Licensing Information

Licensing Information

GBB Insurance Limited T/A Broadbent Risk (FSP 620989) holds a license issued by the Financial Markets Authority to provide financial advice.

Nature and Scope of Advice

Broadbent Risk provides advice services to our clients about their life insurance, trauma, income and mortgage protection, total & permanent disability and health insurance.

Our financial advisers provide insurance advice only.

We only provide insurance advice about products from certain providers:

For new life and health insurance policies we work with five of New Zealand's top providers: AIA, Asteron, Fidelity Life, Partners Life and Southern Cross.

In providing you with financial advice, we will only consider existing term life, trauma, income & mortgage protection and health insurance policies (if any). We utilise independent Quality Product Research to assist in our recommendations when dealing with existing covers and possible replacement.

Financial Advisers

Broadbent employ or contract four Financial Advisers under our licence;

• Michael Broadbent (FSP117927) – Michael is an adviser, director and shareholder of Broadbent Risk
• Jordan Sinclair (FSP1005418) – Jordan is an adviser and our Client Relationship Manager.
• Barry Read (FSP730871) – Barry is head of our risk and compliance as well as an adviser.
• Neil Morrell (FSP1007205) - Financial Adviser and Client Relationship Manager.

Our advisers are remunerated either via salary, bonuses or a percentage of insurer payments depending on their own contract. They will disclose remuneration method and payments we receive from product providers for the advice service they provide you in their personal disclosures.

Fees and Expenses

Broadbent Risk does not charge fees, expenses or any other amount for the financial advice services provided to its clients. We do not charge a fee for clients to implement an insurance plan.

For life insurance and health insurance, Broadbent Risk receives commissions from the insurance companies on whose policies we give advice. If you decide to take our insurance, the insurer will pay Broadbent Risk.

Conflicts of Interest and Payments

We receive payments from the relevant insurance company if you take out insurance following our advisers advice. The payments are between 0% and 230% of the first year’s premiums of your policy – the amount depends on which insurance company and which insurance policy you choose. We also receive a payment of between 5% and 20% of the premium for each year the policy remains in force.

To ensure that we prioritise your interests above our own, we follow an advice process that ensures our recommendations are made on the basis of your individual insurance needs and circumstances. Advisers complete annual training about how to manage conflicts of interest.

We undertake a Financial Advice Provider compliance audit, and a review of our compliance programme annually to ensure we are meeting our duties.

Duties Information

Broadbent Risk, 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 interest 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

What should you do if something goes wrong?

If you have a problem, concern, or complaint about any part of our service, please tell us so we can try to fix the problem. You may contact the internal complaints scheme by telephone 0800 577 366, by email info@broadbent.co.nz, or in writing to Broadbent Risk, PO Box 147183, Ponsonby, Auckland 1144.

When we are notified of your dissatisfaction, we will consider it following our internal complaints review 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 5 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 cannot agree on how to fix the issue, you can contact Financial Dispute Resolution Service ("FDR"). This service will cost you nothing, and will help us resolve any disagreements. You can contact FDR by emailing enquiries@fdr.org.nz, calling FDR on 0508 337 337, or in writing to Freepost 231075, PO Box 2272, Wellington 6140, New Zealand.

FDR 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.