Disclosure Statement

Licence status and conditions

Exclusive Insurance Services Ltd., FSP70801 trading as Exclusive Insurance Services (we, our, us) has a transitional license from the Financial Markets Authority to provide financial advice.

Nature and scope of financial advice service

We engage financial advisers to provide financial advice on general and personal insurance products on our behalf. These are policies that insure your personal or business assets or protect you, your family or your business assets, 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 along with access to overseas markets as required.

A list of the types of general and personal insurance we can provide financial advice on and the product providers who provide such insurance products can be found here https://exclusiveinsurance.co.nz/

Duties

Exclusive Insurance Services Ltd. 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.

Fees, expenses or other amounts payable

General Insurance Products

We do not charge a fee for the advice given to you in relation to general insurance products but may charge a fee for implementing that advice. This service fee plus a documentation charge will be based on the amount of work and time required to provide and implement our advice to you, payable on payment of your premium. The amount of the fee will be disclosed to you either at the time we know the scope and nature of the advice required or when we provide our advice to you.

In some circumstances, we may refer you to a specialised service provider i.e. property valuers, property surveyors or a motor vehicle valuers. These providers will charge a fee for their service and you will directly provide your instructions and payment to them.

Personal Insurance Products – Life, Disability & Health

We do not charge any fee, expense or other amount for the financial advice provided to you or for implementing that advice.

Conflicts of interest and commissions or other incentives

On successful placement of a general or personal insurance policy following your instructions, we will receive brokerage equal to a percentage of the insurer premium charged. The brokerage percentage varies with different insurers and is based on the premium that you pay (minus the levies and GST).

Premium funding via Premium Funders

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 provide you with our advice and whether you intend to utilise the services of a particular premium funder. Commission will be paid to us directly from the premium funder.

Premium Funding via Instalment Plan

Premium funding via an Instalment Plan enable you to pay the insurance premium over the term of your policy by instalments rather than as one amount. We arrange the instalment payments via an Automatic Payment (AP) set up directly with your bank or via a Direct Debit facility arranged by a third party provider (GoCardless – https://gocardless.com/legal). We require your authorisation prior to setting up any of the above-mentioned facility.

An interest is charged on the total premium when paying via instalments under this option. The interest charges will be disclosed to you when we provide you with our advice and whether you intend to utilise this services. An administrative fee of $20.00 shall be charged (added to the 1st instalment) to the Direct Debit facility arranged via GoCardless to cover the transaction fee charged per transaction by the service provider.

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. Steadfast may also receive a fee of 0.5% of any amount a customer has funded through a premium funder. These payments are used to operate Steadfast. 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.

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 09 307 1295 between the hours of 9am – 5pm weekdays
Email us at info@exclusiveinsurance.co.nz
Write to us at

The Manager
Exclusive Insurance Services Ltd.
PO Box 163 148,
Lynfield, Auckland 1443

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 Services Complaints Ltd.
0800 347 257
Level 4, Sybase House, 101 Lambton Quay, Wellington 6011
http://www.fscl.org.nz/