Business Disclosure and Terms Of Trade
Thank you for allowing us to work with you on your risk management and insurance requirements. We take our responsibility to advise and support you seriously and will provide you with professional and personal service at all times.
This document sets out our disclosure requirements and our standard terms of business on which we will provide our services to you. We provide this document to meet our requirements under current regulations and to set out the terms of business that apply whenever you ask us to act for you for all services we provide to you, together with any additional or different terms as agreed in writing with you.
By taking on our services, you acknowledge acceptance of these terms. This means you do not need to sign any formal agreement to indicate your acceptance unless we ask you to.
These terms of business supersede and replace any previous terms of business you have received from us and will apply unless and until we provide you with new or amended disclosures or terms of business, or replace it with different terms agreed with you.
If there should be any inconsistency or conflict between these terms of business and additional or different terms agreed with you, we will respect the terms agreed with you.
This will help you the client make an informed decision whether we Nelson Marlborough Insurance Brokers Ltd and our advisers’ financial advice and products are suitable for your needs and whether to seek, follow or accept the Financial Advice. This Disclosure Statement is required under the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020.
What sort of Advisers are we?
Nelson Marlborough Insurance Brokers Ltd holds a licence issued by the Financial Markets Authority (FMA) to provide a financial advice service (being the provision of financial advice on fire and general). Under this licence, we may only provide you financial advice in relation to fire and general insurance products. The licence came into effect when the Financial Services Legislation Amendment Act 2019 (FSLAA) came into force on 15 March 2021.
Sure Thing Ltd T/A Tradieinsurance is an Authorised Body under Nelson Marlborough Insurance Brokers Ltd Licence.
We are committed to providing our clients with good financial advice that is suitable for our clients’ needs. We only provide financial advice on Insurance Products.
How do we get paid for the Financial Advice and Products that we provide to you?
Fire & General Insurance Products
We receive commission (brokerage) when you, the client, accept our financial advice and purchases an insurance policy. The commission is paid to us by the Insurer (product provider) based on each insurance policy that you purchase. The commission only applies to the company premium and natural disaster premium portion of the total premium and excludes any fire emergency levies, EQ levies or other government charges.
Our full commissions table, available by request to firstname.lastname@example.org, details the exact commission percentage we receive on the placement or renewal of each policy, by insurer. This is provided to you to disclose our exact commission remuneration.
Policy Administration Charges and Fees
We may charge clients fees for financial advice as a broker fee and/or an administration fee. We will charge fees that are payable by you, the client, when our advice is followed, accepted and the insurance policy is purchased. The fees we charge are for our service, placement, implementation and administration of the insurance policies that you choose to accept and purchase. The total fees payable may increase with the number of insurance policies that you choose to purchase.
The fees are payable by you and are due by the effective date of the policy which is on the invoice.
All Fees for financial advice as a broker fee and/or administration fees are clearly itemised within this Disclosure Statement and shown on your client invoices.
NZbrokers Management Limited
Nelson Marlborough Insurance Brokers Ltd is a member of NZbrokers Management Limited, NZbrokers Management Limited provides services such as IT, education, training, technical insurance product and claims support and group member benefits to Nelson Marlborough Insurance Brokers Ltd. When a client accepts our financial advice as your adviser and purchases a policy NZbrokers may receive a service fee or technology fee from the Product Provider.
Our Advisers act with integrity and manage conflict of interest
To ensure that we and our advisers prioritise your interests above our own, we follow an advice process that ensures recommendations are made based on your individual requirements, goals, and circumstances. Our advisers complete annual and ongoing training about how to manage conflict of interests and a register of interests is maintained. We perform an annual review of our compliance programme.
You should be aware there are potential conflicts of interest that you the Client may need to take into consideration when you decide to seek and accept financial advice from us, we will make you aware of any conflicts when giving advice. For example, a Financial Adviser may have a conflict of interest in circumstances where advice has been provided to two clients who later have a dispute, in this situation we would clearly disclose this conflict of interest to you the client and would refer one of these clients to another one of our financial advisers for further advice and assistance.
We take our service responsibility to you seriously. If you have a problem, concern or you are dissatisfied with either a product or financial advice service that has been provided by us or one of our Advisers and you require action to be taken please tell us so that we can help and fix the issue. Please contact us directly or feel free to use our Complaints Process, which is detailed below and is also currently available by request to email@example.com.
How to Make a Complaint
If you have a problem, concerns, or you are dissatisfied with either a product or financial advice Service that has been provided by Nelson Marlborough Insurance Brokers Ltd and its Financial Advisers or Authorised Bodies, and you require action to be taken please tell us so that we can help and fix the issue.
