Licensing Disclosure
Licensing Information
Simply Life Insurance (FSP 1006128) holds a license issued by the Financial Markets Authority to provide financial advice.
Nature and Scope of Advice
Simply Life Insurance provides financial advice services to retail clients about their life disability and health insurance.
Our financial advisers provide insurance advice only.
We only provide insurance advice about products from certain providers:
For new life and health insurance policies we have agencies with AIA, Partners Life and Chubb.
In providing you with financial advice, we will only consider existing term life, disability and health insurance policies, that we know and can research.. We utilise independent Quality Product Research to assist in our recommendations when dealing with existing covers and possible replacement.
Financial Advisers
Simply Life Insurance employs one Financial Adviser under its licence.
Paul Bates (FSP659751) – Paul is an adviser and the owner of Simply Life Insurance.
Paul is remunerated via shareholder salary and dividends, if any, for his work as a Financial Adviser.
We will disclose remuneration and payments we receive from product providers for the advice service we provide in further disclosures.
Fees and Expenses
Simply Life Insurance does not charge fees, expenses or any other amount for the financial advice services provided to its clients. We do not charge a fee for clients to implement an insurance plan.
For life insurance and health insurance, Simply Life Insurance receives commissions from the insurance companies on whose policies we give advice. If you decide to take our insurance, the insurer will pay us.
Conflicts of Interest and Payments
We receive payments from the relevant insurance company if you take out insurance following our advisers advice. The payments are between 0% and 230% of the first year’s premiums of your policy – the amount depends on which insurance company and which insurance policy you choose. We also receive a payment of between 5% and 20% of the premium for each year the policy remains in force.
To ensure that we prioritise your interests above our own, we follow an advice process that ensures our recommendations are made on the basis of your individual insurance needs and circumstances. Advisers complete annual training about how to manage conflicts of interest.
We undertake a Financial Advice Provider compliance audit, and a review of our compliance programme annually to ensure we are meeting our duties.
Duties Information
Simply Life Insurance, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice:
We are required to:
- Give priority to your interest by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests
- Exercise care, diligence, and skill in providing you with advice
- Meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice)
- Meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should, and give you suitable advice).
This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at www.fma.govt.nz