Disclosure statement

Disclosure statement - Brian Gillatt

About our services

Howden Broking Limited (Howden) (FSP 1001677) holds a license issued by the Financial Markets Authority to provide financial advice to wholesale and retail clients.

We provide financial advice to our clients about general and life insurance products.  

We advise on both domestic and commercial products, across various industries as well as risk management practices within your business operations.

Your adviser

With 20+ years advising on life and health insurance, Brian has a level 5 qualification specialising in life and health insurance. He has experience across a broad range of products and can advise you on the complexities of insurance cover across a wide variety of cover.

Brian is unable to provide advice on general insurance, but he will refer you to a Howden specialist if you would like advice on those financial products.

Reliability history

Neither Howden nor Brian Gillatt have been subject to a reliability event.

A reliability event is something that might materially influence you in deciding whether to seek advice from your advisor or Howden. As an example, it would include legal proceedings against your advisor, or if they had been discharged from bankruptcy in the last five years.
 

Recommendations based on your circumstances and needs

We will complete a needs analysis with you to understand your personal and/or business circumstances and make recommendations to provide you with adequate cover. Each year we will discuss changes and reassess your insurance cover. We will guide through the below advice process.

• Understand your requirements, agree on engagement
• Understand your circumstances, assets and needs 
• Undertake analysis and quotes 
• Present advice recommendations and discuss 
• Implement agreed program
• Annual review and ongoing advice 

Wide range of insurance products and providers

We are not restricted to using any particular insurer, which allows us to compare quotes to provide you the terms best suited to your needs.

We will generally recommend insurance products from insurers we or our broker group, Steadfast, have arrangements with, as the negotiated terms are generally better. We will disclose these arrangements to you when making recommendations.

Duties

Howden and anyone who gives financial advice on our behalf, have duties relating to the way we give financial advice under the Financial Markets Conduct Act 2013 (FMC Act). We are required to:

• Meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (the Code) (these are designed to make sure that we have the expertise needed to provide you with financial advice) and keep this up to date with professional development;
• Give priority to your interests 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 ethical behaviour, conduct and client care set by the Code (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.

Ongoing advice as your circumstances change

Your insurance protection should be reviewed as things change. It is important that you notify us of changes to ensure the cover still meets your needs.
We will communicate with you prior to your annual renewal to ask if you have had any changes to your circumstances that might require a review.
Every three years, or earlier if your circumstances change, we will conduct a full review of your circumstances, needs and policies.

What we don’t advise on

We do not provide advice on investment linked insurance or other financial products. You will need to consult a specialist if you would like advice on those financial products.

Limitations and risks

Insurance cover recommendations will be based on the information you provide and there will be a risk of lack of cover should the information you provide not be accurate.

Many policies contain an express condition requiring notification of any changes that materially increase the risk as originally proposed to the insurer.  Breach of such a condition could invalidate your cover.

While our recommendations will be made for your requirements, insurance products can have a number of exclusions that you should be aware of and you must read the policies carefully.

Costs

We may charge you fees for our financial advice, or where appropriate we will receive a commission from the insurance provider when you take out a policy and when you renew your policy each year.

We may also charge a non-refundable administration charge or fee to cover our expenses and disbursements.
We will provide details of these commissions and/or other charges when we make recommendations to you.

Howden’s financial advisers are remunerated by way of an agreed market salary and do not have any individual sales targets or any volume based incentivises.

Conflicts

Howden may receive commissions from the relevant insurance company if you take out insurance following financial advice we provide you.

We earn between 0% and 140% of the base premium you pay for Life Insurance products. 

To ensure that your interests are prioritized above our advisor’s or Howden’s, they follow an advice process that ensures all recommendations are made on the basis of your individual goals and circumstances. They also complete regular training about how to manage conflicts of interest, and are required to complete registers of conflict of interests and the gifts and incentives received.

Howden monitors these registers and provides training where necessary. Howden also performs annual review of all compliance programs.
 

If something goes wrong

If you have a problem, concern or complaint about any part of our advisor's service, please let your advisor and their manager know.

Howden Broking Limited - FSP1001677

Manager: René Hattingh 
Mobile +64 (27) 319 9423
Email [email protected]   

We are committed to providing the highest-quality service to our clients and that is why we want to know if you are not satisfied with our service or advice, to see if we can put it right for you.

Please let us know if you are not satisfied with how your concern has been addressed by writing to us at:

Howden Complaints Officer    [email protected]

We will:

• Let you know that we have received your complaint within two working days;
• Consider and investigate your complaint thoroughly;
• Keep a record of your complaint;
• Keep you up to date of the progress;
• Aim to respond to your complaint within 30 working days. If we cannot resolve your complaint within 30 working days, we will contact you within that time to let you know we need more time or information to consider your complaint.

If you feel your complaint is unable to be resolved through our complaint process, retail clients have access to a free, independent dispute resolution service that may help investigate or resolve your complaint. Please contact:

Insurance & Financial Services Ombudsman Scheme
Email           [email protected]
Telephone   0800 888 202
Address       PO Box 10-845, Wellington 6143