Disclosure Information

The following information provides you with an important overview of Amicus Group Limited and Amicus Brokers Limited, licence status, our duties to you, fees and our complaints procedure. This Disclosure Statement is required under the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020. It will help you (the client) make an informed decision whether we (Amicus Brokers Limited and Amicus Group Limited) and our adviser’s financial advice and products are suitable for your needs and whether to seek, follow or accept the financial advice.

For Amicus Brokers Limited

Licence Status and Conditions

Amicus Brokers Limited, FSP38241, holds a transitional financial advice providers licence issued by the Financial Markets Authority of New Zealand (FMA) with effect from 15th March 2021. Financial Services Legislation Amendment Act 2019 requires Amicus Brokers Limited to hold a current licence for our Advisers to provide financial advice services to our clients.

You can report information about us to the Financial Markets Authority at: www.fma.govt.nz or email questions@fma.govt.nz but if you want to complain you should use our dispute resolution procedures described under Complaints & Dispute Process.

To view the Amicus Brokers Limited licence go to the Financial Service Providers Register and search our Financial Service Provider (FSP) number FSP38241, or view our registration directly.

As a Licenced Financial Adviser Provider, Amicus Brokers Limited have Standard Conditions on our licence, these conditions are not specific to Amicus Brokers Limited and does not limit or restrict Advice that may be given.

As a Licenced Financial Adviser Provider, Amicus Brokers Limited have no specific Conditions on our licence that limit and restrict the advice we may give.

Nature and Scope of Advice

Amicus Brokers Limited give financial advice on Insurance Products for Commercial and Domestic clients, such as:

  • Domestic: house, contents, landlords extension, motor vehicle, boat and construction works insurance
  • Commercial: property, business interruption, commercial motor, marine, liability, professional indemnity, cyber and construction works insurance
  • Premium financing for your general insurance policies

Amicus Brokers Limited only provide financial advice on General Insurance Products. Our Insurance product providers are Insurance businesses in New Zealand and are licenced under the Reserve Bank section 19 of the Insurance (Prudential Supervisor) Act 2010. The Insurers have a financial strength rating from an approved rating agency. View the Insurer ratings

Amicus Brokers Limited’s Insurance product providers are required to have financial strength ratings with a minimum of A- and above. When you receive a quote from us, you will be supplied with the current strength ratings for the product providers that we have quoted for.  If you accept the financial advice, we will supply a current rating for the product provider that you have selected.

Fees, expenses, or other amounts payable

Amicus Brokers Limited may charge clients fees for financial advice. We will tell you what the fee is before you accept any advice from us or our Advisers. We will charge fees that are payable by you the client when our advice is followed, accepted and the insurance policy is purchased. The fees we charge are for our service, placement, implementation, claims advocacy, and administration of the insurance policies that you choose to accept and purchase. The total fees payable may vary with the number of insurance policies that you choose to purchase.

The fees are payable by you and are due as stipulated on the invoice.  View our payment terms (Terms of Trade PDF).

Commissions and other incentives

Amicus Brokers Limited does receive a commission when the client accepts our financial advice and purchases an insurance policy. The commission is paid by the Insurer (product provider’s) for the insurance business on each insurance policy that the client purchases. The commission paid to us can be between the range of 0%-25% with the exception of Travel Insurance which ranges from 0-30% of the insurer portion (total premium of the Insurance Policy less government levies and taxes).

Amicus Brokers Limited are a member of NZbrokers Management Limited. NZbrokers Management Limited provides services such as IT, education, training, technical insurance product, claims support, and group member benefits to us. When a client accepts our financial advice and purchases a policy, NZbrokers may receive a service fee or technology fee from the Product Provider.

Amicus Brokers Limited has a profit share arrangement with AMP General and may receive between 0%-7.5% of the company premium as commission. The profit share commission varies depending on volume, profit, and growth.

Conflicts of interest

We recognise that the above commissions and incentives may create conflicts of interest for Amicus Brokers Limited. To ensure that we and our advisers prioritise your interests above our own, we follow an advice process that ensures recommendations are made based on your individual goals and circumstances. Our advisers complete annual and ongoing training about how to manage conflict of interests and a register of interests is maintained. We monitor these registers and provide additional training where necessary. We perform an annual review of our compliance programme.

You should be aware there are potential conflicts of interest that you the client may need to take into consideration when you decide to seek and accept financial advice from us or our Advisers. We will make you aware of any conflicts when giving advice.

Reliability Events

Amicus Brokers Limited has not been subject to any other reliability events that would influence you the client in deciding whether to seek or obtain advice from us or our advisers.

Complaint & Dispute Process

If you are not fully satisfied with the services provided by Amicus Brokers Limited, please contact your financial adviser (broker) directly. To make a complaint or to read about our complaints & dispute procedure.

