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NZ-Pathfinder Financial Services
About Us Insurance Team Terms of Engagement

Terms of Engagement

1.0 Agreement

1.1 These Terms of Engagement govern all services provided by New Zealand Pathfinder Limited, referred to as "we," "our," or "us" (hereinafter referred to as "Terms").

1.2 The terms "you" and "your" used throughout these Terms include not only you as an individual but also any entity or individual you represent when engaging with us.

1.3 We reserve the right to modify these Terms at any time with written notice to you. If you disagree with any such changes, you have the option to terminate these Terms and our engagement in accordance with clause 11.0. By continuing to use our Services, you are considered to have accepted these Terms in their entirety, including any modifications. If you do not agree with these Terms, please notify us promptly, and we may discontinue providing you with our Services.

1.4 These Terms supersede any previous agreements you may have had with us and will apply to all services provided to you going forward unless expressly agreed otherwise.

2.0 Reliability History

New Zealand Pathfinder Limited, as well as the advisors affiliated with our organization, have maintained an unblemished track record in terms of reliability. We define a "reliability event" as any occurrence that could significantly impact your decision-making process when it comes to seeking advice, whether from me or New Zealand Pathfinder Ltd. To illustrate, such events encompass legal actions taken against us or a recent bankruptcy discharge within the past four years.

3.0 Memberships

New Zealand Pathfinder Limited proudly holds membership in two esteemed organizations, namely the New Zealand Financial Services Group and Financial Advice New Zealand. As dedicated members, we rigorously adhere to their Code of Ethics, underscoring our unwavering commitment to upholding the highest standards in the financial services industry.

4.0 Scope of Services

4.1 Our purpose is to offer advice and recommendations in the following areas, subject to the specific objectives or limitations outlined in our engagement:

· Ensuring prompt access to hospital or specialist treatment (Health Insurance)

· Mitigating income loss due to illness or disability (Income/Mortgage Protection Insurance)

· Addressing serious illness or disability (Trauma Insurance)

· Dealing with permanent disability (Total Permanent Disability Insurance)

· Preparing for unexpected death (Life Insurance)

· Savings and retirement planning, including KiwiSaver

4.2 The services we provide under these Terms may encompass:

· An assessment of your risk exposure and insurance requirements, including reviewing your existing insurance portfolio and researching your insurance needs.

· Recommendations for insurance products that are tailored to your specific situation, covering coverage, improvements, and premium options.

· Assistance with insurance claims, including the management and administration of your claims.

4.3 Additional services beyond those expressly agreed upon may be provided to you by mutual consent.

4.4 We are not obligated to offer services beyond what is agreed upon. Our services may be limited to specific entities, risks, or policies, and any further limitations will be established in agreement with you.

5.0 Our advisory process

Our advisory process unfolds in a structured manner, encompassing the following stages:

5.1 Initial Consultation and Engagement Agreement:

We begin by discussing your specific advice requirements and establishing the terms of our engagement. During this phase, we provide you with insights into our professionalism and the range of financial products and services we offer advice on.

5.2 Client Assessment and Data Gathering:

Next, we take the time to understand you, gathering all necessary facts about your financial situation. We identify your unique needs and objectives, and we guide you through our disclosure information to ensure transparency.

5.3 Analysis and Research:

Building upon the data collected, we analyze your current financial situation in comparison to your desired goals. We then develop tailored strategies to align with your needs and objectives.

5.4 Recommendations and Statement of Advice:

Our expert recommendations are consolidated into a formal Insurance Report, often referred to as a Statement of Advice. This document serves as a clear and comprehensive tool to help you grasp the connection between your needs and our proposed recommendations.

5.5 Presentation of Recommendations and Application Assistance:

In this stage, we present our recommendations to you, explaining the rationale behind each one. If you decide to move forward with our advice, we will assist you in the application process and ensure the seamless implementation of any agreed-upon recommendations.

5.6 Ongoing Review and Monitoring:

Our commitment doesn't end with the implementation of recommendations. We maintain a consistent presence, regularly reviewing the strategies and actions in place to ensure they remain aligned with your evolving needs and objectives.

This well-defined process underscores our dedication to providing you with comprehensive and tailored financial advice throughout our engagement.

6.0 Your Obligations

6.1 Trust is of utmost importance to us, and the quality of our advice and product recommendations relies on the information you provide. We kindly request that you furnish us with accurate and pertinent details about your personal and financial situation. If you ever have concerns about why we need specific information, please do not hesitate to seek clarification.

