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Public Disclosure Statement
Licensing Information
Folio.Insure Limited (FSP1003687) (we, our, us), trading as Folio, holds a Class 2 Financial Advice Provider (FAP) license issued by the Financial Markets Authority (FMA) to provide financial advice.
Nature and Scope of the Advice
Folio engages Authorised Bodies to provide Financial Advice for Fire and General Insurance for domestic, commercial and schemes.
Folio are members of the Steadfast Group and have access to their insurer partners, agreed wordings and other great benefits that the group provides its members.
Fees or Expenses
Folio, the Authorised Body and/or Financial Adviser may from time to time charge a fee per policy purchased or when advice is given. This will be fully disclosed to the client or entity prior to undergoing the relationship.
Conflicts of Interest & Professional Incentives
For insurance products and advice, Folio, the Authorised Body and/or the Financial Adviser may receive a commission, from the client or insurance companies, on whose policies we deliver advice.
The amount of the commission is based on the amount of the premium and comes into effect if you decide to take out insurance. More detailed information is provided on the Authorised Bodies Public Disclosure Statement, and by the Financial Adviser 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, it’s Authorised Bodies and its Financial Advisers for business we provide to them i.e., they may provide tickets to events, gift hampers or other minor incentives.
To ensure that our Financial Advisers prioritise the clients’ interests above their own, Folio, our Authorised Bodies and Financial Advisers follow an advice process that puts the needs of the clients’ first and ensure our recommendations are made on the basis of the client’s goals and circumstances.
We further manage possible conflicts of interest by:
• Avoiding any quota 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 support@folio.insure or by completing this form https://www.folio.insure/contact-support.
When we receive a complaint, we will review it by following our internal complaints process:
• We will review 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 within 20 working days, or if you aren’t satisfied with the way we propose to do so, you can contact the Insurance & Financial Services Ombudsmen Scheme of which we are registered members of. The 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 info@ifso.nz, or by calling: 0800 888 202.
Duties Information
Folio, 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 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 we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz.
Reliability History
Folio.Insure Limited and their Authorised Bodies 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.
Contact Details
Folio.Insure Limited (FSP1003687 - trading as Folio) is the Financial Advice Provider.
You can contact us at:
Phone: 04 974 5657
Email: support@folio.insure
Address: Level 1 44 Victoria Street, Wellington Central, Wellington 6011