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: kevin@insurancebydesign.co.nz
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, Resolution Life, Chubb, Fidelity Life, Partners Life, NIB
• Fire & General – AON Stylecover, Tower (by referral only with no advice provided)

We do not provide advice on investments, tax or estate planning, mortgages, commercial fire & general, whole of life or endowment policies. We will refer you to specialists as required.

Our Fees & Expenses

We don’t charge our clients fees or expenses for the financial advice we provide

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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

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 kevin@insurancebydesign.co.nz or phone 0272932169. We will reply to you within 7 days.

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 complaints@fscl.org.nz or by phone on 0800 347 257. You can also write to them at FSCL, PO Box 5967, Wellington 6140