6.2 It is crucial to understand that your obligation to provide us with precise and pertinent information is vital for our financial services provider to evaluate risks and make informed decisions regarding the products you may require. We are not responsible for verifying the accuracy or completeness of the information you provide to us or any insurer. We will not be liable for any consequences resulting from your failure to disclose all material facts to an insurer, including the possibility of voiding or limiting your insurance policies.

6.3 Upon receiving your insurance documents from us, it is your responsibility to review them promptly and inform us of any discrepancies or issues that do not align with your requirements.

6.4 Any change in your address or contact details should be promptly communicated to us. We will direct all communications to the last address you officially provided.

7.0 Confidentiality and Privacy

7.1 We understand the sensitivity of the personal information collected for this needs analysis and are committed to maintaining the confidentiality and security of this data.

7.2 Under the Privacy Act 2020, you have the right to request access to and correction of your personal information.

7.3 Information provided by you or any authorized agent will be used by us and our staff for the purpose of providing advice to you. It may also be shared with:

· Product or service providers when implementing our recommendations or variations thereof.

· Compliance advisers, assessors, or claims investigators who may require access to this information.

· Other professionals such as solicitors, accountants, finance brokers, or financial planners, as requested by you.

7.4 We manage the personal information we gather and retain about you in strict adherence to our Privacy Policy, which is detailed at []. This Privacy Policy is an integral component of these Terms.

8.0 Remuneration

8.1 Your financial advisor receives commissions from us if you choose to purchase insurance based on their advice. These commissions typically range from 10% to 100% of the first year's premiums, contingent on the insurance company and policy you select. Additionally, your financial advisor may receive an ongoing commission, generally between 2.5% and 7.5% of the annual premium.

8.2 We also receive commissions, ranging from 20% to 190% of the first year's premiums of your policy, depending on your choice of insurance company and policy. We also receive an ongoing commission, typically between 5% and 15% of the annual premium.

8.3 We do not charge fees for the financial advice we provide to you.

8.4 In certain cases, we may charge you a fee for additional services beyond the scope of our initial agreement. Any such fees will be mutually agreed upon before we provide those services, and the fee schedule will become part of these Terms, binding upon you.

8.5 We may receive remuneration from other professionals for referring you to their services. Details of this remuneration are available upon request.

9.0 Referrals to Other Professionals

During our engagement, if it becomes evident that your situation requires the expertise of another professional, we commit to referring you to a suitable specialist. You will not incur any charges for this referral service. In the event we cannot identify a suitable professional, we will promptly inform you so that you may choose your own expert or seek advice as needed. If you engage another professional, please be aware that we assume no liability for the advice provided or the fees charged by that professional, regardless of how the engagement transpired.

10.0 Conflicts of Interest

10.1 For travel insurance, life insurance and health insurance, New Zealand Pathfinder Limited and the financial adviser receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission to New Zealand Pathfinder Limited and your financial adviser. The amount of the commission is based on the amount of the premium.

10.2 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 a reputable compliance adviser.

11.0 Complaints and Disputes

11.1 If you are not satisfied with our financial advice service you can make a complaint by emailing, or by calling: 021 965 066. You can also write to us at: PO Box 5586, Papanui, Christchurch 8542.

11.2 When we receive a complaint we aim to resolve complaints within 10 working days of receiving them.

We will contact you by phone or email to let you know whether we can resolve your complaint and how we propose to do so.

11.3 If we can't resolve your complaint, or you aren't satisfied with the way we propose to do so, you can contact Financial Services Complaints Limited (FSCL) - A Financial Ombudsman Service.

11.4 We diligently handle complaints we receive in accordance with our Complaint Policy, which is outlined at []. This policy is an essential part of these Terms.

12.0 Termination

12.1 We pledge to exercise care, diligence, and skill in delivering our financial advisor services. Either party may terminate these Terms by providing written notice of cancellation to the other party. If you wish to terminate our engagement at any point, please provide written notice. Upon receipt of your written termination request, we will confirm the termination in writing within two business days, excluding public holidays.

12.2 Upon receiving a cancellation notice, we will cease providing you with any services and:

· Withdraw from any ongoing negotiations with insurers or other parties, including claims or policy renewals.

· Upon request, provide you with copies of relevant correspondence with your insurer(s) regarding any current claims.

12.3 Please note that providing us with a cancellation notice will only terminate our provision of services to you and will not affect your policies. We will not cancel any of your policies without specific written instruction from authorized representatives of the parties named as insured in the policy. Additionally, we may not be able to cancel a policy without the insurer's approval, and some policies may include non-cancellation clauses or cancellation penalties for which you are responsible.