Disclosure Statement

This Disclosure Statement is prepared pursuant to regulation 229C of the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020.

 

Licensing Information 

Legacy Life Limited (Legacy)(FSP91561, trading as Legacy) holds a licence issued by the Financial Markets Authority to provide financial advice.

 

Nature and scope of financial advice service

Legacy provides advice to our clients about their life insurance, disability insurance, medical insurance and Kiwisaver.  Our financial advisers provide financial advice in relation to these financial advice products.

We only provide financial advice about products from certain providers:

  • For life insurance, we work with AIA, Asteron, Cigna Life, Fidelity Life, and Partners Life
  • For disability insurance, we work with AIA, Asteron, Cigna Life, Fidelity Life, and Partners Life
  • For medical insurance, we work with Southern Cross, NIB, AIA and Partners Life
  • For KiwiSaver, we work with Generate KiwiSaver

Below is an explanation of the material limitations or restrictions on the scope of the financial adviser services that Legacy advisors can give:

In providing you with financial advice, A Legacy advisor will not request every detailed line item of your expenditure but will use annual or monthly cash surplus or deficit along with analysis of high value expenses to understand your level of affordability, so you should analyse your spending patterns and budget to confirm the funds you have available to invest in protecting your future.

 

Fees, expenses, or other amounts payable

Legacy does not charge any other fees, expenses or any other amount for the financial advice provided to its clients:

 

Conflicts of interest and commissions or other incentives

Legacy and our financial advisers receive commissions from the providers on whose products we give financial advice (the insurers and Kiwisaver providers).  If you decide to take out insurance or take our Kiwisaver advice, the provider will pay a commission to Legacy which will be shared with our financial adviser.  The amount of the commission is based on the amount of the insurance premium, the Kiwisaver balance or monthly Kiwisaver contributions.

On occasion Legacy Life and our financial advisers may also receive rewards, prizes, gifts and/or bonuses from a product provider for business placed with them.  Such rewards, prizes, gifts and bonuses are at the discretion of the respective provider. Legacy maintains a register of such rewards, prizes and bonuses to manage such conflicts.

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

As a provider of professional financial adviser services, we have an obligation to act in the interests of our clients when making a recommendation.  In providing advice to you, should any, actual or potential conflict of interest arise then we undertake to bring any such conflict of interest to your notice so that you may assess the advice objectively.

 

Complaints Process and Disputes Resolution Process

At Legacy, we are committed to providing our clients with the highest level of customer service.  If our service should occasionally fall short, we make every effort to resolve issues promptly and fairly. 

Let us know if you are not happy with something and we will do our best to put things right. 

Here is an outline of our complaints process:

Please let us know about your concerns as soon as possible by emailing bizadmin@legacygroup.co.nz or by calling 0800 833 822.  You can also write to us at Legacy, Private Bag 93201, Parnell 1151.  When we receive a complaint, we will consider it following our internal complaints process:

We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint.

We aim to resolve complaints within 10 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 how we propose to do so.

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).  FSCL provides an independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction. You can email them at complaints@fscl.org.nz or call them on 0800 347 257.

 

Duties Information

Legacy and our financial advisers have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice. 

We are required to:

  • 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 competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice)
  • meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (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.