Public Disclosure Statement
Folio.Insure Limited, trading as Folio, refers clients to the following licenced Financial Advisers, under their own Financial Advice Provider licences:
Lance Parker-Wadham (FSP378446), Financial Adviser from Parka Insurances Limited (FAP FSP601909) trading as Parka Insurances, holds a Class 2 license issued by the Financial Markets Authority to provide financial advice. For more information on Parka Insurances and their disclosure statement, see https://www.parka.co.nz/home.
Craig Graves (FSP718011), Financial Adviser from Carson Risk Limited, trading as Carson Risk, is named as an Authorised Body to provide a financial advice service under the FAP Licence held by PSC Connect NZ Ltd. PSC Connect NZ Ltd (PSCCNZ) (FSP331526) is the Transitional licence holder, as approved by the Financial Markets Authority (FMA). For more information on Carson Risk and their disclosure statement, see https://carsonrisk.co.nz/?b1c7cf85_page=1.
Nature and Scope of the Advice
Folio provides a digital platform that allows users to manage their insurance. Folio also provides a digital platform to purchase insurance policies.
Please note that Folio acts as the agent of the insurer in respect of the insurance products offered and not as your agent. Information Folio give you, i.e. on our website, in our app and marketing material, is general in nature and does not take into account your individual needs. You should consider if the insurance is suitable for you and read the policy wording before buying the insurance. If you are unsure, you should request advice from our financial advice partners.
Our financial advice partners, only provide financial advice about products from certain providers:
• For Fire and General Insurance, we work with three insurance providers – Delta, Chubb, Ando
• For Life and Disability Insurance, we work with five insurance providers – AIA, Asteron, Cigna, Fidelity Life and Partners Life.
• For Health Insurance, we work with five insurance providers – Accuro, AIA, NIB, Southern Cross, and Partners Life.
Fees or Expenses
Folio charges a fixed administration fee per policy purchased. The fee payable is[SH1] [mi2] [mi3] based on the premium and the amount of advice given and is disclosed in The Fee Schedule. Fee information is also provided at the time of purchase.
Folio may receive a fixed referral fee from the Financial Advice partner, when the client is referred to a Financial Partner for complex advice or cover and purchases coverage.
Folio does not charge a fee or expenses for insurance management admin services.
Conflicts of Interest & Professional Incentives
Folio and their Financial Adviser partners will not receive a commission from the client or insurance companies on whose policy we deliver, when no financial advice is given.
The Financial Adviser may receive commissions from the insurance companies on whose policies we deliver, when advice and/or complex cover is provided. If you decide to take out insurance, the insurer will pay a commission to the Financial Adviser. The amount of the commission is based on the amount of the premium. More detailed information is provided at the time advice is given.
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, this means they have the ability to cancel your insurance policy if you fail to pay an instalment. If you enter into such an arrangement the premium funder will pay Folio or Folio’s Financial Advice partners a commission as a percentage of the amount they fund. The amount of this commission will be disclosed to you when we know the scope and nature of the advice required and whether you intend to utilise the services of a particular premium funder. Commission will be paid to us directly from the premium funder.
From time-to-time, insurance providers may reward Folio and it’s financial advisers for business we provide to them i.e. they may provide tickets to events, gift hampers or offer minor incentives.
To ensure that our Financial Advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made on the basis of the client’s goals and circumstances.
We and our financial advice partners manage possible conflicts of interest by:
• Avoiding any production requirements set by any one provider
• Ensuring access to a range of insurance providers
• Using third party product research tools as a part of our analysis
• Having our processes audited annually by an external compliance adviser
Complaints Handling and Dispute Resolution
If you are not satisfied with our financial advice service you can make a complaint to firstname.lastname@example.org or by completing this form https://www.folio.insure/contact-support.
When we receive a complaint, we will consider it following our internal complaints process:
• We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint.
• We aim to resolve complaints within 10 working days of receiving them. If we can’t, we will contact you within that time to let you know we need more time to consider your complaint.
• We will contact you by phone or email to let you know whether we can resolve your complaint and how we propose to do so.
If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact the Insurance & Financial Services Ombudsmen Scheme. Insurance & Financial Services Ombudsmen Scheme provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction.
You can contact Insurance & Financial Services Ombudsmen Scheme by completing this form https://www.ifso.nz/make-a-complaint, emailing email@example.com, or by calling: 0800 888 202.
Folio’s financial advice partners have duties under the Financial Markets Conduct Act 2013 relating to the way that they give advice. They are required to:
• Give priority to your interests 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 they have. More information is available by contacting us, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz.
Folio.Insure Limited and their financial advice partners have not been subject to a reliability event. A reliability event is something that might materially influence you in deciding whether to seek advice from Folio. As an example, it would include legal proceedings or bankruptcy.
You can contact us at:
Address: 158 The Terrace, Wellington Central, Wellington 6011
[SH1]We would expect to see this quantified with some type of value (either a percentage or dollar) a range is ok at this point.
We will have a hyperlink to our fee schedule that we will have on our website [mi2]
Thanks for all these suggestions, I have updated the rest of the document accordingly :) [mi3]