Name of financial adviser Provider: Albany Insurance Services Limited (referred to as AIS)
Trading names: Albany Insurance Services Ltd
Telephone Number: 09 415 8211
Address: 222 Dairy Flat Highway, Albany Village, Auckland
Email address: jeremy@albanyins.co.nz
Website: www.albanyins.co.nz
It will help you (the client) make an informed decision whether we (AIS) 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.
We are a licensed Financial Adviser Provider by the Financial Market Authority of New Zealand (FMA) https://www.fma.govt.nz/. Financial Services Legislation Amendment Act 2019 requires AIS 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 https://fsp-register.companiesoffice.govt.nz/ and search our Financial Service Provider (FSP) number FSP26201.
As a Licensed Financial Adviser Provider, we have Standard Conditions on our license, these conditions are not specific to AIS and does not limit or restrict Advice that may be given.
AIS and our advisers give financial advice on Insurance Products for Commercial and Domestic clients.
Our Insurance product providers are Insurance business 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 on the link https://www.rbnz.govt.nz/regulation-and-supervision/insurers/licensing/register.
AIS 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.
AIS 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.
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.
To ensure that I prioritise your interests above my own, I follow an advice process that ensures recommendations are made on the basis of your individual goals and circumstances. I complete annual and ongoing training about how to manage conflict of interests and a register of interests is maintained. AIS monitors these registers and provides additional training where necessary. AIS performs an annual review of the 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, I will make you aware of any conflicts when giving advice.
AIS receives commission when the client accepts our financial advice and purchases an insurance policy. The commission is paid by the Insurer (product provider’s) for the insurance business on each insurance policy that the Client purchases. The commission that is paid to us can be between the range of 0-30% of the insurer portion (total premium of the Insurance Policy less government levies and taxes).
AIS 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 AIS. 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.
We have not been subject to any other reliability events that would influence you the client in deciding whether to seek or obtain advice from us or our adviser’s.
If you have a problem, concerns or you are dissatisfied with either a product or financial advice Service that have 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 follow this link www.albanyins.co.nz which will give details on our Complaints Process and how to make a Complaint.
If a complaint is received us 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 we has decided the outcome.
If you feel your complaint is not resolved to your satisfaction using the AIS complaints process, or you are unsatisfied with the response or resolution, you can contact Insurance & Financial Services Ombudsman Scheme. IFSO 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 the IFSO https://www.ifso.nz/make-a-compaint
You can contact IFSO at:
Postal Address: PO Box 10-845, Wellington, 6143
Phone: 04 499 7612 or Freephone 0800 888 202
Email: Contact via website www.ifso.nz
Our advisers give financial advice to clients on AIS behalf, when giving advice all our advisers must:
The Financial Markets Authority. You can report information about us to the Financial Markets Authority at: https://www.fma.govt.nz/contact/ or email questions@fma.govt.nz 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?
This disclosure statement was prepared on: 03/03/2021.
