PUBLIC DISCLOSURE STATEMENT
Licensing Information
Affinity Insurance Services Ltd is a registered financial advice provider (Authorised Body) under a full license, effective from 5 February 2024, with registration number FSP748651. We are regulated by the Financial Markets Authority (FMA). For more details about our registration, please refer to https://fsp-register.companiesoffice.govt.nz here.
Affinity Insurance Services Ltd (referred to as “Affinity” or "we" or "us"), is a named entity authorised to provide financial advice services under the Financial Advice Provider Class 2 License held by Folio.Insure Limited (Folio) with FSP registration number FSP1003687.
Nature and Scope of the Advice
Affinity Insurance Services Ltd’s Financial Advisers specialise in providing financial advice on commercial, domestic, and personal insurance, commonly known as General Insurance. Our primary objective is to assist clients in safeguarding their income, assets, and liabilities to mitigate financial repercussions in adverse circumstances.
We do not provide guidance on Life and Health Insurance, Investments, Kiwisaver, Medical Insurance, or Mortgages. If you seek advice on these products, we can connect you with a specialist.
We do not have any significant limitations or restrictions on the scope of the financial advice services we offer. In the event of any such limitations or restrictions, we will promptly disclose them to you.
Folio is a member of Steadfast NZ Limited (Steadfast), an organisation that provides purchasing benefits and support services to enhance the quality of our financial advice services.
Affinity Insurance Services Ltd offers financial advice on a wide range of products from various New Zealand-based and overseas providers. Some of our key products and providers include:
Financial Advice Products
- Business Insurance
- Property
- Business Interruption
- Commercial Vehicles
- Trade Credit
- Travel
- Liability
- Engineering/Contract Works
- Forestry
- House
- Contents
- Mobile Plant
- Private Motor Vehicles
- Boat Insurance
Providers
- AIG
- Mecon
- Allianz
- Nautical Marine
- Ando
- NM Insurance
- Berkshire Hathaway
- Protecsure
- Certain Underwriters at Lloyd’s
- QBE
- Chubb
- Sage
- Classic Cover
- Rosser
- Club Auto
- Salt Marine
- Concordia
- Star Insurance
- Covermore
- Sunderland Marine
- Delta
- TAI
- Dual
- TLC Insurance
- Euler Hermes
- UAA
- Event Cover
- IAG(NZI, Lumley)
- Zurich
Fees, Expenses, or Other Amounts Payable
We earn our income through fees, commissions from providers, or a combination of both.
Fees for advice and implementation are based on the complexity and time required, and they will be clearly outlined in your invoice. Adjustments to your insurance during the policy period may also incur a fee, which will be indicated on your invoice.
Folio retains a portion of these fees for the professional services they provide to Affinity Insurance Services Ltd. Additionally, other fees unrelated to financial advice, such as credit card fees, will be disclosed in our recommendations.
Conflicts of Interest and Incentives
When arranging insurance, providers may pay us a commission based on the Company Premium and Natural Disaster premium (if applicable). In cases of policy cancellation, we may retain a portion of the commission from any refund to you.
Referral arrangements may involve us paying a percentage of commissions and/or fees to the referring entity. If conflicts of interest arise, we will disclose them and take appropriate action to ensure your interests are prioritised.
Our financial advisers are committed to prioritising your interests above their own, and we maintain a register of conflicts, gifts, and incentives to uphold transparency.
Premium Funding
Premium funding allows you to pay insurance premiums in instalments instead of a lump sum. Premium funding companies charge interest and may have the authority to cancel your policy for non-payment.
In premium funding arrangements, the funding company pays Affinity Insurance Services Ltd a commission based on the funded amount. Folio retains a portion of this commission for services provided to Affinity Insurance Services Ltd.
We will disclose the specific amount when determining the scope of advice and your preference for instalment payments.
Complaints Handling & Dispute Resolution
For information about our internal complaints process, please refer to our Complaints and Disputes process here.
Duties Information
Affinity Insurance Services Ltd, Folio and anyone who gives financial advice on their behalf have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.
We are required to:
- give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests;
- exercise care, diligence and skill in providing you with advice;
- meet standards of competence, knowledge and skill as set by the Code of Professional Conduct for Financial Advice Services.
- 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 FMA website here.
Contact Information
Phone: 09 418 4145
Address: 154a Onewa Road, Northcote, Auckland
Website: https://affinityinsurance.co.nz
Financial Advisers
Stuart John DOWLING (FSP 51881) is a Financial Adviser at Affinity Insurance Services. You can reach them at:
Phone: 09 418 4145
Email:admin@affinityinsurance.co.nz
GLOSSARY
Authorised Body: An entity named on a financial advice provider’s licence that can provide the licensed service without needing its own licence. Authorised Bodies must register on the Financial Service Providers Register as a financial advice provider.
Financial Advice: A recommendation or an opinion about buying or selling financial advice products
Financial Advice Provider: A business or individual who provides a financial advice service.
Financial Advice Service: An individual registered on the Financial Service Providers Register to provide a financial advice service, who is not a financial advice provider.
Financial Markets Authority (FMA): The New Zealand government agency responsible for enforcing securities, financial reporting and company law as they apply to financial services and securities markets.
Financial Service Provider: FSP refers to Financial Service Provider a person who provides or offers to provide a financial service (as per the FSP Act)
Financial Service Providers Register (FSPR): A searchable register of people, businesses and organisations that provide financial services in New Zealand. The register contains key information about FSPs including the financial services they provide, any relevant licences they hold and the dispute resolution scheme they belong to.
Full Licence: Held by Financial Advice Provider Folio.Insure Ltd and approved by the FMA on the 24 November 2022.