If a complaint is received, Nelson Marlborough Insurance Brokers Ltd will approach all complaints with an open mind, listen and treat each complainant as an individual and with courtesy and respect. We will promptly acknowledge the complaint at the earliest possible opportunity and make every attempt will be made to resolve your complaint in a timely manner, with staff escalating as necessary to Senior Management or Complaints Manager.
You will receive a written decision, remedies and resolution as soon as practicable after Nelson Marlborough Insurance Brokers Ltd has decided the outcome.
If you have a problem, concern, or complaint about any part of our service, please contact Nelson Marlborough Insurance Brokers Ltd, so that our internal complaints procedure can try and fix the problem.
Internal Complaints Procedure
You may contact the internal complaints scheme by phoning Nelson Marlborough Insurance Brokers Ltd on (03)5483132, or by email firstname.lastname@example.org or by writing to:
Attn: General Manager
Nelson Marlborough Insurance Brokers Ltd
P.O. Box 129, Nelson 7040.
What to do if you are not satisfied after making a Complaint
If you feel your complaint is not resolved to your satisfaction using the Nelson Marlborough Insurance Brokers Ltd complaints process, or you are unsatisfied with the response or resolution, you can contact Financial Services Complaints Ltd. FSCL is a dispute resolution scheme of which we are a member. This service will cost you nothing and is independent service that will help investigate or resolve the complaint. You can click on this link to find out how to make a complaint to Financial Services Complaints Limited: http://www.fscl.org.nz/complaints/how-make-complaint
You can contact FSCL at:
Our Advisor Duties to You – our Client
Our Advisers give financial advice to clients on Nelson Marlborough Insurance Brokers Ltd behalf.
When giving advice all our Advisers must:
- Hold a Level 5 New Zealand Certificate in Financial Services, (by 15 March 2023).
- Maintain competence, knowledge, and skills for giving financial advice by completing continuing professional development.
- Abide by the Code of Professional Conduct for Financial Services and have ethical behaviour, good conduct and provide Client Care. See https://www.mbie.govt.nz/assets/a96d1b4800/code-of-professional-conduct-for-financial-advice-services.pdf
- Listen to the client carefully to discover their needs.
- Recommend products or services that meet the client needs and explain why.
- Give clear and concise communication.
- Protect client information.
- Give priority to the client’s interests when giving financial advice.
Our Terms of Trade
- Company means Nelson Marlborough Insurance Brokers Ltd
- Insurer means the provider of the insurance policy or product.
- Client means the person, company obtaining advice on insurance products and services.
- Premium is the charge of the policy.
- Insurance Policy is the Insurance product provided to the client and combines the policy document, insurance schedule and application form.
- Contract is the agreement by the client to pay the premium in exchange for advice from the company and for the insurer to provide cover as set out in the Insurer policy document.
- Period means the dates the policy applies to.
- Your Client Responsibilities
- The client must pay the Premium by the due date as set out below.
- The client must provide all relevant information to the company.
- The client must inform the company of any material change during the period of this contract.
- If the client fails to follow these responsibilities it may invalidate the policy.
- Our Company Responsibilities
- The Company will provide insurance broking services with reasonable care, integrity and skill and as defined by the Code of Conduct. All representations made (whether express or implied) and all other implied conditions, warranties and terms as to the provision of the services are otherwise excluded to the extent permitted by law.
- The Company will forward payments received to the Insurer as per the Insurance intermediaries Act 1994.
- The Company and Insurer will keep all client information confidential and will use it for the sole purpose of which it was disclosed in line with the Privacy Act.
- Commissions and Fees
- The Company will receive commission from Insurers.
- We may alternatively or in addition charge a Policy Administration Charge and or Broker Fee for our services.
- Unless mandated by law, commissions and any fee earned on policies are deemed to be earned at the inception of the policy.
- Payment, Late Payment. Default of Payment and Consequences of Default of Payment
- The method of payment will be made by direct credit, credit card or as arranged through an agreed Premium Funding company.
- Payment in full of outstanding amounts shall be received no later than 20 days from the invoice date or by the effective/inception date of the cover, whichever is the later, unless specific written agreement to the contrary.
- If the payment remains outstanding further to the above, then your policy may be cancelled and be null and void. Any claim on the Insurer could be invalid.
- Credit Card payments are subject to a surcharge, which will be advised when you make your payment.
- Premium Funding can be arranged at the client’s option. This will be arranged via a third-party provider and be subject to their terms and conditions.
- The Client is able to cancel a policy(ies) with the Insurer at any time by providing written notice to the company.
- If the Company and/or Insurer are unable to continue to offer the policy and/or services to the client, we will provide written notice subject to the Insurance policy.
- Commission earned and/or fee charged for the Companies services are considered to be earned at the time the insurance cover is placed and are not refundable in the event the cover is terminated early. Any refunds created by the cancellation of a policy either by the Client or the Company or the Insurer will only be paid back to the Client once any outstanding premiums have been received from the Insurer.