Smiths Insurance & KiwiSaver - Financial Advice Provider Disclosures

License Status and Conditions

Craig Smith Business Services Limited (FSP712931), trading as SMITHS INSURANCE AND KIWISAVER holds a license issued by the Financial Markets Authority (F.M.A.) to provide financial advice.

Nature and scope of the financial advice given

SMITHS INSURANCE AND KIWISAVER provides advice to clients about personal risk insurance such as- Life Insurance, Disability Insurance and Health Insurance. All advisors working within the company are able to advise on all risk products.

We refer any Fire and General enquiries , such as Home, Contents and Car insurance to AON Insurance Brokers . Our principal Craig Smith also advises on KiwiSaver and Managed funds.

We only provide financial advice about products from certain providers:

For Life and Disability we have agencies with-

  • AIA

  • Asteron

  • Fidelity

  • Partners Life

  • Cigna

  • Pinnacle

For Health Insurance we have agencies with-

  • AIA

  • NIB

  • Partners Life

For KiwiSaver we have agencies with-

  • ANZ

  • Booster

Fees, expenses and other amounts payable for our financial advice

SMITHS INSURANCE AND KIWISAVER does not charge fees for any advice . The company is paid commission for any business completed and so will not charge a client any fees for this advice whether any business is done or not .

Conflicts of interest and incentives

For risk and health insurance, SMITHS INSURANCE AND KIWISAVER receive commission from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay commissions to SMITHS INSURANCE AND KIWISAVER. The amount of commission is based on the amount of the annual yearly premium (A.P.I.)

SMITHS INSURANCE AND KIWISAVER will also receive a trail commission each year based on the annual yearly premium amount (A.P.I.). This amount varies from company to company.  

For KiwiSaver clients, SMITHS INSURANCE AND KIWISAVER will receive an upfront payment for every KiwiSaver completed with Booster.  Also, we receive trail commission based on the size of the fund. This varies from .5% to .25% of the value of the fund.

To ensure that our financial advisers prioritise our client’s interest 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 review of our compliance program is undertaken annually by a reputable compliance adviser.

From time-to-time insurance companies may provide social events and gifts to the company as a thank you for business placed with them. We maintain a gift register at this office outlining any conflicts of interest that may occur due to this. Any single item valued at more than $150 is noted in this register, and readily available upon request. 

Complaints handling and dispute resolution

If you are not satisfied with our financial advice service in any way, you can make a complaint by mail, phone, email or our web form.

  • craig@smiths.net.nz

  • Phone 0274 2930 939 or 03 374 6800

  • Postal: Smiths Insurance and KiwiSaver, PO Box 8267, Riccarton, Christchurch

When we receive a complaint, we will consider it following our internal complaints process:

  • We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint.

  • We aim to resolve complaints within 10 working days of receiving them. If we can't we will contact you within that time to let you know we need more time to consider your complaint, and will aim to provide you with a realistic timeframe.

  • We will contact you by phone or email to let you know whether we can resolve your complaint, and how we propose to do so.

 

If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact our external dispute resolutions scheme (Financial Dispute Resolution Service)

The (Financial Dispute Resolution Service) provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction.

FDRS contract details:

Website: https://fdrs.org.nz/

Email: enquiries@fdrs.org.nz

Postal: Freepost 231075, PO Box 2272, Wellington, 6140.

Our duties

SMITHS INSURANCE AND KIWISAVER, and anyone who gives financial advice on our behalf has duties under the financial markets conduct act 2013 relating to the way that we give advice.

We are required to:

  • Give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests

  • Exercise care, diligence, and skill in providing you with advice

  • Meet standards of competency, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services ( these are designed to make sure that we have the expertise needed to provide you with advice)

  • Meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should, and give you suitable advice).

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

Contact details

Craig Smith Business Services Ltd(FSP712931, trading as SMITHS INSURANCE AND KIWISAVER) is the Financial Advice Provider

 

You can contact us at:

Phone 0274 293 939 or 03 374 6800

Email: craig@smiths.net.nz

Address: Level 2, 383 Colombo Street, Christchurch