Disclosure Statement – JenBro Insurance
In this page, ‘we’, ‘us’ and ‘our’ means JenBro Insurance Ltd
What is a Duty of Disclosure?
When you enter into a contract of insurance you have a legal duty to disclose to the insurer all facts that are material to the risk. This would include all information you know or could reasonably be expected to know that would influence the judgment of a prudent insurer in accepting or declining an insurance risk or in fixing the premium or terms or conditions of the contract.
It is important that you read this information
It will help you (the client) make an informed decision whether we (JenBro Insurance Limited) and our adviser’s financial advice and products 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.
What sort of advisers are we?
We are licensed as a Financial Adviser Provider by the Financial Market Authority of New Zealand (FMA) https://www.fma.govt.nz/. Financial Services Legislation Amendment Act 2019 requires Jensen Brothers Insurance Limited to hold a current license for our advisers to provide financial advice Services to our clients. To view our license go to the Financial Service Providers Register https://fsp-register.companiesoffice.govt.nz/ and search our Financial Service Provider (FSP) number FSP TBA
As a Licensed Financial Advice Provider, we have Standard Conditions on our license. These conditions are not specific to Jensen Brothers Insurance Limited and does not limit or restrict Advice that may be given.
As a licensed Financial Adviser Provider, we have the following specific Conditions on our license that limit and restrict the advice we may give.
Condition: None
Limits & Restrictions: None
Nature and Scope of the Advice
JenBro Insurance Limited and our advisers provide financial advice on Fire & General Insurance Products for Commercial and Domestic clients. In addition to this, we can also provide advice on Life and Health insurance products. Jensen Brothers Insurance Ltd does not provide advice on existing Endowment, Whole of Life, Investment or Investment Linked products.
Our Insurance product providers are Insurance businesses in New Zealand that are licensed under the Reserve Bank under section 19 of the Insurance (Prudential Supervisor) Act 2010. The Insurers have a financial strength rating from an approved rating agency. The respective Insurer ratings can be viewed here https://www.rbnz.govt.nz/regulation-and-supervision/insurers/licensing/register.
JenBro Insurance Limited recommends Insurance product providers who have a minimum financial strength rating of A-. If the only insurance solution available is with an Insurance product provider who has a financial strength rating below A- then we will advise you of this and ask you to confirm in writing you have received disclosure of the financial strength rating and consent to the insurance being arranged with that Insurer.
We can be contacted at 8 Punawai Place, Taupo 3330 or 82 Nayland Street, Sumner, Christchurch 8081, PO Box 744 Taupo, 3351 (Postal), www.jenbro.co.nz (web) and 0800 TBA
Fees, commissions, and conflicts of interest
JenBro Insurance Ltd may charge clients fees for financial advice on Fire & General risks. We will tell you what the fee is before you accept any advice from us. In respect of General Insurance Products, we will charge fees that are payable by you when our advice is followed, accepted and the insurance policy is purchased. The fees we charge are for our service, placement, implementation, and administration of the insurance policies that you choose to accept and purchase. Such fees will be disclosed to you at the time we provide our financial advice and will also be disclosed on our invoice(s).
For Fire and General Insurance, commission can be between the range of 0-27% of the insurer portion (total premium of the Insurance Policy less government levies and taxes). We receive the same level of commission when we renew the insurance on our client’s behalf.
For Life & Health Insurance, initial commission can be between the range of 0-220% of the insurer’s first year’s premium, when new insurance is arranged. Some, or all, of this initial commission is repaid to the insurer if the insurance is cancelled within 24 months of its inception. We receive trail commission between 0-35% at each anniversary of the insurance.
The amount will depend on the insurance company and policy you choose – this will be disclosed when we provide the advice to you. All commissions are used to fund the business operating expenses and to provide assistance with financial advice for the ongoing support of existing clients and prospecting.
We are a member of Steadfast Insurance Group who provide education, training, technical insurance product, claims support and group member benefits to us. When a client accepts our financial advice as your adviser and purchases a Fire & General policy, Steadfast may receive a service fee from the Insurer.
To ensure we prioritise your interests above our own, we follow an advice process that ensures our recommendations are made based on your goals and circumstances. We 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 and our compliance program is reviewed annually.
JenBro Insurance Ltd provides financial services to clientele referred from other colleagues, with the view to provide advice in specialised areas of which JenBro Insurance Ltd is licenced. It is JenBro Insurance Ltd view that our recommendations are not influenced by any conflicts of interest, and this is peer reviewed upon receipt by JenBro Insurance Ltd staff.
Our Duties
JenBro Insurance Ltd’s advisers give financial advice to clients on JenBro behalf. When giving advice, our advisers are bound by the following duties under the Financial Markets Conduct Act 2013 to:
To ensure our advisors prioritise your interests above that of JenBro Insurance Ltd, advisers follow a 6-step advice process that ensures recommendations are made based on your individual goals and circumstances. This process includes:
1. Establishing and defining the relationship
2. Gathering client data
3. Analysing & evaluating financial status
4. Developing and presenting recommendations
5. Implementing the plan recommendations
6. Monitoring the plan recommendations and ongoing service
We 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 program annually.
