Important Information About Our Business
West Lynn Financial Services Ltd T/A Insurance By Design, is a Financial Advice Provider (FAP) holding a licence issued by the FMA to provide financial advice services. The financial services provider number is FSP696212.
West Lynn Financial Services Ltd T/A Insurance By Design has one Financial Adviser operating under this licence, Kevin John Wike, FSP66162.
Our Office Contact Details
Address: 9 West Lynn Rd, Titirangi, Auckland 0604
Phone: 09 8265952 or 0272932169
Email: [email protected]
Website: www.insurancebydesign.co.nz
Nature and Scope of Financial Advice Services
West Lynn Financial Services Ltd T/A Insurance By Design provides advice on personal and business risk insurance (life, disability, health) and domestic fire and general insurances.
We only provide financial advice about products from certain providers:
Our Fees & Expenses
We don’t charge our clients fees or expenses for the financial advice we provide.
Commissions
For life insurance and health insurance, West Lynn Financial Services Ltd T/A Insurance By Design (and the financial adviser) receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission.
The amount of the commission is based on the amount of the premium you pay; on life & health insurance policies this is between 100% and 245% upfront commission and ongoing service commission is paid on an annual basis of between 7.5% and 30%.
For fire & general insurances, West Lynn Financial Services Ltd T/A Insurance By Design receives commission from the insurance companies on whose policies we give advice (AON Stylecover), or referral commissions with no advice provided (Tower). The amount of the commission is based on premium you pay and is in the range of 7%-12% paid monthly or annually.
Conflicts of Interest and Other Incentives
We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also.
From time to time our product providers organise conferences and professional development training sessions for us to attend. From time to time our suppliers provide event tickets, hampers and other gifts. Kevin holds shares in Partners Life.
How We Manage Conflicts of Interest
To ensure we prioritise our clients’ interests over our own;
Our Duties and Obligations to You
We are bound by the duties of the Financial Markets Conduct Act 2013 (431I, 431K, 431L and 431M) to:
This is a summary of the duties we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at www.fma.govt.nz
Our Internal Complaints Process
If you are not satisfied with our financial adviser service you can make a complaint by contacting us on email at [email protected] or phone 0272932169. We will reply to you within 24 hours.
When we receive your complaint, we will consider it following our internal complaints handling process:
Our External Complaints Process – Financial Services Complaints Limited (FSCL), membership number 8477
If we can’t resolve your complaint, or if you are not satisfied with how we propose to resolve your complaint, you may contact our external disputes resolution scheme – Financial Services Complaints Limited (FSCL).
This service is provided at no cost to you, and will help us resolve any complaints.
You can contact Financial Services Complaints Limited by email on [email protected] or by phone on 0800 347 257. You can also write to them at FSCL, PO Box 5967, Wellington 6140
West Lynn Financial Services Ltd T/A Insurance By Design has one Financial Adviser operating under this licence, Kevin John Wike, FSP66162.
Our Office Contact Details
Address: 9 West Lynn Rd, Titirangi, Auckland 0604
Phone: 09 8265952 or 0272932169
Email: [email protected]
Website: www.insurancebydesign.co.nz
Nature and Scope of Financial Advice Services
West Lynn Financial Services Ltd T/A Insurance By Design provides advice on personal and business risk insurance (life, disability, health) and domestic fire and general insurances.
We only provide financial advice about products from certain providers:
- Life & Health – AIA, AMP Life, Asteron Life, Cigna, Fidelity Life, Partners Life, NIB
- Fire & General – AON Stylecover, Tower (by referral only with no advice provided)
Our Fees & Expenses
We don’t charge our clients fees or expenses for the financial advice we provide.
Commissions
For life insurance and health insurance, West Lynn Financial Services Ltd T/A Insurance By Design (and the financial adviser) receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission.
The amount of the commission is based on the amount of the premium you pay; on life & health insurance policies this is between 100% and 245% upfront commission and ongoing service commission is paid on an annual basis of between 7.5% and 30%.
For fire & general insurances, West Lynn Financial Services Ltd T/A Insurance By Design receives commission from the insurance companies on whose policies we give advice (AON Stylecover), or referral commissions with no advice provided (Tower). The amount of the commission is based on premium you pay and is in the range of 7%-12% paid monthly or annually.
Conflicts of Interest and Other Incentives
We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also.
From time to time our product providers organise conferences and professional development training sessions for us to attend. From time to time our suppliers provide event tickets, hampers and other gifts. Kevin holds shares in Partners Life.
How We Manage Conflicts of Interest
To ensure we prioritise our clients’ interests over our own;
- We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances and using independent research to back up our recommendations.
- All our advisers undergo annual training about how to manage conflicts of interest.
- We maintain registers of conflicts of interests and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.
- We undertake an annual independent Compliance Assurance Review.
Our Duties and Obligations to You
We are bound by the duties of the Financial Markets Conduct Act 2013 (431I, 431K, 431L and 431M) to:
- Meet the standards of competence, knowledge and skill set out in the Code of Conduct
- Give priority to the clients’ interests and
- Exercise care, diligence and skill and
- Meet the standards of ethical behavior, conduct, and client care set out in the Code of Conduct.
This is a summary of the duties we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at www.fma.govt.nz
Our Internal Complaints Process
If you are not satisfied with our financial adviser service you can make a complaint by contacting us on email at [email protected] or phone 0272932169. We will reply to you within 24 hours.
When we receive your complaint, we will consider it following our internal complaints handling process:
- We will consider your complaint and advise you on how we intend to resolve it. We may need to contact you to obtain further information about your complaint
- We aim to resolve complaints within 10 days of receiving them. If we can’t resolve it, we will contact you 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.
Our External Complaints Process – Financial Services Complaints Limited (FSCL), membership number 8477
If we can’t resolve your complaint, or if you are not satisfied with how we propose to resolve your complaint, you may contact our external disputes resolution scheme – Financial Services Complaints Limited (FSCL).
This service is provided at no cost to you, and will help us resolve any complaints.
You can contact Financial Services Complaints Limited by email on [email protected] or by phone on 0800 347 257. You can also write to them at FSCL, PO Box 5967, Wellington 6140