Disclosure
Disclosure Information About DormFIN Financial Services
DormFIN Financial Services, FSP1004306 is a Financial Advice Provider (FAP) that holds a licence issued by the Financial Markets Authority (FMA) to provide financial advice services.
You can find us listed on the Financial Service Providers Register at fspregister.companiesoffice.govt.nz
We provide personalised advice that takes into account your individual circumstances to determine the insurance products that best meet your personal goals and needs.
Our goal is to find the best possible solution for our clients while acting in the client's best interest. We strive to be transparent in all phases of the advice process and to act with due care and diligence when giving advice. The conditions of our licence allow us to provide the following financial advice services:
Personal Life Risk & Medical Insurance
Fire & General Insurance (Home, Contents & Car)
We do not offer investment planning or retirement planning services. If you would like personalised advice about your KiwiSaver, DormFIN can refer you to an investment specialist that can help.
Personal Life, Risk & Medical Insurance
DormFIN provides personalised advice that takes into account your individual circumstances to determine the personal risk products that best meet your personal goals and needs. We follow a documented advice process that uses your personal situation to work out what's important to you, what products you need and how much cover you should have in place. We then recommend the provider that offers the cover most suited to your stated preferences.
Providers we work with
DormFIN has chosen to work with the following personal risk insurers:
- AIA
- Partners Life
- NIB
- Asteron
- Fidelity
- Chubb
- Southern Cross
- Accuro
- PPS Mutual
This means that DormFIN will only consider the providers listed above when recommending a product to meet your personal risk insurance needs.
How we are paid
DormFIN does not charge any upfront fees for our risk advisory services. To ensure advice remains accessible, we are paid a commission by the provider of any product you put in place on the back of our recommendation.
DormFIN receives commission for new insurance policies of between 0% and 250% of the first year's premium, depending on which insurance company you select.
From the second year onwards, DormFIN may receive an annual commission between 0% and 30% of the premium for as long as DormFIN remains the servicing adviser on the policy. Your adviser will confirm the exact commission amount DormFIN will receive when providing their recommendation to you.
DormFIN completes internal and external reviews of our advice process to ensure we follow a thorough review process that puts client interest first.
Fire & General Insurance (Home, Contents & Car)
DormFIN provides fire and general financial advice through Blanket Advice Limited's Scheme, which is underwritten by Ando. Through Blanket, we can advise on home, contents and car insurance. We can also refer you to Blanket for speciality assets (boats, motorbikes, speciality cars, caravans), liability insurance (public, employers, statutory) and other business benefits (professional indemnity, material damage, business interruption, cyber insurance).
DormFIN works with you to identify the risks you wish to cover and provides quotes based on your chosen levels of cover. We'll work together to determine whether you have any particular risks that need to be specified during the application process.
Providers we work with
DormFIN's general insurance advice and referrals are provided through:
- Blanket Advice Limited (underwritten by Ando)
We can also provide referrals to Tower for general insurance needs.
How we are paid
To keep advice accessible, DormFIN doesn't charge upfront fees for providing general insurance advice or implementing any recommendations you choose to proceed with. Instead, DormFIN receives a commission from the insurance provider when you take out a policy.
This commission ranges between 6.5% and 10% upfront and at renewal for any house, car or contents policy you place through us. Referrals receive a 3.75-6.5% fee upfront and at renewal.
DormFIN doesn't receive volume-based or sales target-based payments from any available providers.
Our Duties
Under the Financial Markets Conduct Act 2013, it is the duty of DormFIN and our advisers to:
- meet the standards of competence, knowledge and skill set out in the Code of Professional Conduct for Financial Advice Services (Code of Conduct), which form part of the wider regulatory regime for financial advice and ensure we have the expertise necessary to provide you with advice; and
- give priority to your interests by taking all reasonable steps to ensure that the advice given to you is not materially influenced by our own interests or the interests of any other person connected with the giving of advice; and
- exercise care, diligence and skill that a prudent person engaged in the occupation of giving related financial advice would in the same circumstances; and
- meet the standards of ethical behaviour, conduct and client care set out in the Code of Conduct, to treat you as we should and to provide you with suitable advice.
What if something goes wrong
We value the ability of our clients to provide feedback about the service they have received as well as the opportunity to put it right when they are unhappy with any aspect of our service. If you would like to raise concerns about the service you have received, we have an internal complaint process that we will follow when we receive your formal complaint. Our internal process involves:
- Requesting your complaint in writing
- Acknowledging the receipt of your complaint within 14 working days of receiving it
- Investigating your concerns by speaking with all the involved parties and reviewing all the documentation we hold on file
- Providing a formal written response within 28 days of acknowledging your concerns
If you would like to make a complaint, please email: duane@dormfin.co.nz
If you are unsatisfied with the outcome of our internal complaints process, you are able to escalate it to our dispute resolution scheme:
Scheme: Financial Dispute Resolution Service
Address: Freepost 231075, PO Box 2272, Wellington 6140
Telephone number: 0508 337 337
Email address: enquiries@fdrs.org.nz
They are an independent dispute resolution service provider that helps resolve complaints about financial service providers, free of charge.
