Licence status and conditions
Stamford Insurance Limited and Stamford Insurance Brokers Limited hold financial advice provider licences issued by the Financial Markets Authority (FMA) to provide financial advice.
Our licence numbers are:
- Stamford Insurance Limited FSP773416
- Stamford Insurance Brokers Limited FSP766977.
Nature and scope of financial advice service
We 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 provide financial advice on the following general insurance products:
- Personal assets
- Business assets + liabilities
- Business insurance
- Travel insurance
from the following insurance companies:
- AIG Insurance New Zealand Limited
- Ando Insurance Group – underwriting on behalf of The Hollard Insurance Company Pty Limited
- Chubb Insurance New Zealand Limited
- Dual New Zealand Limited
- Certain Insurers at Lloyd’s of London
- Lumley – a Business Division of IAG New Zealand Limited
- NZI – a Business Division of IAG New Zealand Limited
- Pacific International Insurance Pty Limited
- QBE Insurance (Australia) Limited
- Vero Insurance New Zealand Limited (including Vero Liability, Vero Specialist Risks, Vero Marine)
- Zurich Australian Insurance Limited.
Fees, expenses, or other amounts payable
Stamford Insurance Brokers 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 on payment of your premium. The amount of this fee will be disclosed when we provide our advice 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 policy(ies) 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 providers of policies that we place with them on your behalf. The commission will range from 5% to 35% of the premium they charge, and which is payable by you. The amount will depend on the insurance company and the policy you choose. The amount of this commission will be disclosed to you when we provide the advice to you.
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 Stamford Insurance Brokers 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.
