Public Disclosure
INTRODUCTION
Policywise Limited (FSP715811, trading as Policywise) holds a licence issued by the Financial Markets Authority to provide financial advice services.
REGISTRATION AND CONTACT INFORMATION
NATURE AND SCOPE OF THE ADVICE
Policywise provides advice to our clients about their Health Insurance, Life Insurance, Disability Insurance, and KiwiSaver.
Our financial advisers provide fi nancial advice in relation to Health Insurance, Life Insurance, Disability Insurance, and KiwiSaver. We only provide financial advice about products from certain providers, these are as follows:
| INSURANCE PROVIDER | INSURANCE PRODUCTS |
| AIA | Health, Life, and Disability Policies |
| Asteron Life | Life and Disability Policies |
| Chubb | Life and Disability Policies |
| Fidelity Life | Life and Disability Policies |
| Nib | Health, Life, and Disability Policies |
| Partners Life | Health, Life, and Disability Policies |
| Southern Cross | Health, Disability Policies |
| Unimed (Formerly Accuro) | Health Policies |
| KIWISAVER PROVIDER | PRODUCT |
| Booster | KiwiSaver |
| Generate | KiwiSaver |
| Milford | KiwiSaver |
| Pathfinder | KiwiSaver |
| Fisher Funds | KiwiSaver |
FEES OR EXPENSES
For Life, Disability, Health insurance, and KiwiSaver, Policywise, and the financial adviser may receive a fee. This remuneration is based on either:
- a percentage of the premium (for insurance products), or
- payments from the KiwiSaver provider (for KiwiSaver products).
If you decide to take out insurance, the insurer will pay a fee to Policywise. If you choose to join a KiwiSaver provider we work with, the provider will pay a fee to Policywise.
In line with our commitment to professional disclosure, below are some guidelines on how we are remunerated.
| Type | INSURANCE COMMISSION RANGE |
KIWISAVER COMMISSION/FEE RANGE |
| Upfront (upon implementation) | 10%-230% first year’s premium | $30 - $250 |
| Ongoing or Servicing | 5 - 25 % subsequent years’ premium | 0% - 0.50% p.a. |
DEALER GROUPS
Policywise is a member of the Independent Financial Adviser Association (IFAA). Remuneration may flow to Policywise from product providers through the IFAA Group, based on both the overall production of the group and Policywise specifically.
In addition, Policywise may receive professional services and benefits from the IFAA Group that support the business in its role as a Financial Advice Provider. These services include assistance with operations, training, and compliance.
CONFLICTS OF INTEREST
- In addition to commissions and onboarding payments, we may occasionally receive other benefits from product providers, such as training sessions, conferences or product seminars, or small gifts (for example, a bottle of wine at Christmas).
- Any potential conflicts of interest relating to commissions are carefully managed. We do this by:
- providing full upfront disclosure of the remuneration we will receive before you are asked to proceed with any recommendations, and
- completing annual training on managing conflicts of interest.
Policywise also undergoes yearly audit and compliance reviews to ensure we continue to meet our obligations while acting in the best interests of our clients.
Please note: All fees and commissions are first paid to Policywise, after which a portion of the commission is passed on to the adviser.
DUTIES INFORMATION
Policywise, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 in relation to how we provide advice.
We are required to:
- Give priority to your interests by taking all reasonable steps to ensure our advice is not materially influenced by our own interests.
- Exercise care, diligence, and skill when providing you with advice.
- Meet competence, knowledge, and skill standards set by the Code of Professional Conduct for Financial Advice Services. These standards are designed to ensure we have the expertise needed to give you quality advice.
- Meet ethical behaviour, conduct, and client care standards set by the Code of Professional Conduct for Financial Advice Services. These standards are designed to ensure we treat you as we should and provide you with advice that is suitable for your needs.
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.
COMPLAINTS PROCESS
For information on our complaints process and dispute resolution scheme, see Complaint Disclosure.