Terms & Conditions
Parachute Advisory Limited FSP1004534 trading as Parachute Advisory Ltd is a Financial Advice Provider licensed and regulated by the Financial Markets Authority to provide financial advice. We are operating under a Class 2 Financial Advice Provider Licence, issued by the Financial Markets Authority (FMA) on the 19th of December 2022.
Nature and scope of the advice
Parachute Advisory Ltd provides advice to clients about life, health, and disability insurances to retail clients. We provide advice on AIA and Asteron Life products.
Advice Fees
Parachute Advisory Ltd and our advisers do not charge clients fees for the financial advice we provide.
However, if you purchase a policy from an accredited provider through us and then cancel it within two years, we will on-charge you the amount that the product provider charges us for cancelling the policy. This amount will be determined by the time we spent preparing your covers. It will not exceed the amount charged by the insurer.
Insurance Premiums
You will need to pay insurance premiums to your insurance provider, payable weekly, fortnightly, or monthly. The amount will be based on several factors, including the type of insurance, the extent of the coverage, pre-existing medical conditions, your age, and the length of time it covers plus the amount of your excess.
Advice Commissions
We receive a commission from insurance providers through which we place business. The insurers typically pay up to 230% of the first year’s premium payable by a client as brokerage to the Financial Advice Provider.
Disciplinary History you should be aware of:
We have had no professional indemnity insurance or negligence claims, disputes resolution actions, or disciplinary actions.
Best Client Outcome
To ensure our advisers prioritise our clients’ interests:
· We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances.
All our advisers undergo annual training about how to manage conflicts of interest.
· We maintain registers of conflicts of interests and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.
· We undertake an annual independent Compliance Assurance Review by Strategi.
Complaints and Dispute Resolution
If you are not satisfied with our service or financial advice, please tell us as soon as possible.
Call: 021 064 24 38
Email: office@parachute-insurance.co.nz
Write to: Parachute Advisory Ltd, 12 Virginia Lane, Christchurch 8081
When we receive a complaint:
· We will consider your complaint and let you know how we intend to resolve it. Where possible, we try to resolve your complaint immediately.
· If we are unable to resolve your complaint immediately, we will acknowledge your complaint within 2 business days. We may contact you to get further information about your complaint.
· We aim to resolve complaints within 10 working days of receiving them. If we need more time to investigate your complaint, we will let you know when you can expect to receive a response to your complaint
· We will contact you by phone, email, or letter to let you know whether we can resolve your complaint and how we propose to do so.
If we cannot agree on how to fix the issue, or if you decide not to use our internal complaints process, you can contact our external disputes resolution scheme, Financial Dispute Resolution scheme. The Financial Dispute Resolution scheme provides a free and independent dispute resolution service that may help to resolve your complaint if we haven’t been able to do so to your satisfaction. Please contact us first.
Contact details for Financial Dispute Resolution Service:
Website: https://www.fdrs.org.nz
Call: 0508 337 337
Email: enquiries@fdrs.org.nz
Write to: Freepost 231075, PO Box 2272, Wellington 6140
Our Duties
Parachute Advisory Ltd and our advisers 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
· Exercise care, diligence, and skill
· Meet standards of competence, knowledge and skill 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
Contact Details
Parachute Advisory Ltd FSP1004534 is the Financial Advice Provider.
Call: 021 064 24 38
Email: office@parachute-insurance.co.nz
Write to: Parachute Advisory Ltd, 12 Virginia Lane, Christchurch 8081