Disclosure Statement

Personal Risk

 

Effective from: 11th July 2024

Financial Advice Provider: Coversure Financial Services Limited FSP722232

Licensing Status: Class 3 Licence issued by the Financial Markets Authority on 11th July 2024

Address: c/o Pacific Business Hub, Level 1, Unit 6/20 Lambie Drive Manukau Auckland

Phone Number: 0800 12 12 54

Email: [email protected]

Publicly Available Disclosure

We aim to educate and inform our clients in all aspects relating to Personal and General Risk Insurance, so that they can make an informed decision in planning for their future. This disclosure provides important information about Coversure Financial Services Limited (Coversure), the nature and scope of the financial advice we provide, the duties we abide by, and what to do if you have a complaint about our products, services or the advice we have provided.

Coversure holds a financial advice provider licence issued by the Financial Markets Authority to provide a financial advice service. Under this licence, Coversure and its Financial Advisers, and Nominated Representatives are permitted to provide advice as set out in this document.

Nature and Scope of our advice

We engage both Financial Advisers and Nominated Representatives who give financial advice on our behalf. Financial advisers are able to provide you with advice across all personal risk products and suppliers, whereas our Nominated Representatives can only give advice on products issued by Partners Life. In certain circumstances, we may provide general information only.

General information is factual information only. This may include explaining the features, terms or conditions, cost or claims process. When we provide general information, we do not provide advice. This means we do not express a recommendation or opinion about acquiring, retaining or disposing (i.e., closing) a financial advice product.

Limitations and Restrictions of our advice

Coversure only provides advice as set out below. Coversure does not provide comparisons on products available elsewhere. Our Nominated Representatives are limited in the advice they can provide and will refer you to a Financial Adviser if your needs are beyond their limitations or you request it.

Areas of Financial Advice Provided

Coversure only provides financial advice in the following areas:

  • Life, Trauma, Income and Mortgage Protection Insurance
    We use Partners Life Limited, Chubb Life, Fidelity Life Assurance Company Limited, AIA New Zealand Limited and Asteron Life Limited
  • Medical Insurance
    We use Partners Life Limited, AIA New Zealand Limited and NIB NZ Limited

Our Obligations to You:

  1. We will treat you fairly
  2. We will be honest with you
  3. We will only provide financial advice that is suitable to you
  4. We will at all times protect your privacy and confidential information
  5. We will maintain the competence and skill that’s required to deliver financial advice
  6. We will maintain the ethical and behavioural standards, as well as abide by the duties set out in the Financial Markets Conduct Act 2013, including those relevant to the advice we provide set out in the Code of Professional Conduct for Financial Advice Services (Code). These include that Coversure and our Financial Advisers will:

    • meet the standards of competence, knowledge, and skill set out in the code of conduct; and
    • give priority to the client’s interests; and
    • exercise care, diligence, and skill; and
    • meet the standards of ethical behaviour, conduct, and client care set out in the code of conduct.

Fees and Expenses – What do I pay?

Coversure does not charge any fees to customers for providing financial advice.

Commissions, incentives, and conflicts of interest

Coversure does not participate in insurer-funded conferences or entertainment or functions as a rule, nor do Coversure participate in sales campaigns or similar incentive campaigns. Coversure, it’s Financial Advisers and Nominated Representatives may accept on occasion, a glass of wine or a cup of coffee (or similar) from an insurance company representative; however, these are immaterial and must not create any real or perceived conflict of interest.

When you choose to implement an insurance product with us, Coversure is paid commission or fees from the insurance provider or their related party Coversure Financial Advisers are paid a portion of that commission by Coversure.
The gross amount of commission payable to Coversure Financial Services Limited on any particular insurance recommendation will be disclosed specifically prior to implementation of any product or plan and will be set out in your Record of Advice which is given to you once your insurance products are put in place.

Should any actual or potential conflict of interest arise during any engagement with a client we will bring that to your notice promptly, and then seek to manage or avoid the conflict where possible. We seek to manage conflicts of interest by ensuring our Nominated Representatives do not receive any commissions or sales-related incentives, and by having in place processes and controls to ensure our Financial Advisers and Nominated Representatives give priority to our customers interests. If management or avoidance of a conflict to your satisfaction is not possible then we will resign from the engagement with you and professionally assist with the appointment of a replacement adviser.

Complaints:

What should you do if you are unhappy with something?

If you have a problem, concern, or complaint about any part of our service or your product performance, please contact Jason Venu; Director; Coversure Financial Services Limited in the first instance so that we may try to fix the problem.

[email protected]
021 238 0610

If your complaint cannot be satisfactorily resolved this way, it then becomes a dispute.

The Dispute Resolution process is:

  1. In the event of a dispute, you must notify us that the complaint is not resolved and is now a dispute.
  2. We will confirm in writing our internal complaints process, likely timeframes, and our Disputes Resolution Scheme which you can access at any stage should you choose to.
  3. Should we fail to handle the problem to your satisfaction within a reasonable time frame, then the product providers themselves have internal complaints handling processes which you might wish to also access. This means that if we have used a particular product that is connected to the issue at dispute, you can contact the company that issued that product and have them attempt to resolve the matter as well.
  4. If these options fail to resolve the dispute to your satisfaction, then you may take the matter to the Financial Disputes Resolution Service, of which we are a member. We are bound by the outcome of that process. You can choose to be bound by the outcome, but you can also choose to be free to pursue other legal avenues if you wish.

Their service will cost you nothing as we pay for it, and it can help us resolve any disagreements.

You can contact them at: