Disclosure Statement
As part of our ongoing process of transparency, this document will help you understand more about the way we work within the financial services industry.
Licensing Information
Ironclad Life Insurance Advice Limited, trading as Ironclad Life, holds a Financial Advice Provider (FAP) Licence issued by the Financial Markets Authority (FMA) under Financial Services Provider number FSP1010638. The licence authorises Ironclad Life to offer Financial Advice relating to Life & Health Insurance as detailed below.
You can find Ironclad Life’s registration detail by visiting
www.fsp-register.companiesoffice.govt.nz
Nature & Scope of Advice that We Can Offer
Ironclad Life offers financial advice through our principal adviser Rob Howarth FSP469946. Ironclad Life and its adviser only offer advice on the following insurance products:
֍ Life & Terminal Illness ֍ Trauma or Critical Illness ֍ Income Protection incl Mortgage Cover ֍ Redundancy Cover ֍ Total & Permanent Disability ֍ Private Medical Cover
Ironclad Life has agency agreements with the following insurance providers:
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Partners Life
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Fidelity Life
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AIA
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Chubb
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Asteron Life
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Southern Cross
The advice provided by Ironclad Life is based around our clients’ individual personal & business information and the selection of a suitable provider is based around the following criteria:
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Quality of benefit (policy wordings)
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Price
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Value for money
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Claims process
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Company vision
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The executive team, company track record, and vision
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Financial strength rating
In providing you with financial advice, Ironclad Life thoroughly considers your needs and objectives and works collaboratively with you to create appropriate solutions. Ironclad Life engages an independent market comparison company to help compare products and providers.
Many of our clients have existing in-force insurance policies and Ironclad Life’s advice carefully considers these policies as part of the process. Any advice to change these policies will be thoroughly communicated to our clients and must be in your best interests. More modern policies have improved policy wording but may include terms & conditions based on your health history which would not be favourable to you the client.
Conflicts of Interest & Incentives
To ensure that Ironclad Life and its advisers place your interests first we follow an advice process that ensures our recommendations are made based on your individual goals and circumstances. Although we receive commission on the creation of new policies, sometimes Ironclad Life will earn no commission if the advice is for you to remain with existing policies.
Ironclad life receives no sales incentives (other than commission) from our providers.
Remuneration (Commission)
Ironclad Life and its representatives will rarely charge clients directly for advice and
time. The reason we can work this way, without receiving payment directly from you, is because we are paid by the insurance provider whose policies we give advice.
Ironclad Life generates revenue through the advice we provide and the insurance policies that support it. Our revenue, also known as commission, is paid by a chosen insurance provider on the successful implementation of a new policy.
Details of commissions will communicated during the advice process.
Fees and Expenses
As a rule, Ironclad Life does not charge for its advice or services.
However, Ironclad Life reserves the right to charge a fee for time and services.
Should additional charges be required then they will be discussed and agreed with you in advance.
Cancellation Policy
Ironclad Life’s Commissions are bonded to the insurance providers for a period of 2 years.
In a rare occurrence that a client cancels a new policy within the first 2 years, without consultation with Ironclad Life, then a cancellation fee may be charged. Details of the cancellation fee will be provided during the advice process.
Professional Integrity
Neither Ironclad Life nor its advisers have been subject to a reliability event.
A reliability event is something that might materially influence you in deciding whether to seek advice from Ironclad Life.
As an example, a breach of professional integrity could include legal proceedings or bankruptcy.
Financial Markets Conduct Act 2013
Ironclad Life, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.
We are required to:
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give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests.
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exercise care, diligence, and skill in providing you with advice.
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meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice)
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meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should and give you suitable advice).
This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz
Complaints Handling and Dispute Resolution
If you are not satisfied with our financial advice or service, you can make a complaint by emailing rob@ironcladlife.co.nz.co. or by calling 021 925489.
When we receive a complaint, we follow our internal complaints process:
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We will consider your complaint and let you know how we intend to resolve it. We may
need to contact you to get further information about your complaint.
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We will aim to resolve your complaint within 10 working days of the complaint being laid. If we can’t, we will contact you within that time to let you know we need additional time.
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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.
If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact Financial Services Complaints Limited (FSCL).
We engage FSCL to provide a free, independent dispute resolution service for our clients, should it be required, on the basis that they may help investigate or resolve your complaint if we haven’t been able to resolve your complaint to your satisfaction.
You can contact Financial Services Complaints Limited (FSCL) via their website www.fscl.org.nz, by emailing complaints@fscl.org.nz, or by calling: 0800347257
Contact Information
Ironclad Life Insurance Advice Ltd
FSPR1010638
1 Bruce MacGregor Lane, Puhoi, 0994
Phone: 021925489
Email: rob@ironcladlife.co.nz