Licence status and conditions
SP BROKERS LIMITED (FSP6465472), T/A SP Insurance holds a transitional licence, issued by the Financial Market Authority, to provide financial advice.
Nature and scope of financial advice service
SP Insurance provides advice to our clients about their personal insurances including risks and health insurance. Our Financial advisers provide financial advice in relation to personal insurances.
For Personal Insurance we work with the following Companies:
(a) Fidelity life assurance Company limited (Fidelity)
(b) NIB NZ Limited (NIB)
(c) AIA New Zealand (AIA)
(f) Southern Cross Health Society
Fees, expenses or other amounts payable
We do not charge any fee, expenses or any other amount for insurance advice as we receive
a commission from the relevant insurance company if a client takes out insurance following
The commission is generally of an upfront nature and may also include a trial commission.
Conflicts of interest and commissions or other incentives
SP Insurance [and our financial advisers] will receive a commission from the insurance companies on whose policies we give advice. If you decide to take out a policy, the insurer will pay us a commission amount based on the amount of premium payable.
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 and ensure 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 our financial advisers’ complete mandatory trainings to understand and manage possible 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.
SP Insurance and our financial advisers are bound by the following duties under the Financial Markets Conduct Act 2013 to:
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:
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 LimitedAddress:
Level 4, Sybase House, 101 Lambton Quay, Wellington 6011
PO Box 5967
0800 347 257
+64 4 472 3725
SP BROKERS LIMITED (FSP6465472), T/A SP Insurance holds a transitional licence, issued by the Financial Market Authority, to provide financial advice. We can be contacted as follows:
SP Insurance, 216 Great South Road, Epsom, Auckland 1051
0800 771 007
© 2017 SP Insurance.