Simply Covered Insurance
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Disclosure

Simply Covered Ltd FSP425326 has been in the Financial Services Industry for 7 years during which they have provided insurance advice and services to both private clients and business entities.

What We Do:

We provide insurance solutions and expert advice in risk management.

Areas of Financial Advice Provided:

Simply Covered Ltd provides financial advice in the following areas:

  • Employee Benefits Programs; primarily group insurance products provided through employers to staff
  • Personal risk insurance products* for the staff members of group insurance schemes
  • Personal risk insurance products* for individual NZ consumers
  • Business owner protection plans and policies in the areas of share purchase/business succession, securing debt & personal guarantees, business overheads protection and keyperson/locum plans.

*Personal risk insurance products, includes life insurance, trauma, permanent disability, income protection and health insurance, and does NOT include General Insurance product lines (e.g. house, contents, cars, liability policies).

Our Obligations to You:

  1. Treat you fairly
  2. Act with integrity
  3. Provide financial advice which is suitable for you
  4. Protect your privacy and confidential information
  5. Maintain the competence and skill to deliver advice in our area of expertise
  6. Maintain the ethical and behavioral standards required by our professional body (Financial Advice NZ) in addition to the duties of care required by NZ law. Well…laws (plural) actually. There are quite a few of them that apply to us and we try to make sure we are ahead of all of them.

Disciplinary history you should be aware of:

None. Nada. Zero. Zip. There have been no professional indemnity insurance or negligence claims, disputes resolution actions, or disciplinary actions. Ever.

Costs of Advice:

Any remuneration arrangements will be negotiated directly with every potential client before any engagement with that client is agreed to. We may charge fees AND commissions depending upon the scope of the engagement agreed to by a client.

Fees:

Fees payable directly by the client to Simply Covered Ltd upon invoice for planning or consultation work may be applicable. Fees are charged for expertise and opinion, not for product placement or “brokering”, unless requested by a client and agreed to by Simply covered Ltd.

An estimate of fees for any particular engagement can always be provided in advance, and if necessary, we can agree in advance to a fixed price for an engagement. If fees are to be paid, then

  • The hourly rate charged is $220 (+GST)
  • Terms of payment are payment within 7 days of invoice, with direct credit to the bank account of Simply Covered Ltd.
  • Cash or barter are not accepted as means of payment.

Commissions:

When implementing (or brokering) a group or personal insurance product our preference is to be paid via brokerage, or commission, as this results in no direct fee payable by the client and Simply Covered Ltd only receives payment from an insurer if we are successful in placing business which the client is happy with.

The gross amount of commission payable to Simply covered Ltd on any particular recommendation will be disclosed specifically prior to implementation of any product or plan.

As a general indicator of the range of commissions which may be paid, Simply covered Ltd receives standard commission terms from all insurers (there no preferential terms over and above any other adviser in the market), which are:

  • Group Insurance Products typically up to 20% x the annual premium, continuing to be paid annually
  • Personal Insurance Products typically up to 180% x the first years premium paid by a client, with an ongoing commission typically of 7.5%-10% of the annual premium

Conflicts of Interest:

We have no financial interest in any insurance company or any other general conflicts of interest in forming a professional opinion or delivering financial advice.

There are no material conflicts of interest to disclose in the form of incentives, as we do not participate in insurer-funded conferences or entertainment or functions as a rule, or any sales campaigns or similar incentives.

We will accept an occasional glass of wine or a cup of coffee from an insurance company representative of course, however these are immaterial and engender no particular warm feelings towards any particular insurer.

Should any actual or potential conflict of interest arise during any engagement with a client we will bring that to your notice promptly, and then seek to manage or avoid the conflict if at all possible. If management or avoidance of a conflict to your satisfaction is not possible then we will resign from the engagement with you and professionally assist with the appointment of a replacement and more suitable adviser.

Conflicted Remuneration Note:

  • All fees and commissions are paid to Simply Covered Ltd
  • Simply Covered Ltd uses all gross revenue to pay the operating expenses of running a compliant professional business.
  • Simply Covered Ltd then has pays its’ tax obligations on the “net profit” after costs.
  • What’s left, if any, is available to the company shareholders as personal remuneration.

What a client pays is not the same as what the Financial Adviser earns.

Contact Details:

Simply Covered Limited FSP425326

You can contact us at:

Phone: 021590308

Email: info@simplycovered.nz

Address:

501 Willowpark Road North, Mayfair, Hastings 4122

 

Complaints:

What should you do if you are unhappy with something?

If you have a problem, concern, or complaint about any part of our service or your product performance, please contact Mandy Lategan FSP427146, Director, Simply Covered Limited in the first instance so that we may try to fix the problem.

mandy@simplycovered.co.nz
021590308

If your complaint cannot be satisfactorily resolved this way, it then becomes a dispute.

The Dispute Resolution process is:

In the event of a dispute you must notify us that the complaint is not resolved and is now a dispute.

We will confirm in writing our internal complaints process, likely timeframes, and our Disputes Resolution Scheme which you can access at any stage should you choose to.

Should we fail to handle the problem to your satisfaction within a reasonable time frame then the product providers themselves have internal complaints handling processes which you might wish to also access. This means that if we have used a particular product that is connected to the issue at Dispute, you can contact the company that issued that product and have them attempt to resolve the matter as well.

If these options fail to resolve the Dispute to your satisfaction, then you may take the matter to the [Financial Dispute Resolution Services], of which we are a member. We are bound by the outcome of that process. You can choose to be bound by the outcome but you can also choose to be free to pursue other legal avenues if you wish.

Their service will cost you nothing as we pay for it, and it can help us resolve any disagreements. You can contact:

[Financial Dispute Resolution Services]

Mail: info@fdrs.org.nz
Telephone: (Call Free) 0508 337 337
Physical Address: Level 4 142 Lambton Quay Wellington
Postal Address: PO Box 2272 Wellington 6140

Your Privacy:

When working with you we will be collecting personal information from you in order to deliver personalized advice which is suitable for you.

This is generally personal information regarding age, health, financial situation and your instructions.

In accordance with the Privacy Act 2020 you are entitled to access any such information we collect and hold on you, and also to have noted any corrections to such information.

Should you require a copy of any information we hold we shall be happy to provide a full copy at our cost but will always retain original records for legal and compliance requirements.

Records are stored in secure premises and on secured computer systems at our place of business.

All staff employed by Simply Covered Ltd have access to all client files, and in addition to Simply Covered Ltd staff other parties may access this information as required by law or for the purposes of providing specific advice to you in accordance with your instructions or our agreed Scope Of Service.

Those parties may include:

  • Insurers and other product providers whom we are considering for your needs.
  • Market regulators and statutory authorities
  • Professional compliance and audit assessors investigating our compliance and professional standard

If you have a complaint is about how we handle your personal information, you can contact the Office of the Privacy Commissioner:

PO Box 10 094
The Terrace Wellington
6143
0800 803 909
enquiries@privacy.org.nz

This option is available in addition to utilizing the Complaints Process of Simply Covered Ltd.

simplycovered-insurance

Give us a call or drop in to see us

OPENING HOURS
MON – FRI 8:30AM – 5PM

CALL US
+64 21 590 308