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 www.fma.govt.nz
Who licenses and regulates us?
The Financial Markets Authority (FMA). You can report information about us to the Financial Markets Authority at: https://www.fma.govt.nz/contact/ or email questions@fma.govt.nz
Trustworthiness History
JenBro Insurance Ltd advisor and/or entity has been subject to a reliability event. A reliability event is something that might materially influence you in deciding whether to seek advice from me or from JenBro Insurance Ltd, and may include:
• convicted of civil or criminal proceedings or regulatory action (in NZ or overseas) in relation to financial markets legislation, overseas law that regulates the supply of any financial services, any dealing in financial products
• publicly disciplined in last 5 years (Financial Advisor Act or disciplinary committee) discharged of bankruptcy (in NZ or overseas) in the 4 years before giving this advice
• convicted of a crime relating to dishonesty in the past 5 years
Complaints and Dispute Resolution
We are committed to providing the highest quality service to our clients. However, from time to time a client may express dissatisfaction with the experience they have received. Our Financial Advice Provider License requires our business to have a fair, timely and transparent process in place for resolving client complaints relating to our Financial Advice Services. Managing client complaints well is fundamental to providing good client outcomes. This policy sets out our approach.
What Is a complaint?
A complaint is an expression of dissatisfaction made to us, or to a person engaged by us, in relation to our Financial Advice Service, or the complaints handling process itself, where a response or resolution is explicitly or implicitly expected. A complaint can also arise when the matter relates to a failure to provide a service or give advice.
Our policy – We do this:
• We deal with complaints in a fair, timely and transparent manner.
• We encourage all complaints to be put in writing by letter or email and we retain records that set out the complaint, any actions we take in dealing with it, and the dates of those actions.
• We formally acknowledge receipt of all complaints within two (2) business days of receipt and advise the client about our internal complaints process and our Dispute Resolution Service.
• We record all complaints in our Complaints Register.
• We ensure that responsibility for resolution of the complaint is assigned to the appropriate individual in our brokerage.
• We keep the client informed regarding the progress of their complaint.
• Where no action is taken in respect of a complaint received, we record the reasons for not taking any action.
• If a complaint cannot be resolved, we inform the client about taking the matter to our DRS.
Our policy – We don’t do this:
• Treat complaints as trivial or unimportant.
• Keep them to ourselves and not communicate them to the appropriate people internally (or externally).
• Discourage clients from engaging with our Dispute Resolution Body should that be the most appropriate course of action for them.
• Delay or prolong resolution of complaints unnecessarily.
• Conduct ourselves in an impersonal or legalistic manner.
How to notify us?
You can notify us if you have a complaint by any means you choose, either verbally, by telling us, or by writing to us setting out your complaint.
How will your complaint be handled?
When we receive your complaint, the person you complain to will initially consider it and attempt to resolve the complaint with you. This will normally be the person you were dealing with at our organisation. If on this first contact, the complaint cannot be resolved to your satisfaction, the person you have initially complained to will escalate the complaint the Managing Director. This will happen within five working days of the complaint being notified to us. Once the complaint has been received by the Managing Director, that person will contact you. The Managing Director will again attempt to resolve the complaint to your satisfaction. It is important that you provide this person with all relevant information. If the Managing Director cannot resolve the complaint to your satisfaction, they will refer you to our external dispute resolution provider.
What If I do not want to raise the dispute with the person I dealt with?
There may be cases in which you do not feel comfortable discussing your concerns with the person who you were dealing with. This may be because it is that person’s conduct that is in question. That should never prevent you from making a complaint. You should feel free to contact the complaints manager of our organisation who is Andy Jensen 027 3000 324. That person will be happy to deal directly with you and to investigate and attempt to resolve your complaint.
Who is our External Complaints Provider?
If we are unable to resolve your complaint within 30 working days to your satisfaction, you may contact Financial Dispute Resolution Service (FDRS). This is a free, independent dispute resolution service, who may help investigate or resolve your complaint.
You can contact FDRS at level 4, 142 Lambton Quay, Wellington 6011, ph 0508 337 337 & enquiries@fdrs.org.nz
The complaint process can be summarised as follows:
1 – Complaint acknowledged within 5 working days and complaints. Process explained to customer including provision of this document
2 – Consideration of complaint by initial recipient within a further 5 working days
3 – If unresolved referral to manager within further 5 working days
4 – Manger to contact customer. Conduct enquiry and reach decision within a further 10 working days.
5 – If unresolved, provision of information on EDT (external dispute resolution). Options including contact details and criteria for consideration by EDR provider.
© 2023 JenBro Insurance
