Disclosure Satement for Insurance Lab Limited

Insurance Lab holds a licence issued by the Financial Markets Authority and is is a Licensed Financial Advice Provider (Financial Markets Conduct Act 2013).

• Insurance Lab Limited
• FSP Number: 730971
• Trading Names: Insurance Lab Ltd & O’Reilly Insurance Services
• Postal: P.O. Box 33-123, Takapuna, North Shore City, 0740
• Office phone 09 3765868
• Mobile phone 027 4773889
• Email: contactus@insurancelab.kiwi

Nature and Scope of Financial Advice Services

Insurance Lab specialises in the provision of personal insurance advice. The products we can advise on include personal, business and group insurance. Life cover, disability, income protection, trauma and health insurance. We only provide financial advice about product from certain providers:

Product providers we work with for life insurance include: AIA; Asteron; Cigna; Fidelity Life; Nib; Partners Life

For health insurance we work with; AIA; Nib; Partners Life

Our fees

Insurance Lab does not charge fees, expenses or any other amount for the financial advice provided to clients unless these are agreed in advance with the client.

For services in relation to insurance, commission may be paid by the product provider as follows:

• Initial commission – a percentage of the value of your insurance premiums; and

• Ongoing commission – a percentage of the ongoing premiums, usually calculated on the renewal of insurance products.

Fee basis: Services may be charged on a fee basis. Fees will be confirmed in a Statement of Advice which will be provided to you. Our agreed advice and service fees may include charges for initial advice, ongoing or annual advice and services.

Other costs: Where other costs are incurred in the process of providing our advice and services to you, you will be liable for these costs. However, we will agree all additional costs with you prior to incurring them.

Conflicts of interest

We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also. From time to time our product providers assist us with funding so we can bring our advisers together for conferences and professional development training. We also receive remuneration from some product providers such as commissions. We manage these conflicts of interest by ensuring that we prioritise your interests above our own. The advice we provide is based on understanding your goals and circumstances and providing recommendations which are based on research.

We have a Register of Conflict which allows us to actively manage any conflicts which arise.

Our Internal complaints process

If you have a problem, concern or complaint about any part of our advice or service, please tell us so that we can try to fix the problem. Our internal complaints manager is Patrick O’Reilly who can be reached via email at patrick@insurancelab.kiwi or 0274773889. Patrick will reply to you within 48 hours.

Our external complaints process

If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme. This service will cost you nothing and will help us resolve any disagreements:

• Insurance & Financial Services Ombudsman Scheme
• Address: Level 2, Solnet House, 70 The Terrace, Wellington 6143
• Postal: PO Box 10-845, Wellington 6143
• Freephone: 0800 888 202
• Telephone: 04 499 7612
• Email: info@ifso.nz
• Website: www.ifso.nz

Duties information

Insurance Lab Limited is bound by the duties of the Financial Markets Conduct Act to – meet the standards of competence, knowledge and skill set out in the Code of Conduct. 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) and;
• Meet standards of ethical behavior, 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 ought to 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.

Disclosure statement for Patrick O’Reilly

Patrick is a Financial Advisor providing advice on behalf of Insurance Lab Limited who is the Financial Advice Provider. This information will help you to choose a financial adviser that best suits your needs. It will also provide some useful information about the financial adviser that you choose.

• Patrick John O’Reilly
• FSP Number: 108144
• Trading Names: Insurance Lab Ltd & O’Reilly Insurance Services.
• Postal: P.O. Box 33-123, Takapuna, North Shore City, 0740
• Office Phone: 09 3765868
• Mobile Phone: 027 4773889
• Email: patrick@insurancelab.kiwi

What sort of insurance advice does Patrick specialise in?

Patrick is a registered, but not authorised, financial adviser with 20 years experience in this industry and can give you advice about the following areas of insurance:

Duties information – Patrick

Patrick is bound by the duties of the Financial Markets Conduct Act to: Meet the standards of competence, knowledge and skill set out in the Code of Conduct. Give priority to the clients’ interest and exercise care, diligence and skill and meet the standards of ethical behaviour, conduct and client care set out in the Code of Conduct.

For a copy of our disclosure statement(s) – please contact our office.

This Disclosure Statement was prepared on the 1st November 2022

Contact us for great advice.