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Insurance Network Public Disclosure
DISCLOSURE INFORMATION
Licensing Information
Insurance Network Ltd (FSP447546), trading as Insurance and Mortgage Network (iNSNET, we, our, us) is a Financial Advice Provider (FAP).
Insurance Network Ltd (FSP447546) is a Financial Advice Provider (FAP) and the Full FAP licence holder, as approved by the Financial Markets Authority (FMA) on the 29th September 2022. There are no special licence conditions imposed. Identifying Information Our contact head office contact details:Phone: 0800 868 467Email: ask@insurancenetwork.co.nz
The following are the Financial Adviser of iNSNET and their contact details are: Aira Pingol Ea: christchurch@insurnacenetwork.co.nz FSP: 10087411 Chakraveer Ranawat: rotorua@insurancenetwork.co.nz FSP: 1009980 Ganesh MUNUSWAMY SAIBABA: hb@insurancenetwork.co.nzFSP1007462 Harman Preet SINGH: hawkesbay@insurancenetwork.co.nzFSP1007396
Jai Bothra: manawatu@insurancenetwork.co.nzFSP61081 Kunal Maggon: waikato@insurancenetwork.co.nzFSP495946
Manisha Bothra: manisha@insurancenetwork.co.nzFSP71381
Prashant Balsara: wellington@insurancenetwork.co.nzFSP1001275
Shareen Shabeena: wairarapa@insurancenetwork.co.nzFSP605489
Tom Morris: christchurch@insurancenetwork.co.nzFSP1007469
William Costall: auckland@insurancenetwork.co.nzFSP621909
Nature and Scope of the Advice
iNSNET and our Financial Advisers advice in relation to these financial products:
• Personal insurance (risk), including health insurance• Mortgages and personal lending Our Commitment to You
We have a number of obligations that we must comply with. These include adhering to a Code of Professional Conduct for Financial Advice Services, legal duties prescribed by law and a requirement to meet certain standards of competence, knowledge and skill.
In addition to the above, we will:§ Act in your best interests when providing financial advice.§ Ensure that the financial advice is suitable for you.§ Help you understand the advice process and any complex terminology.§ Exercise care, diligence and skill in providing you with a financial adviser service.§ Provide financial advice in writing.§ Maintain accurate records and keep them safe and secure.§ Provide my services in a timely manner.§ Keep your personal information confidential and restricted to only the parties who require it as part of the application process.
In addition we have duties under the Financial Markets Conduct Act 2013. You can find out more about these on website (www.fma.govt.nz) and our adviser will provide you with further details when they provide advice to you. If we recommend changing any insurance products you currently have, we will notify you of the important differences and benefits between them. We may help identify or narrow down your choices, or suggest what you could do. However, the final choice is yours. If you need more specialist help, or advice about a product we can't cover, we can refer you.
iNSNET can provide financial advice on a variety of products from a wide range of New Zealand based and overseas providers and includes but is not limited to:
Insurance Network Ltd (FSP447546), trading as Insurance and Mortgage Network (iNSNET, we, our, us) is a Financial Advice Provider (FAP).
Insurance Network Ltd (FSP447546) is a Financial Advice Provider (FAP) and the Full FAP licence holder, as approved by the Financial Markets Authority (FMA) on the 29th September 2022. There are no special licence conditions imposed. Identifying Information Our contact head office contact details:Phone: 0800 868 467Email: ask@insurancenetwork.co.nz
The following are the Financial Adviser of iNSNET and their contact details are: Aira Pingol Ea: christchurch@insurnacenetwork.co.nz FSP: 10087411 Chakraveer Ranawat: rotorua@insurancenetwork.co.nz FSP: 1009980 Ganesh MUNUSWAMY SAIBABA: hb@insurancenetwork.co.nzFSP1007462 Harman Preet SINGH: hawkesbay@insurancenetwork.co.nzFSP1007396
Jai Bothra: manawatu@insurancenetwork.co.nzFSP61081 Kunal Maggon: waikato@insurancenetwork.co.nzFSP495946
Manisha Bothra: manisha@insurancenetwork.co.nzFSP71381
Prashant Balsara: wellington@insurancenetwork.co.nzFSP1001275
Shareen Shabeena: wairarapa@insurancenetwork.co.nzFSP605489
Tom Morris: christchurch@insurancenetwork.co.nzFSP1007469
William Costall: auckland@insurancenetwork.co.nzFSP621909
Nature and Scope of the Advice
iNSNET and our Financial Advisers advice in relation to these financial products:
• Personal insurance (risk), including health insurance• Mortgages and personal lending Our Commitment to You
We have a number of obligations that we must comply with. These include adhering to a Code of Professional Conduct for Financial Advice Services, legal duties prescribed by law and a requirement to meet certain standards of competence, knowledge and skill.
In addition to the above, we will:§ Act in your best interests when providing financial advice.§ Ensure that the financial advice is suitable for you.§ Help you understand the advice process and any complex terminology.§ Exercise care, diligence and skill in providing you with a financial adviser service.§ Provide financial advice in writing.§ Maintain accurate records and keep them safe and secure.§ Provide my services in a timely manner.§ Keep your personal information confidential and restricted to only the parties who require it as part of the application process.
