This document is prepared in line with the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020.
The new regulations come into effect from 15 March 2021
How we get paid - Fees or Expenses
We do not charge you for our advice and service because Ease New Zealand Limited receives a payment from the insurance company when we arrange and place your policies with them.
However, Ease Insurance at its discretion may charge a fee for the financial advice and service provided to a client where a client cancels a Life, Income, Mortgage, Trauma or Health insurance policy within two years of inception. Whether a fee will be charged and the manner in which it will be charged will be advised when the advice is provided to the client. This fee will be payable by the client by the 20th of the month after the policy is cancelled.
Conflicts of Interest and Incentives
When Ease Insurance gives advice and subsequently arranges any of the following insurance products for you (Life, Income Protection, Mortgage Protection, Trauma Cover or Health insurance).
Ease New Zealand Limited receives a payment from the insurance company for the work we have done when the policy is put in place. The amount of the payment received by Ease New Zealand Limited is based on a percentage of the amount of the premium that you pay in the first year.
Our Financial Advisers are paid a regular salary. This ensures that they prioritise your interests (the client) above their own so they are not pressured to ‘sell’ you an insurance policy to enable them to generate a base income. Our Financial Advisers receive an additional payment for following a ‘customer comes first’ process and putting your needs before their own. The amount of this payment is based on a percentage of the first years premium and is the same percentage no matter which insurance company your cover is placed with.
Ease Insurance and our Financial Advisers will base the advice given to you on the information that you provide to us. We follow an advice process that ensures our recommendations are made on the basis of your goals and circumstances.
Company policy is not to replace an existing insurance policy unless there is good reason and the client understands the differences between the old policy and the proposed new policy.
All of our financial advisers undergo annual training about how to manage conflicts of interest.
Ease Insurance, and our advisers who give 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: