Scope of Engagement


 

Scope of Engagement

 

1.  Client Confidentiality

Maintaining strict client confidentiality is very important to me.  I acknowledge that your personal details and details of your financial position are confidential.  I undertake not to divulge any information that you have disclosed to me to any person or body except under the conditions noted below in ‘Use of Information’. If your details are entered into our electronic record system, I will keep those details on file for a period of seven years or longer whether or not this engagement terminates.

 

2.  Parties

Financial adviser contact details:

 

Name of financial adviser:                            Theo Simeonidis (Registration number FSP199485)

Address:                                                           4/79 Schnapper Rock Road

   Schnapper Rock

   Auckland 0632

Trading name:                                                  UProtectNZ Insurance Services

Telephone number:                                        09 528 8724

Mobile Number:                                              027 248 8320

Email address:                                                 theo@uprotectnz.com

Website:                                                           www.uprotectnz.com

 

3.  Products and Services

As a Registered Financial Advisor, I offer advice on the following:

                               

Life cover

Specialists & tests

Family protection

Waiver of premium

Trauma

Key person

Total permanent disablement

Ownership buyout

Disability income protection

Business loss of revenue

Mortgage protection

Debt protection

Household expenses

New to business

Redundancy

Business continuation

Private health insurance

ACC Levies

 

I have agency relationships with the following insurance providers (this may change from time to time without notice):

 

                                1.  AIA

                                2.  Asteron Life

                                3.  Fidelity Life

                                3.  Partners Life

                                4.  Sovereign

                                5.  nib


These companies ensure that I maintain my knowledge and understanding of their products and services in the stated areas above by providing and enabling me to undergo and complete regular product training and accreditation.

 

4.  Personal Disclosure Statement

I have provided you with a copy of my Personal Disclosure Statement.

 

5.  Time Frames

The estimated time of the planning process is approximately one to two hours for the first meeting and two to three meetings may be required for the entire process, depending on the level of complexity of your insurance cover requirements.  Following the placement of your covers, it is recommended that these be reviewed at least annually, in the manner of a “warrant of fitness” check on your insurances, to ensure that they continue to meet your ongoing and future needs.

 

6.  Remuneration

In the normal course of business, I am remunerated by way of commission paid by the insurance provider with whom a policy(s) is issued.  From time to time I may also receive monetary or non-monetary benefits from insurance or other service providers operating in the insurance industry.  Under law, such benefits must not influence the placement of clients’ business.

 

Commissions received may be paid either upfront or a combination of upfront and trail commission. Trail (or renewal) commission is viewed as a desirable tool to engender a commitment by both parties to develop and maintain long term client relationships.

 

I may also receive a commission for the placement of insurance products or services for my client(s) in relation to Fire & General or specialised business insurances, either directly if an agency is held, or indirectly if a referral is made to a specialist insurance adviser.

 

Similarly, I may make payments to those who refer clients to me.  Such payments are made solely at my discretion and are in no way detrimental to my clients.

 

7.   Conflicts of Interest

At all times, I operate in the best interests of my clients, operating without conflicts of interest and with objectivity.  The ‘Products & Services’ have been fully described above and clients are therefore aware of the options available to them, when appointing me as their Registered Financial Advisor.

 

8.  Agency and Fees

I am not an agent of any bank or insurer, nor am I aligned with any one service provider. My role is simply to act as an intermediary to provide you with access to the most appropriate products, services and advice that best meet your needs.  

 

9.  Client Responsibilities

It is your responsibility to provide me with accurate and relevant information at the time that the initial information is being gathered by way of the Fact Find or Needs Analysis, whichever takes place first. If you provide me with incomplete or inaccurate information, I may not be able to provide you with the advice, products or services you are seeking.  It is important that you understand the importance of providing me with accurate and relevant information in order for me to appropriately assess the risk and make an informed decision about the products you may be seeking.

 

For insurance products, in order for the insurer to assess the risk and the appropriate premium, the law requires you to disclose all the information you know, or should know, that is relevant to the insurer’s decision whether to provide cover or determine the terms of cover. This is called your duty of disclosure.  For example, you should disclose your current income, medical history and all information about insured and uninsured losses and claims.

 

10.  Referrals to Other Professionals

If at any time during the term of engagement, a potential need arises for the use of another professional, I undertake to refer you to an appropriate professional. You will not be billed or invoiced for such a service at any time by me. If an appropriate professional cannot be located I undertake to advise you as soon as possible so that you may engage a professional of your choice or seek advice in regard to the same.  Should another professional be engaged, I do not accept any liability whatsoever for the advice provided or the fees invoiced by that other professional, regardless of how the engagement came about.

 

I am not accredited or authorised to provide accounting or legal advice and you should seek independent professional advice in relation to such matters.

 

11.  Termination

I undertake to exercise care, diligence and skill in providing you with a financial adviser service. If at any time, you wish to terminate this engagement, you must advise me in writing. Upon receipt of such advice by you, I then undertake to confirm termination of the engagement to you in writing within two business days, not including any public holidays.

 

12.  Use of Information

I will collect personal information (including full name, address and contact details) so that I may administer my customer relationships and provide clients with the products and services they request. This information is held at my offices.  If at any time you wish to have access to, or correct any of, the information obtained with your permission, please contact me.  I may be allowed or obliged to disclose information by law, for example, under Court Orders or Statutory Notices pursuant to taxation laws.  I may also disclose personal/business information to other financial institutions and/or organisations at their request if you seek to obtain products and/or services from them.  Personal/business information may also be disclosed to:

 

  • Professionals including but not limited to solicitors, accountants, mortgage brokers, and stockbrokers when a referral is required, at your request and;
  • If you have insurance, those involved in the insurance process including but not limited to claims investigators, medical practitioners, re-insurers, insurance reference agencies.
  • If I intend to sell my business, any prospective purchaser of my business.
  • The Financial Markets Authority and/or any other regulatory body as required for audit purposes.

 

From time to time, this information may be updated and/or changed and I undertake to advise you of material changes to any of the items and/or products/services noted above by email and/or mail.

 

13.  Summary

This Scope of Engagement document begins the process of setting out the mutually agreed terms of engagement between us. 

 

I am happy to answer any questions you may have.  If you are completely satisfied with the contents of this document and have no further questions, please sign in acknowledgement below that you have read and understood its contents and you have received a copy of my Disclosure Statement.  A further copy is available on request and free of charge.

 

 

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