FAP Disclosure Statement
Why should I read this statement?
This disclosure statement provides important information and should help you decide which financial advice provider to choose. This information is also available in writing, on request.
AA Insurance Limited is a Financial Advice Provider (FAP), and holds a licence issued by the Financial Markets Authority (FMA) to provide financial advice. You can verify this information by checking the Financial Service Providers Register at www.fspr.govt.nz.
Advice about products provided by AA Insurance
We engage Nominated Representatives to give financial advice to you on our behalf. AA Insurance Limited’s Nominated Representatives can only provide financial advice about general and small business insurance products issued by AA Insurance Limited. The FAP licence that AA Insurance Limited holds means that our Nominated Representatives do not have to be individually registered or authorised.
As a FAP, AA Insurance Limited and its Nominated Representatives, when providing financial advice to you, are bound to:
meet the standards of competence, knowledge and skill set out in the Code of Professional Conduct for Financial Advice Services (the Code);
give priority to your interests;
exercise due care, diligence and skill; and
the standards of ethical behaviour, conduct, and client care set out in the Code.
Information Only Service
AA Insurance Limited’s Nominated Representatives currently provide an information-only service in relation to products offered by our related organisations, including The New Zealand Automobile Association Inc and Suncorp New Zealand. Nominated Representatives do not provide financial adviser services in relation to products offered by our related organisations. That means that they will not make any recommendations or give any opinions in relation to purchasing, cancelling or retaining any of these types of products.
Remuneration
AA Insurance Limited’s Nominated Representatives do not charge a fee for any advice or services provided. As an employee of AA Insurance Limited, they receive a salary and may receive an annual bonus if a certain level of overall performance is achieved. This amount is not significant in relation to a Nominated Representative’s salary. To ensure that our Nominated Representatives prioritise your interests above their own, we require them to follow an advice process that ensures our recommendations are made on the basis of your goals and circumstances. All our Nominated Representative’s also undergo annual training about how to manage conflicts of interest.
What happens if you have a complaint?
Our Internal complaints process:
If at any time you are unhappy with our service or Nominated Representatives, you can contact us using the details below. We have Team Leaders on hand to assist you and we can involve a Senior Manager if necessary. If you are not satisfied with the outcome, we have a Customer Resolution Service available to assist you. If this service is unable to resolve your issue, then you may refer your complaint to the Insurance & Financial Services Ombudsman.
You may contact us via:
Telephone: 0800 500 213
Email: info@aainsurance.co.nz
Mail: AA Insurance, PO Box 992, Shortland Street, Auckland 1140
More information about our internal complaints process can be found here.
Our dispute resolution scheme:
To ensure that you have access to a free, independent dispute resolution service, AA Insurance Limited is a member of the Insurance & Financial Services Ombudsman dispute resolution scheme. If you’re not happy with the resolution of your compliant under our internal complaints process, this service may help investigate or resolve your complaint.
You can contact the Insurance & Financial Services Ombudsman via:
Telephone: 0800 888 202
Website: www.ifso.nz/complaints
Mail: Insurance & Financial Services Ombudsman, PO Box 10 845, Wellington 6143