PUBLICLY AVAILABLE DISCLOSURE
Licence status and conditions
O’Connor Warren Insurance Brokers Limited, FSP508346 trading as O’Connor Warren Insurance Brokers holds a financial advice provider licence, issued by the Financial Markets Authority, to provide financial advice. O’Connor Warren Life and Health Limited, FSP740951 is authorised by that licence to provide financial advice.
Nature and scope of financial advice service
O’Connor Warren Insurance Brokers 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 not able to provide advice on personal income protection or investment policies but are able to refer you to associates who are licensed to provide advice on such products.
We have access to most insurance markets in New Zealand (excluding direct Insurers) along with access to overseas markets as required.
A list of the types of general insurance we can provide financial advice on and the product providers who provide such insurance products can be found here.
We can also provide asset finance broking services.
O’Connor Warren Life and Health provides advice to our clients about their life insurance and health insurance. Our financial advisers provide financial advice in relation to these financial advice products.
We only provide financial advice about products from certain providers whom can be found here.
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For life insurance, we work with five companies – Fidelity, Asteron, Cigna, AIA, Partners Life
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For health insurance, we work with four providers – Accuro, Southern Cross, Partners Life and NIB
In providing you with financial advice, we will only consider existing term life, trauma, income protection and health insurance policies (if any). We will not provide advice on existing whole of life or endowment products, so you will need to consult a specialist if you would like advice on those products.
Fees, expenses or other amounts payable
O’Connor Warren Insurance Brokers may charge a fee for the advice given to you, for implementing that advice and for the provision of our ongoing advocacy and management of your insurances. Note, O’Connor Warren do not receive any additional overrider or profit share income from insurers. Any fee will be payable on payment of your premium. The amount of any fee will be 2 disclosed either at the time we know the scope and nature of the advice required or when we provide our advice and services to you.
O’Connor Warren Life and Health does not charge any fee, expense or other amount for the financial advice provided to you or for implementing that advice. Our remuneration is paid by the insurance providers that we place the insurance policy with on your behalf, by way of commission.
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, 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 us a commission as a percentage of the amount they fund. We will be paid a commission from them of up to 2% of the total insurance premium amount. Commission will be paid to us directly from the premium funder. There is also a one-off administration fee charged by the premium funder charged annually. We may receive an additional production bonus based upon the total premium pool funded.
Conflicts of interest and commissions or other incentives
O’Connor Warren Insurance Brokers and our financial advisers will receive commission from the insurance companies on whose policies we give advice. If you decide to take out a policy, the insurer will pay us commission based on the premium that you pay.
We are 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 services.
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. Steadfast may also receive a fee of 0.5% of any amount a customer has funded through a premium funder. These payments are used to operate Steadfast.
If we provide asset finance advice and services we will receive commission from the financiers whom we secure a finance contract with on your behalf.
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 maintain a register of conflicts of interests and any gifts and other incentives that we may receive. We review our compliance programme annually.
O’Connor Warren Life and Health and our financial advisers will receive commissions from the insurance companies on whose policies we give advice for life insurance and health insurance. If you decide to take out insurance, the insurer will pay a commission to O’Connor Warren Life and Health who will then pay a portion of this to your financial adviser. The amount of the commission is based on the amount of the premium.
To ensure that our financial advisers prioritise our clients’ interests above their own, we follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances. All our financial advisers undergo annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme is undertaken annually.
Duties
O’Connor Warren Insurance Brokers, O’Connor Warren Life and Health and our financial advisers are bound by the following duties under the Financial Markets Conduct Act 2013 to:
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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
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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
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exercise care, diligence, and skill that a prudent person engaged in the occupation of giving related financial advice would in the same circumstances; and
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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 our financial advice service please contact your financial adviser so he or she can try to put things right.
If you wish to make a complaint, or do not feel comfortable discussing your concerns with your adviser, you can contact us as follows:
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Call us on 07 578 6072 between the hours of 8:30am – 5pm week days
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Email us at anna@oconnorwarren.co.nz
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Write to us at PO Box 327, Tauranga 3144, addressing your letter to the attention of Anna O’Connor.
