Capability Guide and Disclosure - Baileys Insurance

 Unit 9, 35 Apollo Drive, Rosedale, Auckland, New Zealand 0632

         0800 898585

 Complaint & Dispute Resolution Process

Capability Guide and Disclosure

Baileys Insurance Ltd has a wealth of experience and knowledge to serve you and/or your business. Please read below our Capability Guide and Disclosure Document below, to see how we can help you.

Licence status and conditions

Baileys Insurance Ltd holds a financial advice provider licence, issued by the Financial Markets Authority (FMA) to provide financial advice.

Our Financial Markets Authority Reference Number is: CAS-57556-C9W6R5 / NTF200332125. This is currently a transitional licence, with full licences being issued by the FMA prior to March 2023.

Nature and scope of financial advice service

We engage financial advisers to provide financial advice on general insurance products on our behalf.

These are policies that insure your personal or business assets or protect you or your business assets, liabilities and business income.

We are also able to provide advice on life insurance, personal income protection or investment policies by utilising an associate connected with us, who is licensed to provide advice on such products.

We can provide financial advice on a variety of products from a wide range of NZ based and overseas providers, with access to some overseas Insurers as needed.

The main Insurers we deal with includes, but is not limited to:

Vero Insurance NZ Ltd
IAG Insurance Ltd
QBE Insurance Ltd
Ando Insurance Ltd
AIG Insurance Ltd
Chubb Insurance Ltd

The main insurance products we deal with include, but are not limited to:

Property damage
Business interruption
Liability
Domestic home & contents
Pleasurecraft
Travel
Marine transit

Insurance cover is placed with the Insurer we believe best suits your needs and circumstances. We will not always obtain quotes from every Insurer in a particular market. Our experience over many years means we know which Insurer to approach for a particular case.

The specific types of general insurance that individual advisers can advise customers on may vary.

Fees, expenses or other amounts payable

We charge a policy fee to help cover administration costs in some cases.

Any fee charged will be clearly shown on your invoice and is part of the total amount due.

These fees range from $6 to $150 per policy, but may not apply to every policy if a large number are held with us for one client.

Premium funding

Premium funding products enable you to pay the insurance premium over the term of your policy by instalments rather than as one amount. Premium funders charge interest and they take a power of attorney over your insurance policy, which means they have the ability to cancel your insurance policy if you fail to pay an instalment.

We own Baileys Premium Funding Ltd, a premium funding company. This company may fund your premium allowing you to spread the payments over the term of your policy.

Additional charges apply, which will be clearly advised to you if applying for this facility.

Commissions and incentives

Our remuneration is paid by the Insurers with whom we place the policies, by way of commission. The commission rates vary depending on the insurance product and the Insurer. Commissions range from 6% to 25% of the company premium or natural disaster premium component.

Whilst commission rates between Insurers do vary, this is never a factor in placing the policy in your behalf. Your best interest are always paramount, and we use the policy and Insurer that we believe best meets your requirements.

We are also a member of Steadfast NZ Limited (Steadfast). Steadfast supplies technology platforms, management, marketing, professional, technical, and buying benefits and services to support us in providing our financial advice.

Steadfast has arrangements with insurance companies under which Steadfast receives a professional services fee of up to 1.5% of the premium paid for each policy arranged by us with those insurers. These payments are used to operate Steadfast.

We will receive a proportion of the professional services fee paid to Steadfast, being 35% of that fee. This will be paid to us by Steadfast at the end of each financial year.

We receive no other incentives or inducements, other than the occasional invitation to hospitality events provided by the Insurers we deal with

Conflicts of interest

A financial adviser may have a conflict of interest in circumstances where financial advice has been provided to two clients who later have a dispute, including in respect of liability.

In this instance the adviser would clearly disclose the conflict of interest to the clients and would refer one of these clients to another of our financial advisers for further advice and assistance.

We manage all conflicts of interest, ensuring our financial advisers prioritise your interests above their own, by following an advice process that ensures our recommendations are made on the basis of your needs and circumstances. All of our financial advisers complete training to understand and manage conflicts of interest. We review our compliance programme annually.

Duties

Baileys Insurance Ltd and our financial advisers are bound by the following duties under the Financial Markets Conduct Act 2013 to:

  • meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (Code of Conduct), which form part of the wider regulatory regime for financial advice and ensure we have the expertise necessary to provide you with advice; and
  • give priority to your interests by taking all reasonable steps to ensure that the advice given to you is not materially influenced by our own interests or the interests of any other person connected with the giving of advice; and
  • exercise care, diligence, and skill that a prudent person engaged in the occupation of giving related financial advice would in the same circumstances; and
  • meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct, to treat you as we should and to provide you with suitable advice.

Complaints

If you are unhappy with this financial advice service, please contact us immediately so we can put things right.

If you wish to make a complaint, you can contact us as follows:

  • Call us on 0800 89 85 85 between the hours of 8.30 am - 5.00 pm week days
  • Email us at:
  • Write to us at: P O Box 101-101 North Shore, Auckland 0745, addressing your letter to the attention of Peter McEvoy

How your Complaint will be handled

We will attempt to resolve any issue of dissatisfaction with you immediately.

We will send you an acknowledgement of your complaint within five working days of your complaint being notified to us.

This letter or email will provide you with our timeline to respond to you and the name of the person who will be managing our response.

We will investigate the circumstances and contact you to try to resolve the complaint to your satisfaction.

It is important that you provide us with all relevant information.

We will provide you with a written update within 20 working days of receiving your complaint. If we are unable to provide a full response to you at that point, our letter will explain why we are not yet in a position to do so, and tell you when we will next contact you.

40 working days (maximum) after the receipt of your complaint we will issue a final resolution. If we need to continue our review past this point, we will explain to you the reason for the delay and the required timeframe to provide a full response. At this point, if you feel that the delay is unsatisfactory, you can redirect your complaint to our external dispute resolution service provider detailed below.

If we are unable to resolve your complaint

We expect that our response to you will have addressed the concerns you have raised. If you feel that your concerns have not been appropriately considered, we invite you to submit any further information for consideration.

If we are unable to resolve your complaint despite our best efforts, you can contact our external dispute resolution scheme, who provides a free and independent dispute resolution service.

The contact details for our external dispute resolution service provider are:

Financial Services Complaints Limited
0800347257
www.fscl.org.nz
E:

Contact details

Baileys Insurance Limited (FSP721031) is the Financial Advice Provider. We can be contacted as follows:

Postal: P O Box 101 101 North Shore, Auckland 0745
Telephone: 09 4448860 or freephone 0800898585
Email:  

 
Member of
Member of IBANZ
Member of
Member of Steadfast
Member of NZ Marine Industry
Proud sponsor of
Proud sponsor of COASTGUARD
       Proud sponsor of
Proud sponsor of ICA