Disclosure Statement

Disclosure Statement

Licence status and conditions

South Pacific Insurance Brokers Limited, FSP138144 holds a financial advice provider licence, issued by the Financial Markets Authority, to provide financial advice.

It is a condition of our licence that we, together with any person giving advice on our behalf, can only provide advice on general insurance, life, trauma, private health, mortgage protection, income and disability insurance products.

Nature and scope of financial advice service

We engage financial advisers to provide financial advice on general insurance, life, trauma, private health, mortgage protection, income and disability insurance products on our behalf.
These are policies that insure you and your personal or business assets, and or liabilities and business income.

We are not able to provide advice on investment policies but are able to refer you to associates who are licensed to provide advice on such products.

We have access to most insurance markets in New Zealand (excluding direct Insurers) along with access to overseas markets as required.

A list of the types of insurance we can provide financial advice on can be found here:


Details of the insurers we have access to, who provide such insurance products, can be found here:

Fees, expenses or other amounts payable

We may charge a fee for the advice given to you and for implementing that advice. If a fee is to be charged it will be based on the amount of work and time required to provide and implement our advice and will be shown on our invoice to you, payable on payment of your premium. The amount of any fee will be disclosed either at the time we know the scope and nature of the advice required or when we provide our advice to you.

Premium funding

Premium funding products enable you to pay the insurance premium over the term of your policy by instalments rather than as one amount. Premium funders charge interest and they take a power of attorney over your insurance policy. This means they have the ability to cancel your insurance policy if you fail to pay an instalment. If you enter into such an arrangement the premium funder will pay us a commission as a percentage of the amount they fund.  The amount of this commission, will be disclosed to you when we know the scope and nature of the advice required and whether you intend to utilise the services of a particular premium funder. Commission will be paid to us directly from the premium funder.

Conflicts of interest and commissions or other incentives

South Pacific Insurance Brokers Limited will receive commission from the insurance companies on whose policies we give advice. If you decide to take out a policy, the insurer will pay us commission based on the premium that you pay.

We are a member of Steadfast NZ Limited (Steadfast). Steadfast supplies technology platforms, management, marketing, professional, technical, and buying benefits and services to support us in providing our financial advice services.

Steadfast has arrangements with insurance companies under which Steadfast receives a professional services fee of up to 1.5% of the premium paid for each policy arranged by us with those insurers.. We will receive a proportion of the professional services fee paid to Steadfast, being 35% of that fee. This will be paid to us by Steadfast at the end of each financial year

A financial adviser may have a conflict of interest in circumstances where financial advice has been provided to two clients who later have a dispute, including in respect of liability. In this instance the adviser would clearly disclose the conflict of interest to the clients and would refer one of these clients to another of our financial advisers for further advice and assistance.

We manage all conflicts of interest, ensuring our financial advisers prioritise your interests above their own, by following an advice process that ensures our recommendations are made on the basis of your needs and circumstances. All of our financial advisers complete training to understand and manage conflicts of interest. We maintain a register of conflicts of interests and any gifts and other incentives that we may receive. We review our compliance programme annually.

Duties

South Pacific Insurance Brokers Limited and our financial advisers are bound by the following duties under the Financial Markets Conduct Act 2013 to:

  • meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (Code of Conduct), which form part of the wider regulatory regime for financial advice and ensure we have the expertise necessary to provide you with advice; and
  • give priority to your interests by taking all reasonable steps to ensure that the advice given to you is not materially influenced by our own interests or the interests of any other person connected with the giving of advice; and
  • exercise care, diligence, and skill that a prudent person engaged in the occupation of giving related financial advice would in the same circumstances; and
  • meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct, to treat you as we should and to provide you with suitable advice.

 

Complaints

If you are unhappy with our financial advice service please contact your financial adviser so he or she can try to put things right.

If you wish to make a complaint, or do not feel comfortable discussing your concerns with your adviser, you can contact us as follows:

  • Call us on 09 625 5033 between the hours of 8.30am -5.00pm week days
  • Email us at insure@spib.co.nz
  • Write to us at

PO Box 27-485

Mt Roskill

Auckland 1440

Address your letter to the attention of Peter Muys

How your Complaint will be handled

Your adviser will attempt to resolve any issue of dissatisfaction with you immediately.

If the matter cannot be resolved to your satisfaction, the adviser will escalate the complaint to his or her manager, notifying you accordingly. We will send you an acknowledgement of your complaint within five working days of your complaint being notified to us. This letter will provide you with our timeline to respond to you and the name of the manager who will be managing our response. The manager will investigate and contact you to try to resolve the complaint to your satisfaction.  It is important that you provide this person with all relevant information.

We will provide you with a written update within 20 working days of receiving your complaint. If we are unable to provide a full response to you at that point, our letter will explain why we are not yet in a position to do so and tell you when we will next contact you.

40 working days after the receipt of your complaint we will issue a final resolution. If we need to continue our review past this point, we will explain to you the reason for the delay and the required timeframe to provide a full response. At this point, if you feel that the delay is unsatisfactory, you can redirect your complaint to our external dispute resolution service provider detailed below.

If we are unable to resolve your complaint

We expect that our response to you will have addressed the concerns you have raised. If you feel that your concerns have not been appropriately considered, we invite you to submit any further information for consideration.

If we are unable to resolve your complaint despite our best efforts, you can contact our external dispute resolution scheme, who provides a free and independent dispute resolution service.

The contact details for our external dispute resolution service provider are:

Financial Dispute Resolution Scheme

PO Box 2272

Wellington 6040

Phone:    0508 337 337
Email:    enquiries@fdrs.org.nz
www.fdrs.org.

Contact details

South Pacific Insurance Brokers Limited, FSP138144 is the Financial Advice Provider. We can be contacted as follows:

PO Box 27 485

Mt Roskill

Auckland 1440

Phone:  09 625 5033

Email:    insure@spib.co.nz