How your Complaint will be handled
Your adviser will attempt to resolve any issue of dissatisfaction with you immediately.
If the matter cannot be resolved to your satisfaction, the adviser will escalate the complaint to his or her manager, notifying you accordingly. We will send you an acknowledgement of your complaint within five working days of your complaint being notified to us. This letter will provide you with our timeline to respond to you and the name of the manager who will be managing our response. The manager will investigate and contact you to try to resolve the complaint to your satisfaction. It is important that you provide this person 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 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 Disputes Resolution Service (FDRS) Freepost 231075, PO Box 2272, WELLINGTON 6140 0800 337 337 enquiries@fdrs.org.nz www.fdrs.org.nz
Contact details
O’Connor Warren Insurance Brokers Limited (FSP508346), trading as O’Connor Warren Insurance Brokers is the Financial Advice Provider. We can be contacted as follows:
124 Willow Street, Tauranga, 3110
07 578 6072 or 0800 26 46 26
CONFLICTS POLICY
In giving advice, a broker must give priority to the client’s interests by taking all reasonable steps to ensure that the advice is not materially influenced by, firstly, the broker’s own interests, and secondly, the interests of any other person connected with the giving of the advice.
Where there’s a conflict of interest, the broker must give priority to the client’s interests.
A conflict is a situation where:
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Some or all of the company’s or an employee’s interests are incompatible with, or differ from, some or all of a client’s interests;
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The concerns or aims of two different parties are incompatible;
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Some or all of an employee’s interests are in conflict with the company’s interest; or
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An employee is in a position to derive personal benefit from actions or decisions made in their official capacity.
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The giving or receiving of gifts may also create a conflict.
Brokers and employees have an obligation to ensure that their interests and the interests of the FAP are not placed ahead of the client’s interests, especially where to do so would disadvantage a client or would negatively impact on the service a client receives.
Please click here to see our Conflicts policy.
PRIVACY POLICY
In this Privacy Policy, 'we', 'us' and 'our' means O’Connor Warren Insurance Brokers and/or O’Connor Warren Life and Health.
We respect the privacy of your personal information. This Privacy Policy sets out how we collect, store, use and disclose your personal information, which we do in accordance with the Privacy Act 2020.
What personal information we collect
In New Zealand, under the Privacy Act 2020, "personal information" means information about an identifiable individual. We collect certain types of personal information about you, including:
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information in relation to the application for, provision and administration of insurance, such as your contact details, date of birth, employment details, health information, details of previous insurances and past insurance claims and criminal records;
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financial, billing and invoicing information;
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if you visit our website, we will collect personal information that you submit, such as via online forms; and
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any other personal information you otherwise provide to us.
If you do not provide us with the information that we need, we or any of our third party service providers may not be able to provide you with products or services.
How we collect your personal information
We may collect personal information in a number of ways, including:
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directly from you via our website, telephone, in writing or email; and/or
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indirectly from third parties, if necessary. For example, your employer, referees, insurers, premium funders and other third party service providers or publicly from available sources.
You authorise us to contact such third parties for the purposes of providing you with the information or services that you have requested.
Our purposes for using and disclosing your personal information
We use and disclose your personal information for the purposes of providing our services to you and related purposes. Such purposes include:
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assessing and managing your insurance application and policy;
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managing and processing payments;
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communicating with you about our products and services;
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conducting market or customer research;
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administering claims;
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developing, establishing and administering alliances and other arrangements with other organisations in relation to the promotion, administration and use of our services;
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telling you about our other service offerings which we believe may be relevant (if you have requested to receive this);
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statutory or regulatory reporting;
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internal or external audit; and
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any other purpose notified to you at the time your personal information is collected.
