Publicly Available Disclosure

Licensing Information

Primus Brokers Limited (FSP697811), trading as Primus Brokers, is a Financial Advice Provider (FAP), licensed and regulated by the Financial Markets Authority (FMA) to provide financial advice.

Nature and scope of the advice 

We specialise in providing workplace financial products (Group schemes / Employee Benefits schemes) to a range of organisations. The Financial Markets Conduct Act 2013 stipulates that this is not regulated financial advice, as the service supplies information that is general in nature and specific to the employer and the scheme – it is not tailored to a member’s individual circumstances.

We do provide financial advice on Medical Insurance products to selected individuals or where a member personally maintains one or more of the financial products set out in the table below after leaving a Group scheme.

Below is a table showing the range of financial products we provide and the product providers (insurers) we have relationships with:

Prescribed Duties

Primus Brokers Limited and our advisers have duties under the Financial Markets Conduct Act 2013 relating to the way we give advice.

We are required to:

• Give priority to your interests

• Exercise care, diligence and skill

• For retail clients, meet standards as set out by the Code of Professional Conduct for Financial Advice Services relating to:

  • Competence, knowledge, and skill

  • Ethical behaviour, conduct, and client care

Fees and expenses

Primus Brokers can charge a fee depending on the nature and scope of financial advice that is provided to you. This may relate to new Group schemes, existing Group schemes, or corporate consulting. In some limited circumstances, Primus Brokers may also charge a fee for providing personalised insurance advice and consulting requested by individual retail clients.

Fee for organisations: This fee is negotiated and agreed between Primus Brokers and the organisation that we are providing the Group scheme advice to. An agreed fee will be paid directly by the organisation. The exact fees we will charge will be confirmed at the time the advice is provided.

Fee or individuals/retail clients: For individuals who have requested financial advice, we will advise whether a fee will be charged, and the amount of the fee, at the time you request our advice. If we provide an estimate only, rather than a fixed fee, the exact fees we will charge will be confirmed at the time the advice is provided.

Conflicts of interest and commissions

In some cases, instead of a fee, we are paid in the form of commission received from the product providers through which we place business. The amount of the commission we receive depends on the product provider and the product arranged for the organisation.

Typically, we receive either:

• An annual commission of between 10%-20% of the total annual premium for every year the premium is in force, or

• An initial commission in year one (for a new Group scheme) and then a fixed amount per Life Insured – with the level of these commissions being determined solely by the product provider.

• Our contractual agreements with the product providers do not contain any bonus commission or profit share relating to the number of clients we place or the level of business generated.

Our advisers and staff each receive a salary as an employee of Primus Brokers. At the discretion of the Director, advisers and staff are eligible to receive an annual performance incentive if certain targets are achieved. The level of incentive is determined by such factors as Primus Brokers’ total revenue, the overall profitability of the company, the services successfully provided to clients, the retention of existing business, the control of costs, and the achievement of conduct obligations specified in employment agreements and job descriptions. The achievement of the annual performance incentive is not linked to the level of business placed with any one product provider.

Our Managing Director, Hayden Ryan is remunerated as a shareholder and Director of Primus Brokers, primarily by salary and dividends. Primus Brokers receives all commissions and fees that are generated by Hayden.

Complaints handling and disputes resolution

If you are not satisfied with our service or financial advice, please tell us as soon as possible. Please contact our Director, Hayden Ryan on 021 465 610 or via email at hayden.ryan@primusbrokers.co.nz

Alternatively, please write to Hayden Ryan at Primus Brokers, PO Box 658, Christchurch 8140.

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 5 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, the Insurance & Financial Services Ombudsman (IFSO).

The Insurance & Financial Services Ombudsman (IFSO) 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. You can make a complaint via the website of the Insurance & Financial Services Ombudsman (IFSO). Alternatively, you can contact them via:

Phone: 0800 888 202

Email: info@ifso.nz

Post:

Insurance & Financial Services Ombudsman Scheme

PO Box 10-845

Wellington 6143

NEW ZEALAND