BCIA Limited is a Licenced Financial Advice Provider issued by the FMA to provide advice services. Financial Services Provider Number – 717811
BCIA Limited: Class 1 Financial Advice Provider, effective 17 May 2022
My FSP number is 246425
The following are the areas of personal or business risk and insurance advice that we can provide:
Financial advice to clients about:
– Health Insurance
– Disability Income Protection
– Trauma Cover
– Permanent Disablement
– Life Cover
– ACC Cover Plus Extra Advice
We can recommend the following product providers:
– Fidelity Life
– Partners Life
– Accuro (Health Insurance)
– NIB (Health Insurance)
We do not give advice on products provided by Southern Cross
We do not charge fees, expenses or any other amount for the financial advice provided to clients. For services in relation to insurance, commissions may be paid by the product provider as follows:
Initial Commission – A percentage of the annual insurance premiums, paid when a policy gets issued.
Ongoing Commission – A percentage of the premiums, paid monthly when premiums are paid, usually 13 months after the policy has been issued.
We are here for our clients and to advise you as best as we can. Your interests are our priority although we do have business relationships with product providers also. From time to time product providers assist us with funding so we can attend conferences and professional development training. We also receive remuneration from product providers such as commissions. We manage these conflicts of interest by ensuring that we prioritise your interests above our own. The advice we provide is based on understanding your objectives, needs and circumstances and providing recommendations which are based on research, knowledge, and experience. We have a Register of Conflict which allows us to actively manage any conflicts which arise.
Once per quarter I & Apex Advice receive a one off additional 10% each of annual premium as a Business Growth Grant, how I manage this is the extra 10% means BCIA Limited receives 210% in total from AIA which is not materially (enough to influence client placement) more than Fidelity at 210% (and 10% renewal vs 7.5% at AIA) or Cigna at 230%. Also, between 2008 & 2012 I worked for AIA (then Sovereign) as a Business Development Manager, thus allowing me to understand their business and this means I tend to favour them. How I manage this is if I’m recommending replacement of another company with an AIA product there will be researched reasons given for the recommendation, if its not in the client’s best interests I will not recommend replacement.
When we receive a complaint, we will consider it following our internal complaints process:
– 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.
– We aim to resolve complaints within 10 working days of receiving them. If we cannot, we will contact you within that time to let you know we need more time to consider your complaint.
If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme – Insurance & Financial Services Ombudsman (IFSO). This service will cost you nothing and will help us resolve any disagreements.
We are bound by the duties of the Financial Markets Conduct Act to:
These are only a summary of the duties I have, more information is available by contacting myself, or by visiting the Financial Markets Authority website at https://www.fma.govt.nz
If you don’t, you’re not alone. Why not bring your existing policies to Brad Collett Insurance and we can help you to understand whether your insurance cover is doing the job you want it to do. The only cost to you is the time it takes to chat.