Disclosure of your personal information
We will disclose your personal information to:
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insurers, reinsurers, other insurance intermediaries, insurance reference bureaus and industry bodies;
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assessors appointed by insurers to assess or investigate your claims;
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others named on your policy as co-insureds;
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service providers engaged to provide services to you in relation to your insurance (such as providing repairs);
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third parties who help manage our business and provide our services, including our third party service providers, such as payment system operators, IT suppliers, lawyers, accountants, other advisers and financial institutions;
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any other entities notified to you at the time of collection; and
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courts, law enforcement, regulators and other government agencies to comply with all applicable laws, regulations and rules.
Other than when required or permitted by law, as specified in this Privacy Policy or where you have provided your consent, we will not disclose your personal information.
Nothing in this Privacy Policy prevents us from using and disclosing to others de-personalised aggregated data.
Transfer of personal information overseas
We may disclose your personal information to third party service providers and/or insurers who may process your personal information either on our behalf or otherwise for one or more of the above-stated purposes.
Some of the third party service providers to whom we disclose personal information are located in countries outside New Zealand, such as Australia or the United Kingdom. In this regard, unless exempted by the Privacy Act 2020, we would have sought your express authorisation to do so prior to the transfer of your personal information overseas. Overseas disclosure of your personal information will only be made for one or more of the purposes specified in this Privacy Policy.
We will take appropriate steps ensure that transfers of personal information are in accordance with applicable law and carefully managed to protect your privacy rights, such as by ensuring disclosures are limited to recipients who are subject to privacy laws which are recognised as providing a comparable level of legal protection as the Privacy Act 2020 or where we can be satisfied that alternative arrangement are in place to protect your privacy rights.
Your obligations when you provide personal information of others
You must not provide us with personal information of any other individual unless you have the express authorisation of that individual to do so. If you do provide us with such information about another individual, before doing so you:
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must tell that individual that you will be providing their information to us and that we will handle their information in accordance with this Privacy Policy;
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must provide that individual with a copy of (or refer them to) this Privacy Policy; and
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warrant that you have that individual's consent to provide their information to us.
If you have not done this, you must tell us before you provide any third party information.
Your obligations when we provide you with personal information
If we give you, or provide you access to, the personal information of any other person, you must only use it:
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for the purposes we have agreed to; and
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in compliance with applicable privacy laws (including the Privacy Act 2020) and this Privacy Policy.
You must also ensure that your agents, advisers, employees and contractors meet the above requirements.
Accuracy, access and correction of your personal information
We take reasonable steps to ensure that your personal information is accurate, complete and up-to-date whenever we collect, use or disclose it. However, we also rely on you to advise us of any changes to your personal information.
Please contact us using our contact details below as soon as possible if there are any changes to your personal information or if you believe the personal information we hold about you is not accurate, complete or up-to-date.
You can make a request to access your personal information or to have it corrected by contacting us using the contact details below. If you make an access request, we will provide
you with access to the personal information we hold about you unless otherwise required or permitted by law. We will notify you of the basis for any denial of access to your personal information. We may charge a fee where permitted by law
Security of your personal information
We take reasonable steps to protect any personal information that we hold from misuse, interference and loss, and from unauthorised access, alteration and disclosure. However, data protection measures are never completely secure and, despite the measures we have put in place, we cannot guarantee the security of your personal information. You must take care to ensure you protect your personal information. You should notify us as soon as possible if you become aware of any security breaches. Where required by law, we will notify you of any notifiable privacy breach concerning your personal information.
Updates of Privacy Policy
We reserve the right to amend our Privacy Policy from time to time to ensure we properly manage and process your personal data.
How to make a complaint
If you wish to make a complaint about a breach of this Privacy Policy or any breach of applicable privacy laws, you can contact us using the contact details below. You will need to provide us with sufficient details regarding your complaint together with any supporting evidence and information. You can also complain to the Privacy Commissioner (see www.privacy.org.nz).
How to contact us
If you wish to gain access to your personal information, want us to correct or update it, have a complaint about a breach of your privacy or any other query relating to our Privacy Policy, please contact us at insurance@oconnorwarren.co.nz or 0800 26 46 26