Celtic Insurance & Investment Brokers Ltd (FSP709311- trading as Celtic Insurance Brokers) holds a license issued by the Financial Markets Authority to provide financial advice.
The Financial Advisers giving advice on behalf of Celtic Insurance Brokers are:
Derek Bryce (FSP56001)
Stacey Warren (FSP1004355)
If you are not satisfied with our financial advice service you can make a complaint by emailing derek@celticinsurance.co.nz, or by calling us on 06 354 0042. You can also write to us at: PO Box 1228, Palmerston North Central, Palmerston North 4440.
When we receive a complaint, we will consider it following our internal complaints process:
If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact the Insurance & Financial Services Ombudsman Scheme (IFSO).
This service will cost you nothing, and will help us resolve any disagreements. You can contact the IFSO at:
Address: PO Box 10-845, Wellington 6143
Telephone: 04 499 7612
Freephone: 0800 888 202
Email: info@ifso.nz
You can check that we are Financial Advisers at http://www.fspr.govt.nz. The Financial Markets Authority regulates financial advisers. Contact the Financial Markets Authority for more information including financial tips and warnings. You can report information or complain about our conduct to the Financial Markets Authority, but in the event of a disagreement, you may first wish to use the dispute resolution procedures described above.
Conflicts of interest
As a provider of professional financial adviser services, we have an obligation to act in the interests of our clients when making any recommendations. In providing advice to you, should any, actual or potential conflict of interest arise then, we undertake to bring any such conflict of interest to your notice so that you may assess our advice objectively.
Duties
Celtic Insurance Brokers, and the advisers that provide financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice. We are required to:
The above 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 https://www.fma.govt.nz.
Celtic Insurance Brokers does not charge fees, expenses or any other amount for any financial advice provided to its clients, unless agreed to. We are paid by the Insurance Company in the form of commission. We may also receive ongoing commission for the life of the product(s) placed.
We receive commissions from the relevant insurance company if you take out insurance following our advice. The commissions are between 180% and 200% of the first year’s premiums of your policy – the amount depends on which insurance company and which insurance policy you choose. We choose to receive this as an up-front payment; for example, a $2,000 commission is one 24th being $83.33 per month, for 24 months. However, if the policy is terminated within the first 24 months, we are required to pay the commission back to the Insurance Company. If the policy is cancelled prior, you will be responsible for a termination fee. We also receive a renewal commission of between 2.5% and 7.5% of the premium for each year the policy remains in force.
Commissions received for Fire & General Insurances are between 10% and 20% of the first year’s company premium and between 10% and 20% of the company premium for any renewal commissions.
For any client referrals through Youm, we are required to pay half of any commission received to Youm directly, for all up-front and ongoing renewals.