Disclosure Statement

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)

What should you do if something goes wrong?


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:

  • 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.
  • 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 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

How are we regulated by the Government?

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:


  • Give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests
  • Meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services
  • Meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services
  • Exercise care, diligence, and skill in providing you with advice.


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.

Remuneration and Fees

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 Life Risk 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.  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. 


If you decide to cancel your policy (fully or partially) within the first 24 months from inception of the policy and the provider (the relevant insurance company) requests the applicable commission to be repaid, I may charge you a one-off clawback fee to cover the time I spent with you providing advice in connection with the applicable policy at a fee of $250 + GST per hour up to a maximum of 10 hours.


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.