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Important information about Astute Financial Management Limited FSP641829

Astute Financial Management Limited FSP641829 is the Financial Advice Provider.

Our contact details are:

Address: 7 Alpers Avenue, Newmarket, Auckland 1149 / PO Box 9268 Newmarket, Auckland 1023

Telephone: 0508 427 888

Email: ceo@astutefinancial.co.nz

We encourage you to read the important information given below. It may help you decide whether your financial needs may be met by engaging with us.

Licence status and conditions

Astute Financial Management Limited FSP641829 (hereafter known as Astute) holds a financial advice provider licence, issued by the Financial Markets Authority, to provide financial advice.

Astute Financial Management Limited is also authorised by the financial advice provider licence held by Insure 247 Limited FSP626729, trading as Insure 247, to provide advice on general insurance products.

Nature and scope of financial advice service

We engage financial advisers to provide financial advice on the following financial products:

General insurance products.
These are policies that insure your personal assets (e.g., home, home contents, motor vehicle, and boat).

Astute, through advisers under its licence, provides financial advice service about general insurance products only from the following providers (also known as fire and general insurers):

Vero Insurance New Zealand Limited            Ando Insurance Group Limited                 NZI Insurance New Zealand Limited        
Lumley General Insurance (N.Z.) Limited Classic Cover Insurance Limited Chubb Insurance New Zealand Limited
Delta Insurance New Zealand Limited Protecsure Pty Ltd AIG Insurance New Zealand Limited
QBE Insurance (International) PTY Limited Rosser Underwriting Limited   Zurich New Zealand Limited  
Mecon Insurance Ltd NM Insurance Pty Ltd Dual New Zealand Limited

Premium funding products

Premium funding products enable you to pay the insurance premium over the term of your policy by instalments rather than as one amount.

Astute provides premium funding facility through the two providers below:

Elantis Premium Funding Limited IQumulate Premium Funding Pty Limited

Residential and personal loan products

Astute, through advisers under its licence, provides financial advice about residential and personal loan products only from the following providers (also known as lenders):

ANZ Bank
New Zealand Limited          
Cressida Capital One Limited Pepper
New Zealand Limited
AIA Services
New Zealand Limited
DBR Limited Pioneer Finance Limited
ASAP Finance Limited FICO Finance Ltd Plus Finance Limited
ASB Bank Limited                First Mortgage Managers Limited Property Funding Securities Ltd
Avanti Finance Limited        Funding Partners Limited Resimac Financial Securities Limited
Bank of China (New Zealand) Ltd General Finance Limited Southern Cross Finance Limited
Bank of New Zealand Gold Band Finance Limited Southland Building Society
Basecorp Finance Limited Industrial and Commercial Bank of China (New Zealand) Limited The Co-operative Bank Limited
Bluestone Mortgages NZ Limited Liberty Financial Limited TSB Bank Limited
China Construction Bank (New Zealand) Limited Metro Finance Ltd Westpac New Zealand Limited           
Credit Union Baywide Oxford Finance Limited Wroxton Finance Limited

Personal risk insurance products

Astute, through advisers under its licence, provides financial advice about personal risk insurance products (e.g., life insurance, income protection insurance, mortgage protection insurance, total and permanent disability insurance, trauma or critical health insurance, and medical insurance) only from the following providers:

AIA Services New Zealand Limited Asteron Life Limited                 Cigna Life Insurance New Zealand Limited        
Fidelity Life Assurance Company Limited nib nz limited Partners Life Limited

Astute does not provide financial advice service related to:

  1. Investment products (e.g., shares, bonds, managed funds, etc.) and KiwiSaver products; and
  2. Estate planning (such as Wills, Enduring Powers of Attorney, and trusts of any description).

You will need to consult appropriate specialists if you would like advice on “a” and “b” above.

Duties

Astute and our financial advisers are bound by the following duties under the Financial Markets Conduct Act 2013 to:

Fees, expenses, or other amounts payable

In majority of cases Astute does not charge any fee, expense or other amount for the financial advice provided to you or for implementing that advice. Our remuneration is paid by the product providers by way of commission.

However, Astute may charge a fee for the financial advice service provided to a client where a client cancels a fire and general insurance policy (or policies) within 24 months from the date that policy is put in place through us.

Whether a fee will be charged, the manner in which it will be charged and the date by which the fee will be payable will be advised when the financial advice service is provided to the client.

If you choose to utilise the premium funding service, then Premium funders charge interest and they take a power of attorney over your insurance policy, this means they have the ability to cancel your insurance policy if you fail to pay an instalment. The amount of interest and how it is payable will be disclosed to you when we know the scope and nature of the advice required and whether you wish to utilise the premium funding facility.

Conflicts of interest and commissions or other incentives

General insurance products.

Astute will receive commission from the insurance companies who provide general insurance products. If you decide to take out a general insurance policy, then the insurance company will pay commission based on the premium that you pay.

Astute will also receive a commission from Premium funders. The commission is a percentage of the amount they fund.  The amount of this commission, will be disclosed to you when we know the scope and nature of the advice required and whether you intend to utilise the services of a particular premium funder. Commission will be paid to us directly from the premium funder.

Astute’s advisers providing financial advice on general insurance products do not receive any commission or other incentives. They are salaried advisers.

Residential and personal loan products

Astute will receive commission from the lenders who provide residential and personal loan products. If you decide to take out a residential or personal loan, then the lender will pay commission based on the amount of loan settled with that lender or lenders.

Personal risk insurance products

Astute will receive commission from the insurance companies who provide personal risk insurance products. If you decide to take out a personal risk insurance policy, then the insurance company will pay commission based on the premium that you pay.

From time to time, various product providers (described previously) may also reward Astute for the overall business provided to them. They may give tickets to sports events, hampers, or other incentives. To ensure that our financial advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made based on the client’s personal goals and circumstances. All our financial advisers undergo annual professional development refresher training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives received.

Complaints handling and dispute resolution

Astute takes all complaints seriously and works to resolve them as quickly as possible.

If you are unhappy with our financial advice service, and wish to make a complaint, please contact your financial adviser so he or she can try to put things right.

If you do not feel comfortable discussing your concerns with your adviser, you can:

How your Complaint will be handled

We will deal with your complaint using our internal complaints handling process. Accordingly,

We aim to resolve your complaint within 40 days of its receipt and advise you, in writing, our proposed resolution to your complaint.

If we cannot resolve your complaint within 40 days of receipt (or any additional time you have given us thereafter, at our request) you can contact the Financial Services Complaints Ltd (FSCL).

FSCL provides an independent external dispute resolution service to consumers with complaints about their financial service providers. This service will cost you nothing and will help us to investigate or resolve your complaint if it is not resolved to your satisfaction using our internal complaints process.

You can contact the FSCL Scheme at:

Email:                                 complaints@fscl.org.nz

Website:                              www.fscl.org.nz

Telephone:                         0800 347 257 or +64 4 4723725

Address:                              Level 4, 101 Lambton Quay, Wellington 6011

                                            P O Box 5967, Wellington 6140