Disclosure Statement

This document sets out the information that our business is required to make publicly available in accordance with the Financial Markets Conduct Regulations 2014. It is designed to help you decide whether you want to seek our advice.

The following information provides an overview of BSI Brokers Limited, including our duties to you, applicable fees, and how we manage complaints.

License Status and Conditions

BSI Brokers Limited (FSP1004697), trading as BSI Insurance Brokers, holds a financial advice provider’s licence issued by the Financial Markets Authority.

Nature and Scope of Advice

BSI Brokers Limited provides advice on:

General Insurance
Life and Health Insurance
Personal Risk Insurance
Mortgage Lending

The specific products individual financial advisers can advise on may vary. Our advisers will disclose the nature and scope of their advice at the time it is provided.

Fees, Expenses, and Other Payable Amounts

General Insurance

We may charge a service fee (plus GST), either in lieu of or in addition to any commission received from insurers. The fee depends on the nature and scope of advice, the time required, and ongoing service levels.
Documentation fees (plus GST) may apply for policy modifications during the policy period.
Any fees and payment due dates will be disclosed at the earliest possible time.
Insurance Advisernet New Zealand may charge an administration fee for processing insurance premiums. This will be disclosed when financial advice is provided.

Life and Health Insurance

No direct fee is charged for advice or policy arrangements. Instead, BSI Brokers Limited is remunerated by commissions from insurers.

For Mortgage Lending,

Generally, we do not charge fees for mortgage advice, as we receive commissions from product providers upon settlement.
Exceptions where fees may apply:
- No Commission Scenario: If we do not receive commission, we may charge a pre-agreed service fee.
- Commission Clawback: If a provider requires repayment of commission within 28 months of settlement, we may charge a fee of up to $3,000 (plus GST) at $250 (plus GST) per adviser hour. This fee will not exceed the clawed-back commission amount.
- Loan Renewal: No fees are charged for renewing existing loan approvals.

If any fees apply, you will receive an invoice with a 30-day payment term.

Premium Funding

We can arrange premium funding, allowing you to spread the cost of insurance premiums over multiple instalments.
Interest rates and administrative costs will be disclosed in a separate finance contract in accordance with the Credit Contracts and Consumer Finance Act 2003.
We may also recommend service providers (e.g., property valuers, surveyors, motor vehicle valuators). Any fees charged by these providers will be disclosed before work commences.

Conflicts of Interest, Commissions, and Incentives

Insurance

BSI Brokers Limited receives commissions from insurers when arranging general, life, or health insurance on your behalf.
The commission varies as it is a percentage of the insurance premium charged.

Mortgage Lending

We receive commissions from lenders based on the loan amount settled.
Additional fees may apply in the following cases:
- If we provide services for which no commission is received.
- If a lender requires commission repayment within 27 months.
Any applicable fees will be disclosed before being charged.
Additional costs such as valuation reports, legal fees, or early repayment fees will be disclosed in advance.

Managing Conflicts of Interest

Our priority is to serve your best interests, despite business relationships with product providers.
Product providers may occasionally fund training events for our advisers.
Our advisers receive ongoing training to manage conflicts of interest effectively.
A register of conflicts of interest, gifts, and incentives is maintained and reviewed regularly.

COMPLAINTS & DISPUTES PROCESS

We’re committed to providing clients with the best possible experience and will make every effort to resolve any issues promptly.

If you are not satisfied with the services provided by BSI Brokers Limited or particular broker, please tell us so we can try and fix the problem.

You may contact the internal complaints scheme by contacting our Risk and Compliance Department:

Phone number: 021 067 7312

Email address: Complaints@bsibrokers.co.nz

We will formally acknowledge your complaint usually in writing and will endeavour to resolve the issue fairly and in a timely manner. When we receive a complaint, we will handle your complaint in an open and transparent manner and will endeavour to resolve the complaint fairly and within 20 days. If we have not resolved your complaint within 20 days, we will provide you with a written update as to the reasons for the delay, what action is underway to resolve your complaint and advise you of the anticipated timeframe for a response.

In handling your complaint, there are several remedies available to us, including but not limited to:

an apology or explanation.
liaison with product provider to find a mutually agreeable outcome to your complaint.

If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact Financial Services Complaints Limited. This service will cost you nothing and will help us resolve any disagreement.

You can contact Financial Services Complaints Limited at:

Telephone number: 0800 347 257

Email address: info@fscl.org.nz

Address: PO Box 5967, Lambton Quay, Wellington 6145

DUTIES

We believe in delivering the most appropriate advice, built upon our four core business pillars, Trust, Advice, Choice and Value.

We are bound by duties under the Financial Markets Conduct Act 2013 (Act), We are required to:

Meet certain standards of competence, knowledge and skill, as set by the Code of Professional Conduct for Financial Advice Services (Code of Conduct). These have been designed to ensure that we have the relevant expertise to provide you with advice.
Take reasonable steps to ensure that you understand the nature and scope of the advice we give you and let you know if there are any limitations on the advice we provide. This will help you ensure that the advice provided meets your goals and objectives.
Give priority to your interest, by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests.
Exercise a prudent level of care, diligence and skill.
Meet certain standards of ethical behaviour, conduct and client care as required by the Code of Conduct. These are designed to ensure that we treat you as we should and give you suitable advice.
Not offer or recommend a financial product that contravenes the Act or related regulations. This gives you peace of mind that the products we recommend are compliant with relevant laws.
Make certain disclosure information available to you, at certain times, for example when advice is provided. We must not provide false, misleading or incomplete information. You can access the Code of Professional Conduct for Financial Advice Services.

CONTACT DETAILS

BSI Brokers Ltd – FSP1004697

Phone: 021 067 7312

Email: info@bsibrokers.co.nz

下载