IMPORTANT DISCLOSURE INFORMATION

What you should know about Parka Insurances.

This document is prepared in line with the Financial Markets Conduct

(Regulated Financial Advice Disclosure)

Amendment Regulations 2020. The new regulations come into effect from 15 March 2021.

 

 

PARKA INSURANCES LIMITED

Licensing Information

Parka Insurances Limited (FSP601909), trading as Parka Insurances holds a licence issued by the Financial Markets Authority to provide financial advice.

Nature and Scope of the Advice 

Parka Insurances provides advice to our clients about their Health and Life insurance (Personal & Business Risk Insurance). 

Our financial advisers provide financial advice in relation to Health and Life insurance (Personal & Business Risk Insurance).

We only provide financial advice about products from certain providers:

  • For Life Insurance, we work with five insurance providers – AIA, Asteron, Cigna, Fidelity Life and Partners Life.
  • For Health Insurance, we work with five insurance providers – Accuro, AIA, NIB, Southern Cross, and Partners Life.

Fees or Expenses

Parka Insurances does not charge fees, expenses or any other amount for the financial advice provided to its clients. 

Conflicts of Interest & Professional Incentives

For Health and Life Insurance products, Parka Insurance and the Financial Adviser will receive commissions from the insurance companies on whose policies we deliver advice. If you decide to take out insurance, the insurer will pay a commission to Parka Insurance and your Financial Adviser. The amount of the commission is based on the amount of the premium.  More detailed information is provided at the time advice is given.

From time-to-time, insurance providers may also reward Parka Insurances for business we provide to them i.e. they may provide tickets to events, gift hampers or offer minor incentives.

To ensure that our Financial Advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made on the basis of the client’s goals and circumstances.  We further manage possible conflicts of interest by:

  • Avoiding any production requirements set by any one provider
  • Ensuring access to a range of insurance providers
  • Using third party product research tools as a part of our analysis
  • Having our processes audited annually by an external compliance adviser

Complaints Handling and Dispute Resolution 

If you are not satisfied with our financial advice service you can make a complaint by emailing admin@parka.co.nz or by calling: 04 974 5657.  You can also write to us at: Parka Insurances Ltd, PO Box 57247, Mana 5247

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 can’t, we will contact you within that time to let you know we need more time to consider your complaint.
  • We will contact you by phone or email to let you know whether we can resolve your complaint and how we propose to do so.

If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact Financial Disputes Resolution Scheme. Financial Disputes Resolution Scheme provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction.

You can contact Financial Disputes Resolution Scheme by emailing enquiries@fdrs.org.nz , or by calling: 0508 337 337. You can also write to them at:  Freepost 231075, P O Box 2272, Wellington 6140  

Duties Information

Parka Insurances, and anyone who gives financial advice on our 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 set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice)
  • 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 Financial Markets Authority website at https://www.fma.govt.nz.

Contact Details

Parka Insurances Limited (FSP601909 - trading as Parka Insurances) is the Financial Advice Provider.

You can contact us at:

Phone: 04 974 5657

Email:   admin@parka.co.nz 

Address: 69B Discovery Drive, Whitby, Porirua 5024