Licensing Information
Vanguard Insurance Brokers Ltd (FSP1002855), trading as Vanguard Insurance Brokers (VIB, we, our, us) holds a financial advice provider licence, issued by the Financial Markets Authority, to provide financial advice.
There are no special licence conditions imposed.
Nature and Scope of the Advice
We engage financial advisers to provide financial advice on general insurance products on our behalf. These are policies that insure your personal or business assets or protect you or your business assets, liabilities and business income.
We are not able to provide advice on personal income protection or 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 (excluding direct Insurers) along with access to overseas markets as required.
A list of the types of general insurance we can provide financial advice on and the product providers who provide such insurance products can be found here [www.vanguardinsurance.co.nz]
| Financial Advice Products | ||
|---|---|---|
| Business Insurance | Personal Insurance | Marine |
| Property | Travel | Import & Export (Marine Cargo) |
| Business Interruption | Engineering/Contract Works | Carriers Liability |
| Commercial Vehicles | House | Freight Forwarders Liability |
| Trade Credit | Contents | |
| Travel | Private Motor Vehicles | |
| Liability | Boat Insurance | |
| Engineering/Contract Works | Goods in Transit | |
| Event Cancellation | ||
| Forestry | ||
| Mobile Plant | ||
| Boat Insurance | ||
We are not aware of any material limitations or restrictions on the scope of financial advice service we provide. If these are identified, we will disclose them to you.
How We Get Paid
We earn our income from either a fee or commissions earned from providers or a combination of both.
Fees and Expenses
Should you proceed with our financial advice and we arrange insurance for you, then a fee may be charged.
This fee will be based on the amount of work and time required to provide and implement our advice and will be shown on your invoice.
If we arrange insurance for you and you cancel it part way through the insurance period, we may keep some or all of that fee.
We may charge a fee for making adjustments to your insurance during the insurance period. This fee will show on your invoice.
Conflicts of Interest and Incentives
Our financial advisers will receive commission from the insurance companies on whose policies we give advice. If you decide to take out a policy, the insurer will pay us commission based on the premium that you pay.
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.
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. We review our compliance programme annually.
Premium Funding
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 know the scope and nature of the advice required and whether you intend to utilise the services of a particular premium funder. Commission will be paid to us directly from the premium funder.
Complaints Handling & Dispute Resolution
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 3907074] between the hours of 9am – 6pm week days
- Email us at [info@vanguardinsurance.co.nz]
- Write to us at [info@vanguardinsurance.co.nz], addressing your letter to the attention of [Complaints Manager]
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 (FSCL)
5 Franklin Road Freemans Bay Auckland 1011
0800 347 257
communications@fscl.org.nz
https://fscl.org.nz/
Duties Information
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.
Identifying Information
Vanguard Insurance Brokers (FSP1002855), trading as Vanguard Insurance Brokers is a Financial Advice Provider (FAP).
Our contact details are:
| Phone | 09 3907074 |
| Email: | info@vanguardinsurance.co.nz |
| Address: | Huawei Centre, Level 19, 120 Albert Street, Auckland 1010 |
Ashik Lal (Ash) (FSP424826) is a Financial Adviser of Vanguard Insurance Brokers and his contact details are:
| Phone | 021 031 7728 |
| Email: | ash@vanguardinsurance.co.nz |
Glossary
| Authorised Body | is an entity named on a financial advice provider’s licence that can provide the licensed service without needing its own licence. Authorised Bodies must register on the Financial Service Providers Register as a financial advice provider. |
| Financial Advice | a recommendation or an opinion about buying or selling financial advice products |
| Financial Advice Provider | a business or individual who provides a financial advice service. |
| Financial Advice Service | engages one or more individuals to give financial advice on their behalf or provides financial advice on their own account. |
| Financial Adviser | is an individual registered on the Financial Service Providers Register to provide a financial advice service, who is not a financial advice provider. |
| Financial Markets Authority (FMA) | is the New Zealand government agency responsible for enforcing securities, financial reporting and company law as they apply to financial services and securities markets. |
| Financial Service Provider | FSP refers to Financial Service Provider a person who provides or offers to provide a financial service (as per the FSP Act) |
| Financial Service Providers Register (FSPR) | a searchable register of people, businesses and organisations that provide financial services in New Zealand. The register contains key information about FSPs including the financial services they provide, any relevant licences they hold and the dispute resolution scheme they belong to. |
| Transitional Licence | approved by the FMA and must be held with effect from 15th March 2021 by a financial advice provider providing advice to retail clients. |
