Oceania Insurance Brokers Disclosure Information

Duties information

We believe in delivering the most appropriate advice, built upon our four core business pillars, Trust, Advice, Choice and Value.

We are bound by duties under the Financial Markets Conduct Act 2013 (Act),

We are required to:

• Meet certain standards of competence, knowledge and skill, as set by the Code of Professional Conduct for Financial Advice Services (Code of Conduct). These have been designed to ensure that we have the relevant expertise to provide you with advice.
  
  
• Take reasonable steps to ensure that you understand the nature and scope of the advice we give you and let you know if there are any limitations on the advice we provide. This will help you ensure that the advice provided meets your goals and objectives.
  
• Give priority to your interest, by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests.
• Exercise a prudent level of care, diligence and skill.
• Meet certain standards of ethical behaviour, conduct and client care as required by the Code of Conduct. These are designed to ensure that we treat you as we should and give you suitable advice.
• Not offer or recommend a financial product that contravenes the Act or related regulations. This gives you peace of mind that the products we recommend are compliant with relevant laws.
• Make certain disclosure information available to you, at certain times, for example when advice is provided. We must not provide false, misleading or incomplete information. You can access the Code of Professional Conduct for Financial Advice Services here. 

Nature and scope of the advice

Oceania Insurance Brokers provides advice to our clients about their Fire & General and Life & Health insurance needs.

Our financial advisers provide financial advice in relation to Fire & General insurance, including, but not limited to: house, contents, landlords, motor vehicle and boat insurance, as well as commercial insurance, such as commercial property, business interruption, commercial motor, marine, liability, professional indemnity and cyber insurance.

Our financial advisers also provide financial advice in relation to and Life & Health insurance, but not limited to: life, medical, commercial group schemes, key person, debt protection, total and permanent disability.

When providing our advice, we access a wide range of insurance products from various insurance providers in both the local and overseas market.

Remuneration

Our remuneration is not our profit. It is the revenue from which we attend to our company affairs, pay salaries, rent, expenses, and taxes, and attend to all services on behalf of clients. This remuneration is earned in various ways, primarily through Fees and Commissions/Brokerage paid by insurance companies, premium funding companies and clients.

Fees, expenses, or other amounts payable

Oceania Insurance Brokers may charge you a fee, and charges, for providing financial advice, and for arranging, altering or cancelling your insurance program(s). For general insurance placements, Insurance Advisernet New Zealand may also charge an administration fee for processing insurance premiums. If a fee will be charged, you will be advised at the time the financial advice is provided.

In some circumstances we may recommend another service provider to assist us in providing appropriate financial advice. These providers can include property valuers, property surveyors and motor vehicle valuations. These providers will charge a fee for the work they do. We will advise you of any related fees and charges prior to having them commence any work on your behalf.

Conflicts of interest and commissions or other incentives

Oceania Insurance Brokers has relationships with local and international insurance providers. The benefits of these relationships are seen every day by giving its our clients outstanding choice, competitive pricing and coverage options and policy support services.

Oceania Insurance Brokers is paid a commission from the insurance product provider, when arranging insurance with them on your behalf. The amount of commission received varies as it is calculated as a percentage of the insurance premium charged.

Oceania Insurance Brokers and its Financial Advisers may also receive indirect benefits such as business lunches, tickets to sporting and/or cultural events, corporate promotional merchandise and other unquantifiable minor benefits.

We recognise that the above commissions and incentives may create conflicts of interests for Oceania Insurance Brokers and your financial adviser. To manage these conflicts, our financial advisers follow an advice process that ensures our recommendations are made on the basis of your financial goals and circumstances. All our financial advisers undergo training about how to manage conflicts of interest. We undertake compliance audits of our financial advisers, and annually audit our conflict-of-interest compliance framework.

We may, however, choose to rebate all or some commissions and charge you a fee based on the nature of the service we provide.

Conflicts of interest and incentives

Oceania Insurance Brokers Ltd may receive a commission when you pay your invoice for insurance cover or if we refer you to a premium funder with whom you enter into a premium funding arrangement.

Oceania Insurance Brokers Ltd may pay your financial adviser a salary, plus bonuses and other incentives.  Oceania Insurance Brokers Ltd  and your financial adviser may receive indirect benefits from insurers and premium funders such as business lunches, tickets to sporting and/or cultural events or corporate promotional merchandise.

We recognise that the above commissions and incentives may create conflicts of interests for Oceania Insurance Brokers Ltd and your financial adviser. To manage these conflicts, we follow an advice process that ensures our recommendations are made based on your financial goals and circumstances. Insurance Advisernet undertakes compliance audits of your financial adviser, who undergoes specialised training in this area. Insurance Advisernet also annually audits our conflicts of interest compliance framework.

We may, however, choose to rebate all or some commissions and charge you a fee based on the nature of the service we provide.