Disclosure Statement

It is important that you read this information.

It will help you (the client) make an informed decision whether we (initio) and our advisers will provide advice and access to products that are suitable for your needs and whether to seek, follow or accept the Financial Advice. This Disclosure Statement is required under the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020.

Before purchasing any financial product through us, you should read the Policy Wording applicable to the insurance product you are purchasing which is available online. The Policy Wording contains information about the product to help you make an informed decision about whether or not to buy the product.

 

Who are we?

Name of Financial Advice providers: Initio Limited (FSP523166)
Trading Names: Initio
Telephone Number: 0800 763 929
Address: 6 Garden Place, Hamilton 3204
Email address: [email protected]
Website: www.initio.co.nz

 

What sort of advisers are we?

We are licensed Financial Advice Providers and an Authorised Body by Financial Market Authority of New Zealand (FMA). Financial Services Legislation Amendment Act 2019 requires initio to hold a current license for Advisers to provide Financial Advice Services to our Clients. To view our license go to the Financial Service Providers Register and search our Financial Service Provider (FSP) number’s  FSP523166, or click on the link provided to go directly to our registration. As Licensed Financial Advice Providers, we have standard conditions on our license, these conditions are not specific to initio and do not limit or restrict advice that may be given.

 

What Financial Advice can we provide to you?

Initio and our advisers are licensed to deal in and provide Financial Advice on general insurance products.

 

Who do we act for?

Initio acts under a binder agreement with our insurance product provider, NZI. NZI is a business division of IAG New Zealand Limited (IAG) (the insurer) that is licensed under the Reserve Bank under section 19 of the Insurance (Prudential Supervisor) Act 2010. To view the Insurer rating, click here. The insurer issues and underwrites the insurance products. Initio is authorised by the Insurer under agreement to enter into insurance policies, and to amend, or cancel insurance, and administer claims on behalf of the Insurer and not on your behalf.

 

How do we get paid for the Financial Advice and Products that we provide to you?

Initio and our advisers do not receive any commission or other incentives for giving Financial Advice, however, initio does receive commission when you, the client, purchases an insurance policy. The commission is paid by the Insurer (product provider).

The House and Contents commission paid is 22.5% of the insurer portion of the premium (total premium of the Insurance Policy less government levies and taxes) and the Motor Vehicle commission paid is 12.5% of the insurer portion of the premium.

Our staff are paid a salary and are not incentivised by the selling of insurance products.

 

What fees do we charge?

Initio may charge transaction fees that are payable by you, when a transaction is processed. The fees we charge are to cover administration fees including bank and payment provider processing and merchant charges.

 

How do we pay other parties?

Where you have been introduced to initio by one of our partners and you decide to purchase an insurance policy, we may pay our partner.  The payment amount depends on the product type, premium and the specific arrangement entered into with that partner.

The renumeration may also be paid on renewal and premium adjustments. Any remuneration paid to our partners is not charged directly to you., the client.

How can you depend on the Advice you receive?

Initio and our advisors have not been subject to any reliability events.  A reliability event is something that might materially influence you in deciding whether to seek advice from us. As an example, it would include legal proceedings against initio, or if an advisor had been discharged from bankruptcy in the last four years.

 

How to make a Complaint

If you have a problem, concern or you are dissatisfied with either a product or Financial Advice service that has been provided by us or our advisers and you require action to be taken, please tell us so that we can help and fix the issue. To make a complaint, or to find more details on our complaints process including how to make a complaint please click here.

We will approach all complaints with an open mind, listen, and treat each complainant as an individual and with courtesy and respect. We will promptly acknowledge the complaint and every attempt will be made, to resolve your complaint in a timely manner, with staff escalating as necessary to Senior Management or Complaints Manager.

You will receive a written decision, remedies, and resolution as soon as practicable after we have decided the outcome.

 

What to do if you are not satisfied after making a Complaint

If you feel your complaint is not resolved to your satisfaction using the Initio complaints process, or you are unsatisfied with the response or resolution, you can contact Insurance & Financial Services Ombudsman Scheme (IFSO). IFSO is a dispute resolution scheme of which we are a member. This service will cost you nothing and is an independent service that will help investigate or resolve the complaint. You can click here to find out how to make a complaint to IFSO.

You can contact IFSO at:

Postal Address: P.O. Box 10 845, Wellington 6143
Email: [email protected]
Telephone: 0800 888 202
Website: www.ifso.nz

 

What are our advisers duties?

Our advisers give Financial Advice to clients on initio’s behalf, when giving advice all our advisers must:

  • Hold a Level 5 New Zealand Certificate in Financial Services (or equivalent)
  • Maintain competence, knowledge, and skills for giving Financial Advice by completing continuing professional development.
  • Abide by the Code of Professional Conduct for Financial Services and have Ethical behaviour, good conduct, and provide client Care.
  • Listen to the client carefully to discover their needs.
  • Recommend products or services that meet the client’s needs and explain why.
  • Give clear and concise communication.
  • Protect client’s information.
  • Give priority to the client’s interests when giving Financial Advice.

 

Who licenses and regulates us?

The Financial Markets Authority. You can report information about us to the Financial Markets Authority or email [email protected] but if you want to complain you should use our dispute resolution procedures described under How to make a Complaint? and What to do if you are not satisfied after making a complaint?

 

This disclosure statement was prepared on:      15th March 2021