Advice that we provide
- P.I.C Insurance Brokers Limited (PIC) (FSP39341) holds a licence issued by the Financial Markets Authority to provide a financial advice service. This licence covers financial advice on fire & general and life & health insurances. Our financial advisers provide advice on these types of insurances. PIC is not an insurer.
- We do not provide:
- financial advice in relation to any other financial products, including on premium funding loans from Stockade Premium Funding Limited (Stockade);
- advice on trusts, wills or enduring powers of attorney, or any other forms of asset protection or estate planning; or
- valuation or tax advice relating to your insurance.
If your financial adviser is unable to provide financial advice on any other products discussed, they will make this clear to you.
- We only provide financial advice about insurances from certain insurers. Please see the list of the insurers we work with below. From time to time, we may need to approach other insurers due to the nature of your insurance needs. We will advise you if this occurs.
Fees, commissions & conflicts of interest
- We generally charge a fee for our services and disbursements for fire & general policies. Generally, we do not charge any fee for life & health policies.
- If you take out a policy, we will receive commission from the insurance company. For life & health policies, we will receive commission each year the policy is in force.
- Our financial advisers are salaried and do not receive commission for any insurance that you take out. From time to time, insurers and other third parties may give PIC or our financial advisers non-monetary benefits (such as gifts, meals or entertainment) in recognition of our relationships and the overall business provided to them.
- We take reasonable steps to appropriately manage situations where there may be a conflict of interest. If we become aware of any situation not disclosed where a conflict could arise, we will disclose it to you. To ensure our financial advisers manage conflicts, they follow an advice process which ensures that the recommendations they make are based on your individual goals and circumstances. They also complete training about how to manage conflicts of interest and gifts.
- For fire & general policies, if you want to pay your annual premium by instalments over the course of the year, you may be offered a premium funding loan through Stockade which is a related company of PIC’s. The terms of this loan will be in a separate loan agreement with Stockade.
Duties
In providing you with financial advice, PIC and our financial advisers have duties under the Financial Markets Conduct Act 2013 and the Code of Professional Conduct for Financial Advice Services (Code). We are required to:
- give priority to your interests by taking all reasonable steps to make sure our advice is not materially influenced by our own or any of our financial adviser’s or related parties’ interests;
- exercise care, diligence, and skill in providing you with advice;
- meet the standards of competence, knowledge and skill under the Code; and
- meet the standards of ethical behaviour, conduct and client care under the Code.
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 webiste at fma.govt.nz
Complaints process and dispute resolution
Our goal is to provide you with the highest levels of quality service and support at all times. However, if you do have a complaint or encounter a problem, please let us know as soon as you can. More detail about how to make a complaint and how our internal complaints and dispute resolution processes work can be found at pic.co.nz/complaints