What is a discretionary risk mutual?

Question

Accepted Answer

Peninsula Mutual is owned by its members, who are clients of Peninsula. The Mutual offers its members the opportunity to access discretionary benefits called Peninsula Protect by paying a contribution to the Mutual for membership. Each member has an entitlement to one vote at any general meeting of members. Peninsula Mutual holds an Australian Financial Services Licence (AFSL No. 544232) and Peninsula Protect is regulated as a financial product by the Australian Securities and Investments Commission. In New Zealand, Peninsula Protect is a discretionary risk product.

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