Disclosure Statement

About Initio

This Disclosure Statement provides important information about the financial advice services provided by Initio Limited (Initio, we, our, or us). This information is required under the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020 and is designed to help you decide whether to seek or act on financial advice from us.

Initio is a Financial Advice Provider (FAP), licensed by the Financial Markets Authority (FMA) to provide financial advice under the Financial Markets Conduct Act 2013 (FMCA). You can verify this by checking the Financial Service Providers Register at www.fspr.govt.nz and searching our Financial Service Provider (FSP) number: FSP523166.

All Initio policies are underwritten by IAG New Zealand Limited (IAG). IAG has received an AA from Standard & Poor’s (Australia) Pty Ltd, an approved rating agency. A rating of AA means IAG has a ‘very strong’ claims-paying ability. IAG’s Financial Strength Rating

Contact Details

Provider: Initio Limited
FSP Number: FSP523166
Website: www.initio.co.nz
Phone: 0800 763 929
Email: [email protected]
Address: 6 Garden Place, PO Box 319, Hamilton 3204

Nature and Scope of Our Advice

We provide financial advice on the following general insurance products issued by Initio (underwritten by IAG New Zealand Limited):

  • Homeowner’s house and contents insurance
  • Landlord and holiday home insurance
  • Multi-unit rental property insurance
  • Motor vehicle insurance

Limitations on Our Advice

Important: The scope of our advice is limited to Initio’s own insurance products. We do not provide financial advice on products offered by other insurers and we are unable to offer comparisons with alternative providers’ products.

Our advice is based on the information you provide to us at the time. It is designed to help you select insurance cover from the Initio product range that is suitable for your circumstances and needs, as communicated to us.

Where your insurance needs fall outside the scope of the products we offer, we may suggest that you contact a specialist insurer or insurance broker who can assist you further. In such cases, we will not be providing financial advice on those alternative products.

Before purchasing any insurance product through us, you should read the applicable Policy Wording, which is available on our website. The Policy Wording contains important information about the product, including what is and is not covered, to help you make an informed decision.

Our Duties

Initio and our financial advisers have duties under the Financial Markets Conduct Act 2013 (FMCA) and the Code of Professional Conduct for Financial Advice Services (the Code) relating to the way we give advice. When providing financial 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 or the interests of any other person;
  • exercise care, diligence, and skill that a prudent person engaged in the same occupation would exercise in the same circumstances;
  • meet the standards of competence, knowledge, and skill set out in the Code;
  • meet the standards of ethical behaviour, conduct, and client care set out in the Code;
  • ensure that the information we make available to you is not false, misleading, or incomplete.

A copy of the Code of Professional Conduct for Financial Advice Services is available at www.financialadvicecode.govt.nz.

Fees, Expenses, and Commissions

Transaction Fees

For new house, contents, and car insurance policies, and for the subsequent renewal of those policies, Initio charges a transaction fee of between $3 and $50 + GST per policy. This fee is shown on your quote and invoice and is payable by you when the transaction is processed on the Initio platform.

Initio does not charge a fee for policy changes, alterations, certificates of insurance, or policy cancellation transactions.

Commissions

Initio receives commission from the insurer (IAG New Zealand Limited) on insurance policies. The commission is included in the premium you pay and is not an additional charge to you.

Product Type Commission Rate
House and contents insurance 22.5% of insurer premium portion
Motor vehicle insurance 10.0% of insurer premium portion

Claims Handling Fees

Initio may handle claims on behalf of IAG under delegated authority for certain in-scope claims. A fixed claims handling fee is paid by the insurer to Initio for claims handled and settled on behalf of the insurer. This fee is not charged to you.

Referral Partners

Where you have been introduced to Initio by one of our partners or referrers and you decide to purchase an insurance policy, we may pay the partner or referrer. The payment amount depends on the product type, insurance cost, and the specific arrangement with that partner or referrer. Any remuneration paid to our partners or referrers is not charged directly to you and does not affect the amount you pay.

Adviser Remuneration

All Initio financial advisers are paid a salary and are not incentivised by the selling (or claims settlement outcome) of insurance products. Our financial advisers do not receive any commission or other incentives for giving financial advice or selling an insurance policy.

5. Conflicts of Interest

We recognise that conflicts of interest can arise from the way we are remunerated. The following are conflicts of interest that a reasonable client would expect to be told about:

  • Limited product range: We only provide advice on Initio’s own products (underwritten by IAG). We do not compare Initio’s products with those of other insurers. This means our advice may not cover all insurance options available to you in the market.
  • Commission income: Initio receives commission from IAG on policies sold through us. This could create an incentive to recommend insurance cover that may not be in your best interests.
  • Referral payments: We may pay commissions to partners and brokers who refer clients to us, which could influence the recommendations made to you by those third parties.

How We Manage These Conflicts

Initio manages these conflicts of interest in the following ways:

  • Our financial advisers are paid a salary only and do not receive any commission, bonus, or incentive linked to the sale of policies or claims outcomes.
  • We require all financial advisers to follow an advice process that ensures recommendations are based on your goals, circumstances, and needs.
  • Where your needs fall outside the scope of our products, we will refer you to a specialist insurer or broker rather than recommend an unsuitable product.
  • All financial advisers undergo training on how to manage and disclose conflicts of interest.

6. Reliability Events

A reliability event is something that might influence your decision about whether to seek or act on our financial advice. Examples include a successful regulatory action, a bankruptcy, a criminal conviction for dishonesty, or a prohibition order by a regulatory body.

Neither Initio, nor its financial advisors, has been subject to a reliability event.

7. What to Do If Something Goes Wrong

Internal Complaints Process

If you are not satisfied with our financial advice service, we encourage you to contact us as soon as possible so that we can try to resolve your concern. You can make a complaint by:

  • Email: [email protected]
  • Phone: 0800 763 929
  • Post: The Complaints Manager, PO Box 319, Hamilton 3204

When we receive a complaint, we will consider your concerns and let you know how we intend to resolve them. Where possible, we will try to resolve your complaint immediately. If we are unable to do so, we will acknowledge your complaint within 2 business days and work with you towards a resolution.

External Dispute Resolution

If you are not satisfied with the resolution of your complaint under our internal complaints process, you can refer the matter to our external dispute resolution scheme. This is a free and independent service.

Initio is a member of the Insurance & Financial Services Ombudsman Scheme (IFSO Scheme).

Scheme: Insurance & Financial Services Ombudsman Scheme (IFSO)
Phone: 0800 888 202
Email: [email protected]
Website: www.ifso.nz
Post: PO Box 10-845, Wellington 6143

8. Privacy

We collect and use your personal information to provide you with financial advice and to arrange and administer your insurance policies. Your personal information is handled in accordance with the Privacy Act 2020 and our Privacy Policy, which is available on our website.

For more information about how we collect, use, store, and disclose your personal information, please refer to our Privacy Policy at https://initio.co.nz/privacy-policy/.

9. Further Information

You can check that Initio is a registered and licensed financial service provider, and verify the registration of your financial adviser, at the Financial Service Providers Register: www.fspr.govt.nz.

This Disclosure Statement is current as at the effective date shown. We will provide you with an updated disclosure statement if there is a material change to the information contained in it.

This information is also available in writing, on request.

This disclosure statement was prepared on:       15th March 2021

This disclosure statement was updated on:         31st March 2026