PSC Connect Life NZ Limited (FSP678631) is a Financial Advice Provider (FAP) and a Transitional license holder, as approved by the Financial Markets Authority (FMA).
There are no special licence conditions imposed.
PSC Connect Life NZ Limited has two types of Financial Advisers:
1) Employee Financial Advisers; and
2) Financial Advisers that are authorized to provide financial advice on behalf of PSC Connect Life.
Nature and Scope of the Advice
PSC Connect Life NZ Limited advisers provide financial advice on the following types of products:
- Life Insurance
- Trauma Insurance
- Disability Insurance
- Income Protection Insurance
- Health Insurance
We use the following providers:
• Fidelity Life • AIA • Asteron
• Southern Cross • NIB • Accuro
• Partners Life • Cigna • AMP Life
We are not aware of any material limitations or restrictions on the scope of financial advice service we provide. If these are identified, we will disclose them to you.
PSC Connect Life NZ Limited advisers will not provide advice on General Insurance, Investments, Kiwisaver nor Residential and Commercial Lending, so you will need to consult a specialist if you would like advice on those products.
How Our Financial Advisers Are Paid
Product providers pay a commission for any business that is written. This commission is based on a percentage of the annual premium.
This commission is paid to PSC Connect Life NZ Limited who have agreements with the product providers to distribute their financial products.
PSC Connect Life NZ Limited on-pays the commission received to the relevant PSC Connect Life NZ Limited Authorised Bodies whilst retaining a portion of the commission.
These Authorised Bodies on pay this to PSC Connect Life NZ Limited Financial Advisers.
The amount of commission paid and whether there are ongoing commission payments will depend on the specific financial provider and type of financial product.
Conflicts of Interest and Incentives
Financial Advisers of PSC Connect Life NZ Limited are paid by their respective PSC Connect Life NZ Limited Authorised Bodies and may receive bonuses depending on the amount and value of financial products they distribute.
Financial Advisers of PSC Connect Life NZ Limited may receive subsidised professional development training from Providers.
PSC Connect Life NZ Limited and their Authorised Bodies may receive payments from Providers for business placed with them.
PSC Connect Life NZ Limited may receive funding from Providers to market and contribute at periodic conferences.
If a person or entity has referred you to us, we may pay them a percentage of the commission and/or fees we receive for their referral.
To ensure that our Financial Advisers prioritise your interests above their own, we follow an advice process that ensures our recommendations are made on the basis of the information you have provided and your unique circumstances.
We maintain a register of conflicts of interest, gifts and any other incentives we may receive.
If we believe there is a conflict of interest, real or perceived, we will discuss this with you.
To ensure Financial Advisers of PSC Connect Life NZ Limited prioritize your interests above their own, they follow an advice process that ensures recommendations are made on the basis of your goals and circumstances.
All Financial Advisers of PSC Connect Life NZ Limited are regulated by the FMA and are subject to a PSC Connect Life NZ Limited quality assurance process for compliance purposes.
PSC Connect NZ Limited, its Authorised Bodies and Financial Advisers and anyone who gives financial advice on their 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;
- exercise care, diligence and skill in providing you with advice;
- meet standards of competence, knowledge and skill as 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 FMA website here.
Complaints Handling and Disputes Resolution
PSC Connect Life NZ Limited is committed to providing you with excellent service, quality advice and products.
If you are not satisfied with the financial advice service received by a PSC Connect Life NZ Limited Financial Adviser, you can make a complaint to that Financial Adviser through the contact details they have provided to you.
When a PSC Connect Life NZ Financial Adviser receives a complaint, they are obliged to consider it following the PSC Connect Life NZ Limited complaints process:
a) Acknowledging receipt of your complaint within five (5) working days.
b) Aiming to resolve complaints within 20 working days of receiving them. If that is not possible, we will contact you within that time to let you know they need more time to consider your complaint.
c) contacting you by phone or email to let you know whether we can resolve your complaint and how they propose to do so.
If your complaint remains unresolved, or you’re not happy with the outcome you can refer the matter to Financial Services Complaints Limited (FSCL).
PSC Connect Life NZ Limited and its Financial Advisers are all members of this independent external dispute resolution scheme approved by the Ministry of Consumer Affairs. There is no cost to you to use their services.
There are various ways to contact them:
|Financial Services Complaints Limited|
|PO Box 5967 Wellington 6140|
0800 347 257
|Authorised Body||is an entity named on a financial advice provider’s licence that can provide the licensed service without needing its own licence. Authorised Bodies must register on the Financial Service Providers Register as a financial advice provider.|
|Financial Advice||a recommendation or an opinion about buying or selling financial advice products|
|Financial Advice Provider||a business or individual who provides a financial advice service.|
|Financial Advice Service||engages one or more individuals to give financial advice on their behalf or provides financial advice on their own account.|
|Financial Adviser||is an individual registered on the Financial Service Providers Register to provide a financial advice service, who is not a financial advice provider.|
|Financial Markets Authority (FMA)||is the New Zealand government agency responsible for enforcing securities, financial reporting and company law as they apply to financial services and securities markets.|
|Financial Service Provider||FSP refers to Financial Service Provider a person who provides or offers to provide a financial service (as per the FSP Act)|
|Financial Service Providers Register (FSPR)||a searchable register of people, businesses and organisations that provide financial services in New Zealand. The register contains key information about FSPs including the financial services they provide, any relevant licences they hold and the dispute resolution scheme they belong to.|
|Transitional Licence||approved by the FMA and must be held with effect from 15th March 2021 by a financial advice provider providing advice to retail clients.|