Licence status and conditions
Stamford Insurance Limited holds a financial advice provider licence issued by the Financial Markets Authority (FMA) to provide financial advice.
Our licence numbers is: FSP773416
Nature and scope of financial advice service
We engage financial advisers to provide financial advice on latent defects insurance on our behalf. These policies are arranged by the builder or developer who buys the policy or policies during the design or construction phase. On satisfactory completion of the project, the policy is transferred to the individual homeowner by the builder or developer.
We are a Coverholder on the following general insurance product:
-
Latent Defects Insurance
from the following insurer:
Certain Underwriters at Lloyd’s led by SCOR Managing Agency Ltd, Lloyd’s Syndicate 2015
Fees, expenses, or other amounts payable
Stamford Insurance Limited will charge a fee for the advice given to you and for implementing that advice if you instruct us to place insurances as recommended. This fee is based in the amount of work and time required to provide our advice to you and will be shown on our invoice to you, payable with your premium. The amount of this fee will be disclosed when we provide our quotation to you.
Premium funding
We arrange premium funding with third party finance providers. Premium funding products enable you to pay insurance premium(s) over the term of your project by instalments rather than paying as one amount. Premium funders charge interest, and they take a power of attorney over your insurance policy, which means they have the ability to cancel your insurance policy if you fail to pay an instalment.
Conflicts of interest and commissions or other incentives
We receive commission from the insurance provider of the policies that we place with them on your behalf. The commission will range from 15% to 20% of the premium they charge, and which is payable by you. The amount will depend on the value of the policy
We ensure that we prioritise your interests above our own by following an advice process that ensures recommendations are made on the basis of your goals and circumstances. 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.
We are also 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.
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. These payments are used to operate Steadfast.
We receive no other incentives or inducements, other than the occasional invitation to hospitality events provided by the Insurers we deal with.
Duties
Stamford Insurance Limited 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.
