision whether to acquire the product. The PDS will include any relevant terms, significant risks and costs associated with the supply of that financial product.
Generally speaking, you will not receive a PDS when you trade in securities on the ASX.
Where you receive financial services from other financial service providers (for example, Openmarkets), they will separately provide you with their own Financial Services Guide and other documents relating to those services.
6. Details of associations and relationships
YP and its related bodies corporate do not have any associations or relationships that could be expected to influence the financial services that we provide.
Neither we nor any of our related bodies corporate receive any remuneration or other benefits from issuers of financial products.
7. How to establish a YP account and use our services
Our services are provided online.
To use our services, you will need to set up an account via our website and agree to the YP Terms and Conditions. The YP Terms and Conditions contain information about the features, costs, risks, and benefits of the financial services offered. You should read the terms carefully and seek independent legal advice should you have any questions.
To establish a YP Platform account, you will need to be over 14 years of age or older and an Australian tax resident. You will need to complete customer identification verification online through the YP Platform. This verification process includes providing a driver’s licence, passport or Medicare card and other personal information and/or documents.
Once your identity has been verified, if we approve your application, you will be able to nominate an account name and provide account information regarding your YP account (e.g., password, account number, tax file number, mobile number).
Once your nomination request has been processed, you will be able to deposit cash into a trust account, which can be used to trade securities and digital currencies on the YP Platform.
8. How we're remunerated
YP is only remunerated by way of the fees applicable to a service you use. No charges apply for services and assistance provided to you by our Client Services Team.
YP’s employees are remunerated by way of salary. YP’s employees do not receive commissions.
YP’s fee structure is noted in the table below, which is also outlined in the YP Terms and Conditions that a member is required to agree to before establishing a YP account:
YP Securities earns interest on funds held in its client money trust account. YP Securities is entitled to retain the interest earned on this account and may choose to pass on some of that interest to members.
9. What should you know about the risks of trading and investing?
Before becoming a member, it is essential to understand that trading or investment in any market has risks. While securities may offer the potential for gains, the risk of loss in securities market trading can also be substantial.
The value of a security may rise and fall considerably depending on what other people are prepared to pay for a share at the time of a transaction. Such price volatility will depend on many factors, including information about the company, market sentiment, opinions about the country the security is traded in, the prospects for the industry and many other factors. Sometimes companies go bankrupt, and clients may lose the entire value of their investment in it.
This brief statement does not disclose all the risks and other significant aspects involved in trading or investing in financial markets. You should carefully consider whether securities trading or investment suits your needs, considering your own specific circumstances.
If you have a complaint about our services, please contact us using the details in the ‘How to contact us’ section below, or write to YP Securities at:
YP Securities Limited: Complaints Resolution Process
Level 5, 35-43 Grafton Street
Bondi Junction NSW 2022
or email: email@example.com
Please provide the detail and reason for your complaint and YP Securities will attempt to acknowledge your complaint within one business day of receiving it. YP Securities will endeavour to resolve the matter and respond by the end of the fifth business day. A final response may take up to 30 days depending on the circumstances of your complaint.
If an issue has not been resolved to your satisfaction, you can lodge a complaint with the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers.
Telephone: 1800 931 678 (free call)
In writing to: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
You will not be required to make any payment to make a complaint to YP Securities or to AFCA.
11. Compensation arrangements
Professional indemnity insurance is in place that satisfies the requirements under s912B of the Corporations Act 2001 (Cth) for compensation arrangements. It covers legal liability arising from the financial services we provide to you. It also covers potential liability arising from compensation claims relating to present and former employees and representatives. YP Securities is also a member of AFCA and agrees to be bound by AFCA’s rulings and pay compensation to consumers when AFCA directs it to do so.
12. Personal Information