Who are we?
Name of Financial Adviser Provider: Wanganui Insurance Brokers Limited
Telephone Number: (06) 349 0091
Address: Suite 14, Wicksteed Terrace, Victoria Avenue, Wanganui 4500
It is important that you read this information
It will help you, The Client, make an informed decision whether we, Wanganui Insurance Brokers Limited, and our adviser’s 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?
We are a licensed Financial Adviser Provider and Authorised Body by the Financial Market Authority of New Zealand (FMA). Financial Services Legislation Amendment Act 2019 requires Wanganui Insurance Brokers Limited to hold a current license for our advisers to provide Financial Advice Services to our clients. To view our license, go to the Financial Service Providers Register and search our Financial Service Provider (FSP) number FSP29143, or click on the link to go directly to our registration Wanganui Insurance Brokers FSP Link.
As a Licensed Financial Adviser Provider, we have standard conditions on our license; these conditions are not specific to Wanganui Insurance Brokers Limited and do not limit or restrict advice that may be given.
What financial advice can we provide to you?
Wanganui Insurance Brokers Limited and our advisers give financial advice on Insurance Products for Commercial and Domestic clients.
Our Insurance product providers are Insurance businesses in New Zealand that are licensed under the Reserve Bank under section 19 of the Insurance (Prudential Supervisor) Act 2010. The Insurers have a financial strength rating from an approved rating agency. To view the Insurer ratings, click here.
Wanganui Insurance Brokers Limited’s Insurance product providers are required to have financial strength ratings with a minimum of A- and above. When you receive a quote from us you will be supplied the current strength ratings for the product providers that we have quoted for. If you accept the financial advice, we will supply a current rating for the product provider that you have selected.
Limitations and restrictions
Wanganui Insurance Brokers Limited is committed to providing our clients with good financial advice that is suitable for our client’s needs. We only provide financial advice on Insurance Products.
How do we act with Integrity?
To ensure that we and our advisers prioritise your interests above our own, we follow an advice process that ensures recommendations are made on the basis of your individual needs and circumstances. Our advisers complete annual and ongoing training about how to manage conflict of interests and a register of interests is maintained. We monitor these registers and provide additional training where necessary. We perform an annual review of our compliance programme.
How do we get paid for the financial advice and Products that we provide to you?
Wanganui Insurance Brokers Limited and our Advisers do not receive any commission or other incentives for giving Financial Advice. Wanganui Insurance Brokers Limited and our advisers do receive commission when the client accepts our financial advice and purchases an insurance policy. The commission is paid by the Insurer (product provider) for the insurance business on each insurance policy that the Client purchases. The commission paid to us and our Advisers can be between 0-30% of the insurer portion (total premium of the Insurance Policy less government levies and taxes).
What fees do we charge?
We may charge clients fees for financial advice. We will tell you what the fee is before you accept any advice from us or our Advisers. 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.
NZBrokers Management Limited
We are 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 us. 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.
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 us or our Advisers, and you require action to be taken please tell us so that we can help and fix the issue. To make a complaint please click here. We have details on our Complaints Process and how to make a complaint.
If a complaint is received, we 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 every attempt will be made to resolve your complaint in a timely manner, with staff escalating as necessary to our Senior Management or our Complaints Manager.
You will receive a written decision, remedies and resolution as soon as practicable after we have decided the outcome.
What to do if you are not satisfied after making a complaint
If you feel your complaint is not resolved to your satisfaction using our complaints process, or you are unsatisfied with the response or resolution, you can contact Financial Services Complaints Ltd (FSCL). FSCL is a dispute resolution scheme of which we are a member. This service will cost you nothing and is an independent service that will help investigate or resolve the complaint. You can click here to find out how to make a complaint to Financial Services Complaints Limited.
What are our advisers duties?
Our advisers give financial advice to clients on Wanganui Insurance Brokers Limited’s behalf. When giving advice all our advisers must:
- Hold a Level 5 New Zealand Certificate in Financial Services or be working towards this qualification.
- Maintain competence, knowledge and skills for giving financial advice by completing continuing professional development.
- Listen to the client carefully to discover their needs.
- Recommend products or services that meet the client needs and explain why.
- Provide clear and concise communication.
- Protect clients information.
- Give priority to the client’s interests when giving financial advice.
- Abide by the Code of Professional Conduct for Financial Services and have ethical behaviour, good conduct and provide client Care.
Who licenses and regulates us?
The Financial Markets Authority (FMA). You can report information about us to the Financial Markets Authority or email email@example.com but if you want to complain, you should use our dispute resolution procedures described under ‘How to make a Complaint?’, and ‘What to do if you are not satisfied after making a complaint?’
Disclosure Statement updated on 21 October 2021