Licence Status and Conditions
GSI Insurance Brokers (Christchurch) Ltd (FSP653692), trading as GSI South, holds a Class 2 Financial Advice Provider licence, issued by the Financial Markets Authority (FMA), to provide financial advice. The following outlines the key conditions of our licence and the scope of our financial advice services.
1. Licence Conditions
As a licensed financial advice provider, we are required to:
- Comply with all financial market conduct regulations.
- Keep records of all financial advice provided.
- Maintain internal processes for resolving client complaints.
- Submit regulatory returns to the Financial Markets Authority (FMA).
- Conduct due diligence if outsourcing any systems or processes related to our financial advice.
- Have and maintain a business continuity plan.
- Notify the FMA of any material changes to our operations.
2. Nature and Scope of Financial Advice Service
We engage qualified financial advisers to provide advice on general insurance products on our behalf. These products cover personal or business assets and protect you or your business against liabilities and income loss.
We do not provide advice on medical or life insurance or any other financial products. However, we can refer you to trusted associates licensed to offer advice on these products.
We have access to most New Zealand insurance markets (excluding direct insurers) and international markets as required. A list of the general insurance products we can advise on and the relevant product providers is available on our website. The specific types of insurance that individual advisers can assist with may vary.
3. Fees, Expenses, and Other Amounts Payable
We charge a fee for the advice we provide and for the implementation of that advice. This fee will be disclosed to you:
- Either at the time we determine the scope and nature of the advice required.
- Or when we deliver the advice to you.
4. Premium Funding
Premium funding allows you to pay your insurance premium in instalments rather than a lump sum. Premium funders charge interest and hold a power of attorney over your policy, enabling them to cancel the policy if instalments are not paid.
If you use a premium funder, they will pay us a commission as a percentage of the amount funded. The specific commission amount will be disclosed to you when we determine the scope of advice required and whether you plan to use the services of a premium funder. This commission is paid directly to us by the premium funder.
5. Conflicts of Interest and Commissions or Other Incentives
GSI South receives commissions from the insurance companies on whose policies we provide advice. If you purchase a policy, the insurer will pay us a commission based on the premium you pay.
We are a member of Steadfast NZ Limited (Steadfast), which supplies various services to support our financial advice offerings, including technology, marketing, and buying benefits. Steadfast has arrangements with insurers that result in a professional services fee of up to 1.5% of the premium paid for each policy arranged through us. Steadfast may also receive a fee of 0.5% of any amount funded through a premium funder.
We receive 35% of the professional services fee paid to Steadfast at the end of each financial year.
In cases of potential conflicts of interest (e.g., when two clients dispute a liability), the adviser will disclose the conflict and refer one of the clients to another adviser within our firm. We actively manage conflicts to ensure that our advisers prioritize your interests. Our advisers receive training on managing conflicts of interest and we maintain a register of conflicts and any gifts or incentives we may receive. Our compliance programme is reviewed annually.
6. Duties of GSI South and Our Financial Advisers
Under the Financial Markets Conduct Act 2013, GSI South and our financial advisers are bound by the following duties:
- Competence, Knowledge, and Skill: We must meet the standards set out in the Code of Professional Conduct for Financial Advice Services, ensuring that we have the expertise necessary to provide you with suitable advice.
- Client Interests: We prioritize your interests by ensuring that advice is not materially influenced by our interests or any other party’s interests.
- Care, Diligence, and Skill: We exercise care, diligence, and skill in providing financial advice, as would be expected of any prudent professional.
- Ethical Behaviour and Client Care: We adhere to high standards of ethical behaviour, conduct, and client care, treating you fairly and providing suitable advice.
7. Complaints Process
If you're unhappy with the financial advice provided, please contact your adviser directly to attempt to resolve the issue. If you're not comfortable discussing your concerns with the adviser, you can reach out to us through the following channels:
- Phone: 0800 786 631 (Weekdays, 8:30 am – 5:00 pm)
- Email: tracy@gsisouth.co.nz
- Postal Address:
The Complaints Manager
Level 1, 383 Colombo Street
Sydenham, Christchurch 8023
8. How Your Complaint Will Be Handled
If we receive a complaint:
- The adviser will attempt to resolve the issue immediately.
- If unresolved, the adviser will escalate the complaint to their manager and notify you accordingly.
- We will acknowledge your complaint within two working days.
- We will provide an update within 10 working days. If we need more time, we’ll explain why and set a new timeframe.
- After 25 working days, we will issue a final resolution. If the matter is still unresolved, we will inform you of the reason for the delay and give you a new timeframe.
- If you’re dissatisfied with the delay, you may contact our external dispute resolution service.
9. External Dispute Resolution
If we are unable to resolve your complaint to your satisfaction, you can contact our external dispute resolution service, which provides free and independent services:
Financial Services Complaints Ltd (FSCL) – A Financial Ombudsman Service
- Email: complaints@fscl.org.nz
- Phone: 0800 347 257 (Free for consumers)
- Landline: +64 4 472 3725
- Postal Address:
PO Box 5967, Lambton Quay
Wellington 6140
www.fscl.org.nz
10. Contact Details
GSI Insurance Brokers (Christchurch) Ltd (FSP653692), trading as GSI South, can be contacted at:
- Address: Unit 1, Level 1, 383 Colombo Street, Sydenham, Christchurch 8042
- Phone: 0800 786 631
- Email: tracy@gsisouth.co.nz