In addition we have duties under the Financial Markets Conduct Act 2013. You can find out more about these on website (www.fma.govt.nz) and our adviser will provide you with further details when they provide advice to you. If we recommend changing any insurance products you currently have, we will notify you of the important differences and benefits between them. We may help identify or narrow down your choices, or suggest what you could do. However, the final choice is yours. If you need more specialist help, or advice about a product we can't cover, we can refer you.
iNSNET can provide financial advice on a variety of products from a wide range of New Zealand based and overseas providers and includes but is not limited to:
Insurer: AIA ; ASTERON ; CHUBB ; PARTNERS LIFE ; NIB etc
Lender: AIA Home Loan; ASB; BNZ; ANZ; Westpac; Avanti Finance; Heartland; Pepper Money etc
The adviser will outline, in their Scope of Service, the range of products they provide, as well as the insurers and business partners they are authorized to work with directly on your behalf.
We are not aware of any material limitations or restrictions on the scope of the financial advice service we provide. If these are identified, we will disclose them to you.
How We Get Paid
We earn our income from either a fee or commissions earned from providers or a combination of both. Commission Insurance and Mortgage Network will receive a commission of between: For New Risk Insurance is between 15% to 230% of the annual premium For New Lending is between .5% and 3% of the value of the lending or a one-off fee or both For Personal Insurance is between 5% to 230% of the annual premium A sum of $150.00 for any loan that is refixed during the course of the loan and trail commission is between .15% to .35%. For Insurance products, a trial commission is between .5% to 25%. Commission and FeesShould you proceed with our financial advice and arrange insurance for you, then a fee may be charged. This fee will be based on the amount of work and time required to provide and implement our advice and the hourly rate of $150 per hour. If we arrange insurance for you and you, cancel it partway through the insurance period within 24 months, we will charge all of the commission from you. Conflicts of Interest and Incentives
When we arrange insurance for you, the provider(s) may pay us a commission. The commission varies between providers and products and is based on a percentage of the Company Premium and Natural Disaster premium (if applicable).
If we arrange insurance for you and cancel it partway through the insurance period, we may keep some or all of the commission from any refund due to you by the provider.
iNSNET retain a percentage of this commission for a range of professional services they provide to Financial Advisers.
If a person or entity has referred you to us, we may pay them a percentage of the commission and/or fees we receive for their referral.
A financial adviser may have a conflict of interest in circumstances where financial advice has been provided to two clients who later dispute. If this occurs, the financial adviser will disclose the conflict of interest to you and refer one client to another financial adviser for advice and assistance.
To ensure that our Financial Advisors prioritise your interests above their own, we follow an advice process that ensures our recommendations are made based on the information you have provided and your unique circumstances.
We maintain a register of conflicts of interest, gifts, and any other incentives we may receive.
If we believe there is a conflict of interest – real or perceived – we will discuss this with you.
iNSNET also undertakes annual internal reviews to ensure compliance with these statements.
Complaints Handling & Dispute Resolution
Please refer to our Internal Complaints Process which can be found here.
Your Responsibility It is important that you provide accurate and timely information. You have a duty of disclosure to advise me of any significant matters or changes that the lender or insurer should be made aware of before making their decision. For more information click HERE
How We Get Paid
We earn our income from either a fee or commissions earned from providers or a combination of both. Commission Insurance and Mortgage Network will receive a commission of between: For New Risk Insurance is between 15% to 230% of the annual premium For New Lending is between .5% and 3% of the value of the lending or a one-off fee or both For Personal Insurance is between 5% to 230% of the annual premium A sum of $150.00 for any loan that is refixed during the course of the loan and trail commission is between .15% to .35%. For Insurance products, a trial commission is between .5% to 25%. Commission and FeesShould you proceed with our financial advice and arrange insurance for you, then a fee may be charged. This fee will be based on the amount of work and time required to provide and implement our advice and the hourly rate of $150 per hour. If we arrange insurance for you and you, cancel it partway through the insurance period within 24 months, we will charge all of the commission from you. Conflicts of Interest and Incentives
When we arrange insurance for you, the provider(s) may pay us a commission. The commission varies between providers and products and is based on a percentage of the Company Premium and Natural Disaster premium (if applicable).
If we arrange insurance for you and cancel it partway through the insurance period, we may keep some or all of the commission from any refund due to you by the provider.
iNSNET retain a percentage of this commission for a range of professional services they provide to Financial Advisers.
If a person or entity has referred you to us, we may pay them a percentage of the commission and/or fees we receive for their referral.
A financial adviser may have a conflict of interest in circumstances where financial advice has been provided to two clients who later dispute. If this occurs, the financial adviser will disclose the conflict of interest to you and refer one client to another financial adviser for advice and assistance.
To ensure that our Financial Advisors prioritise your interests above their own, we follow an advice process that ensures our recommendations are made based on the information you have provided and your unique circumstances.
We maintain a register of conflicts of interest, gifts, and any other incentives we may receive.
If we believe there is a conflict of interest – real or perceived – we will discuss this with you.
iNSNET also undertakes annual internal reviews to ensure compliance with these statements.
Complaints Handling & Dispute Resolution
Please refer to our Internal Complaints Process which can be found here.
Your Responsibility It is important that you provide accurate and timely information. You have a duty of disclosure to advise me of any significant matters or changes that the lender or insurer should be made aware of before making their decision. For more information click HERE
GLOSSARY
Authorised Body
is 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 productsFinancial Advice Provider
a business or individual who provides a financial advice service.Financial Advice Service
engages one or more individuals to give financial advice on their behalf or provides financial advice on their own account.Financial Adviser
is 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)
is 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
approved by the FMA and must be held with effect from 15th March 2021 by a financial advice provider providing advice to retail clients.