Accelerate Insurance Brokers | Disclosure
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Disclosure

 

Legal Disclosure Information

Accelerate Consulting Ltd (Accelerate), FSP1003925, holds a financial advice provider licence issued by the Financial Markets Authority.

 

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 here.

 

Nature and Scope of Advice

Accelerate provides advice to our clients about their life, health, disability and general insurance needs together with KiwiSaver and Investment planning.

Our financial advisers provide financial advice in relation to the following financial products

 

General Insurance Products

  • Domestic general insurance, such as house, contents, landlords, motor vehicle and boat insurance, as well as commercial general insurance, such as commercial property, business interruption, commercial motor, marine, liability, professional indemnity and cyber insurance.

 

Financial Service Products

  • We advise on a variety of financial products, including personal and group insurance (such as life cover, disability, income protection, and trauma coverage), KiwiSaver investments, managed investments, and life investment products like Whole of Life and Endowment policies.
  • When providing our advice, we access a wide range of  products from various insurance and investment providers in both the local and overseas market.

 

Fees, expenses, or other amounts payable

  • We apply fees to insurance placed in regard to Fire and General insurance. This is for such things as Car, House, and Contents, Professional Indemnity, Public Liability, etc.
  • The fees for placing your Fire and General insurance are variable per client based on the products chosen and advice given. These fees will be made clear to you when advice is given.
  • We may apply a fee for Investment or Retirement Planning advice.   The fee’s are variable per client based on their individual requirements.  These fee’s will be made clear to you as part of our Scope of Service for you to approve before we commence work.
  • No fee is charged regarding the placement of Life products, such as Life, Disability, and Health.  Although we will charge a fee of $500.00 to you should you cancel any Life or Health Insurance in the two years following it being established for you.  This compensates us for loss of income as Life and Health companies will claw back commissions payable to Accelerate for any policies cancelled within 24 months of being established.

 

Conflicts of interest and commissions or other incentives

Accelerate may pay your financial adviser a salary, plus bonuses and other incentives.

 

General Insurance

  • Accelerate may receive a commission when you pay your invoice for insurance cover or if we refer you to a premium funder with whom you enter into a premium funding arrangement.
  • Accelerate may pay your financial adviser a salary, plus bonuses and other incentives.  Accelerate and your financial adviser may receive indirect benefits from insurers and premium funders such as business lunches, tickets to sporting and/or cultural events or corporate promotional merchandise.

 

Financial Services

  • Accelerate will receive commissions if you choose to follow the advice given by one of our Advisers and take out insurance.  The amount of commission is based on the amount of the premium.
  • Accelerate will receive Fee’s or Asset Under Management Commissions “AUM”) from KiwiSaver and Investment Providers.  The fee or AUM is based on the sum invested.
  • More detail on the commission, fee or AUM  that Accelerate will receive will be provided at the time of our advice.

​

On occasion, an Insurer or KiwiSaver Provider may do such things as, sponsor training events or Conferences we may attend,  bring morning tea, send a hamper at Christmas, or take us out for a meal, we see these less as a conflict of interest and more as relationship-building so that we can liaise better between our clients and the Insurers that we work with.

​

Steps we take to manage the above described potential conflicts: 

  • We have access to a range of Insurers, KiwiSaver and Investment Providers.
  • We use third-party product research as part of our analysis where available.
  • We have our Advice Processes independently audited.
  • We pay our advisers salaries

 

Providers we work with (Accelerate’s Approved Product List “APL”)

General Insurance

Accelerate is proud to be a Member Broker of Insurance Advisernet New Zealand, a network of more than 200 advisers across New Zealand and Australia. Insurance Advisernet is a principal member of the Insurance Brokers Association of New Zealand Inc. and the largest member of the publicly listed AUB Group – one of the leading general broking groups in Australasia with over 450,000 clients. This relationship gives us access to unrivalled financial strength, business efficiencies and buying power that spans every major insurer in New Zealand and Australia, even access to major overseas insurers when required.

 

Financial Services

We undertake a review of the Financial Services Providers we work with each year and authorise our Advisers to work with a select group of Life and Health Insurers,  Kiwisaver and Investment Providers.   We do not work with every Provider but select those with which we have the most confidence based on our experience with them and our own inhouse research.

Your Adviser can disclose more details about our current Approved Product List before commencing work with you.

 

What to do if you are not satisfied?

How to make a complaint.

 If you have a problem, concern, or complaint about any part of our service, please let us know so that we can work with you to try to fix the problem.

This is very important to us, please do not feel afraid to speak up, some of the best changes come from a complaint or suggestion from a client. Our complaints process aims to address your concerns.

 

Step 1 – Let’s sort it out. Discuss your complaint with the person you’ve been dealing with and try to resolve it.

 

Step 2 – If your complaint is not resolved by Step 1, you contact our Complaints Team to arrange to meet with them, or if you prefer you can email or phone explaining the nature of your complaint and how you would like it resolved.

 

You may contact the internal complaints scheme by:

 

Contact Name Dave Thomas or Scott Campbell
Address: P.O. Box 317012 Hobsonville Auckland 0664
Telephone number: 09 524 0450
Email address: [email protected] or [email protected]

​We will review your complaint and come back to you in writing.

 

Step 3 – Taking your complaint further

We are a Participant of the Insurance and Savings Omsbudsman (“IFSO) complaints scheme.

You can refer your complaint to the IFSO Scheme if it has not been resolved after going through our complaints process. This is a free, independent dispute resolution service that will consider your complaint and, either reach an agreed outcome or make a decision.

 

Freephone: 0800 888 202
Telephone: 04 499 7612

 

Office hours are 8.30am to 5.00pm Monday to Friday.
Email: [email protected]

 

Post:

Insurance & Financial Services Ombudsman Scheme
PO Box 10-845
Wellington 6143

 

Physical:

Insurance & Financial Services Ombudsman Scheme
Level 2, Solnet House
70 The Terrace
Wellington 6143

 

Please click here to download a copy of this disclosure document.

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