Disclosure Statement
Licensing Information
Arcadia Financial Services Limited is a licensed financial advice provider (FAP), authorised and regulated by the Financial Markets Authority (FMA). We are licensed under our Financial Service Provider number, FSP1005248.
Areas of Financial Advice
Arcadia Financial Services Limited only provides financial advice in the following areas:
-
Personal risk insurance and health 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 key-person/locum plans.
-
Employee Benefits Programs; primarily group insurance products provided through employers to staff.
-
Personal risk insurance and health insurance products for the staff members of group insurance schemes.
*Personal risk insurance products include 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
-
Treat you fairly and act in your best interest.
-
Act with integrity and ensure that any financial advice provided is suitable for you.
-
Maintain the competence and skill to deliver advice in our area of expertise.
-
Maintain the ethical and behavioural standards required by our professional body (Financial Advice NZ) in addition to the duties of care required under New Zealand law.
-
Provide documented financial advice in writing and in a timely manner.
-
Protect your privacy and confidential information, and ensure that it is restricted only to the parties who require it for your insurance purposes.
Additional Duties:
In addition to the duties of care required under New Zealand law. We will;
-
Meet the standards of competence, knowledge, and skill set out in the code of conduct.
-
Give priority to the client’s interests.
-
Exercise care, diligence, and skill.
-
And meet the standards of ethical behaviour, conduct, and client care set out in the code of conduct.
Fees for Advice
We will not impose a fee for the financial advice we offer you. Any fees related to the application process will be paid to the service provider directly.
However, in rare instances, we may need to charge a fee for our time, but we'll discuss and agree on this beforehand.
Commission Income
Arcadia Financial Services Ltd is remunerated with commission income by the insurance product providers when you proceed with new insurance cover following our provided advice. Commission income received by Arcadia Financial Services Ltd will be typically split with the financial advisor who delivered the implemented advice.
Financial advisors typically receive between 50% to 125% of the first year’s premiums after delivering a new policy.
Arcadia Financial Services Ltd typically receives between 50% to 125% of the first year’s premiums after delivery of a new policy, and between 5% to 20% of annual premiums each year a policy remains in place.
Conflicts of Interest
Arcadia Financial Services Ltd and its financial advisors are obligated to only ever act in the best interests of our clients. We have no financial interests in any insurance company or any other conflicts of interest that may hinder us from forming an unbiased professional opinion or providing impartial 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.
However, we may accept an occasional glass of wine or a cup of coffee from an insurance company representative. These gestures are not significant and do not generate any favourable feelings towards any specific insurer.
In the event of an actual or potential conflict of interest arising during our engagement with a client, we will promptly inform you and take the necessary steps to manage or avoid the conflict. If it is not possible to manage or avoid the conflict to your satisfaction, we will resign from the engagement and provide professional assistance in appointing a replacement advisor who is more suitable for your needs.
Conflicted Remuneration Note:
-
All fees and commissions are paid to Arcadia Financial Services Ltd directly.
-
Any commission received must be first split with the financial advisor who delivered the new policy.
-
Arcadia Financial Services Ltd uses its gross revenue to pay the operating expenses of running a compliant professional business.
-
Financial advisors must use their commission income to pay their own operating costs before they are profitable.
-
Arcadia Financial Services Ltd then has to pay its tax obligations on the “net profit” after costs.
-
What’s left, if any, is available to the shareholders of Arcadia Financial Services Ltd.
Your Privacy
Whilst working with you, we will gather personal information to provide customised advice that is appropriate for you. This typically involves details such as your age, health, financial status, and your insurance preferences.
Under the Privacy Act 2020, you have the right to access and correct any personal information we collect and retain about you. If you wish to obtain a copy of your information, we will provide a complete copy at our expense. However, we will always keep original records for legal and regulatory purposes.
Our records are securely stored at our business premises and on our secure computer systems. All managing personnel at Arcadia Financial Services Ltd have access to all client files, and other parties may access this information as required by law or for providing advice within the agreed Scope of Service. Such parties may include insurers, product providers, market regulators, statutory authorities, and compliance and audit assessors.
If you have concerns regarding how we handle your personal information, you can contact the Office of the Privacy Commissioner:
PO Box 10 094,
The Terrace, Wellington 6143
Phone: 0800 803 909
Email: enquiries@privacy.org.nz
This option is available in addition to using Arcadia Financial Services Ltd's complaints process
Disciplinary history
Neither Arcadia Financial Services Ltd nor its advisors have ever been subject to professional indemnity insurance or negligence claims, dispute resolution actions, or disciplinary actions.