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. 

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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. 

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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. 

• For life insurance, we work with five companies – Fidelity, Asteron, Cigna, AIA, Partners Life 

• 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. 

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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. 

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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. 

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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. 

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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. 

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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. 

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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. 

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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: 

• 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 

• 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 

• exercise care, diligence, and skill that a prudent person engaged in the occupation of giving related financial advice would in the same circumstances; and 

• 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. 

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