March 2021

License status and conditions

David Stedman Limited (“the Company”) holds a license issued by the Financial Markets Authority (“FMA”) to provide financial advice services. The Company is not bound by any restrictions on this license.

Nature and scope of advice – The Company offers a range of products including personal and business insurance along with Kiwisaver and investments.

We provide financial advice about products from a range of providers:

  • For Life, Trauma, Income, Redundancy and Medical insurance, we work with the major insurance companies in New Zealand which may include:

    • ACCURO

    • AIA

    • Asteron  

    • CIGNA

    • Fidelity

    • NIB

    • Partners Life

    • Southern Cross

  • For KiwiSaver, we work with Booster, Fisher Funds and Generate.

  • For investment clients we also use Booster and Asteron.

In providing you with financial advice around insurance, we will only consider existing term Life, Trauma, Income, Redundancy and Medical insurance policies (if any). We will not provide advice on existing whole of life or endowment products, so you will need to consult a specialist if you would like advice on those products.

Fees and expenses and amounts payable –

The Company does not operate a fee based service, it operates on a commission only basis as noted below.

Conflicts of interest and commissions or other incentives

Currently there are no conflicts of interest as it relates to the services provided by the Company.

The Company and our financial advisers receive commissions from the providers on whose products we give financial advice. (Insurers, KiwiSaver and investment providers). If you decide to take out insurance or take our KiwiSaver, investment advice, the providers will pay a commission to the Company and to the financial adviser on a monthly basis. The amount of commission is based on the amount of the premium paid for insurance, for KiwiSaver and investments it is based off the balance of funds along with a set fee for each KiwiSaver plan submitted.

The Company and its adviser may also receive non-cash additional rewards from the product providers the Company uses. The Company and its adviser may receive benefits in the form of entertainment (e.g. rugby and concert tickets, golf days, etc), subsidised professional development (e.g. below actual cost conference attendance, subsidised cost of training courses, etc), or office supplies (e.g. notepads, pens, etc). The Company’s adviser may also be able to qualify (depending on levels of production) for free or subsidised company conferences and associated travel etc.

To ensure that our financial advisers prioritise our clients’ interests above their own, we follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances. All our financial advisers undergo annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme is undertaken annually by an external compliance adviser.

Complaints Process

If there are any problems, concerns, or complaints about any part of the Company’s service, you can make a complaint by e-mailing david@stedman.co.nz or phone 09 215 9538, or in writing to David Stedman Limited, P O Box 302688, North Shore, Auckland 0751.

We will consider your complaint and let you know how we intend to resolve it. To assist with the analysis of the complaint we may need to contact you to get further information.

We aim to resolve complaints within 10 business 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 if so, how we propose to do so. If we cannot resolve your complaint, or you are not satisfied with the way we propose to do so, you can contact our Dispute Resolution Scheme which is a free service. Their contact details are:

Financial Disputes Resolutions Service

Address:                     Freepost 231075, PO Box 2272, Wellington 6140

Telephone number:    0508 337 337

Email address:           enquiries@fdrs.org.nz

Website:                      www.fdrs.org.nz

Duties information

Under the Financial Markets Conduct Act 2013 the Company and its advisers are required to meet certain duties such as:

   I.   ensuring that they meet the standards of competence, knowledge and skill as set out in the Code of Professional Conduct for
Financial Advice Services; and

   II.   give priority to client’s best interest; and

  III.  exercise care, diligence, and skill in giving financial advice; and

 IV.  meet the standards of ethical behaviour, conduct and client care set out in the code.