Adviser Duties

When giving advice all our advisers must:

  • Hold a Level 5 New Zealand Certificate in Financial Services by 15th March 2023.
  • Maintain competence, knowledge, and skills for giving financial advice by completing continuing professional development.
  • Abide by the Code of Professional Conduct for Financial Services and have ethical behaviour, good conduct, and provide client care.
  • Listen to the client carefully to discover their needs.
  • Recommend products or services that meet the client’s needs and explain why.
  • Give clear and concise communication.
  • Protect client’s information.
  • Give priority to the client’s interests when giving financial advice.

Contact Details

Name of financial adviser Provider: Amicus Brokers Limited
Trading names: Amicus Brokers
Telephone Number: 03 943 4108
Address: 196 St Asaph Street, Christchurch 8011 or
PO Box 5507, Papanui, Christchurch 8542
Email address: info@amicus.co.nz
Website: https://www.amicus.co.nz

This disclosure information was prepared on: 15th March 2021.

For Amicus Group Limited

Licence Status and Conditions

Our Financial Advisers under Amicus Group Limited are engaged directly by Wealthpoint Limited which holds a transitional financial advice provider licence. For more information, visit the Wealthpoint website.

Nature and Scope of Advice

Amicus Group Limited give financial advice on:

  • Life Insurance
  • Trauma Insurance
  • Total and Permanent Disability Insurance
  • Health Insurance
  • Income Insurance
Some of our Financial Advisers under Amicus Group Limited can also provide advice to our clients about the below services from Wealthpoint Limited’s Approved Products lists.

  • KiwiSaver
  • Investments Selection
  • Investment Planning
  • Retirement Planning

Amicus Group Limited does not provide financial advice on House Insurance, Contents Insurance, Car Insurance, Travel Insurance, Mortgage Lending, Debt Management, or Budgeting. Please view our individual staff bios for further information regarding specific advice offered and limitations.

Fees, expenses, or other amounts payable

Under Amicus Group Limited, fees are not charged in relation to life and health insurance products and KiwiSaver, unless otherwise disclosed.

However, for Investments, Amicus Group Limited may charge clients for certain fees such as Portfolio Service Fees that range from 0%-1.0% and can charge an hourly rate up to $350 excluding GST. Any fees will be disclosed to the client.

Commissions and other incentives

Product providers pay a commission for any business that is written. This commission is based on a percentage of the annual premium/value minus any taxes, levies, etc (eg GST).

This commission is paid to Wealthpoint Limited who has an agreement with the product provider to distribute their financial products.  Wealthpoint Limited on-pays the commission received to Amicus Group Limited whilst retaining a portion of the commission. Wealthpoint will retain between 2.5% and 8% of any revenue received. Wealthpoint may also pay Amicus Group Limited rebates on a periodic basis. The amount of commission paid and whether there are ongoing commission payments will depend on the specific financial provider and type of financial product.

Our Financial Advisers are paid a salary by Amicus Group Limited. Our Financial Advisers may also receive subsidised professional development training from financial providers.

Wealthpoint Limited and Amicus Group Limited may receive payments from product suppliers and financial platform providers for the amount of business we place with them.  Wealthpoint may receive funding from suppliers to market and contribute at periodic conferences.

To ensure Wealthpoint advisers prioritise the client’s interests above their own, our advisers follow an advice process that ensures our recommendations are made on the basis of the client’s goals and circumstances. Amicus Group Limited is regulated by the FMA and is subject to a Wealthpoint quality assurance process for compliance purposes.

Conflicts of interest

We recognise that the above commissions and incentives may create conflicts of interest for Amicus Group Limited. To ensure that we and our advisers prioritise your interests above our own, we follow an advice process that ensures recommendations are made based on your individual goals and circumstances. Our advisers complete annual and ongoing training about how to manage conflict of interests and a register of interests is maintained. We monitor these registers and provide additional training where necessary. We perform an annual review of our compliance programme.

You should be aware there are potential conflicts of interest that you the Client may need to take into consideration when you decide to seek and accept financial advice from us or our advisers, we will make you aware of any conflicts when giving advice.

Reliability Events

Amicus Group Limited have not been subject to any other reliability events that would influence you the client in deciding whether to seek or obtain advice from us or our advisers.

Complaint & Dispute Process

If you are not fully satisfied with the services provided by Amicus Group Limited, please contact your financial adviser. To make a complaint or to read about our complaints & dispute process, please follow our client complaint procedure.

Adviser Duties

On providing financial advice to you on Wealthpoint Limited’s behalf our financial advisers are bound to:

  • Give priority to the client’s interests
  • Exercise care, diligence, and skill
  • Meet standards of competence, knowledge, and skillset by the Code of Professional Conduct
  • Meet standards of ethical behaviour, conduct, and client care set by the Code of Professional Conduct.

View the Code of Professional Conduct for Financial Advice Services.

Contact Details

Name of Financial Adviser Provider: Amicus Group Limited
Trading names: Amicus Group
Telephone Number: 03 943 4108
Address: 196 St Asaph Street, Christchurch 8011 or
PO Box 5507, Papanui, Christchurch 8542
Email address: info@amicus.co.nz
Website: https://www.amicus.co.nz

This disclosure information was prepared on: 15th March 2021.

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