The following information provides you with an important overview of Citadel Insurance, our duties to you, fees and how we manage complaints.

Licence Status and Conditions

Citadel Insurance, FSP1007340, holds a financial advice provider license issued by the Financial Markets Authority.

Citadel Insurance is a member of Insurance Advisernet (IANZ), a network of independent insurance advisers across New Zealand and Australia. Providing collective buying power within the industry to not only assist with negotiating excellent insurance outcomes from many of New Zealand’s largest insurance companies but also facilitating international placement solutions for our clients.

Nature and Scope of Advice

Citadel Insurance provides advice to our clients about their general insurance needs. Our financial advisers provide financial advice in relation to domestic general insurance, such as house, contents, landlords, motor vehicle and boat insurance, as well as commercial general insurance, such as commercial property, business interruption, commercial motor, aviation, event (contingency insurance), marine, liability, professional indemnity and cyber insurance.

When providing our advice, we access a wide range of general insurance products from various general insurance providers in both the local and overseas market.

Fees, expenses, or other amounts payable by you

Citadel Insurance may charge you a fee and charges for providing financial advice and for arranging, altering or cancelling your general insurance program. IANZ may also charge an administration fee for processing insurance premiums. If a fee will be charged, you will be advised at the time the financial advice is provided including during the scoping phase.

In some circumstances we may recommend another service provider to assist us in providing appropriate financial advice. These providers can include property valuers, property surveyors and motor vehicle valuations. These providers will charge a fee for the work they do. We will advise you of any related fees and charges prior to having them commence any work on your behalf.

Conflicts of interest and commissions or other incentives

Citadel Insurance may receive a commission from the insurance provider you implement your policies with when you pay your invoice for insurance cover. Or if we refer you to a premium funder with whom you enter into a premium funding arrangement.

Citadel Insurance pays your financial adviser a salary, plus bonuses. Citadel Insurance and your financial adviser may receive indirect benefits from insurers and premium funders such as business lunches, tickets to sporting and/or cultural events or corporate promotional merchandise.

We recognise that the above commissions and incentives could create conflicts of interests for Citadel Insurance and your financial adviser. To manage these conflicts, we follow an advice process that ensures our recommendations are made based on your financial goals and circumstances. Citadel Insurance undertakes compliance audits of your financial adviser, who undergoes specialised training in this area. Citadel Insurance also annually audits our conflicts of interest compliance framework.

Complaints & Disputes Process

Citadel Insurance takes all complaints seriously, and actively works to resolve these complaints. If you are not fully satisfied with our services please contact Citadel Insurance here or contact your financial advisor. All complaints are acknowledged within 2 working days of receipt. Citadel Insurance’s complaints officer will formally acknowledge your complaint in writing and will endeavour to resolve your complaint fairly and in a timely manner and to your satisfaction.

If a satisfactory resolution is not able to be achieved within a reasonable timeframe, you may refer it to an external dispute resolution scheme. Citadel Insurance is a member of Financial Services Complaints Limited (FSCL). FSCL is an approved independent dispute resolution scheme which handles complaints against financial service providers, including insurance brokers. FSCL is free to consumers and its decisions are binding on us (but not on you). Further information about FSCL is available from www.fscl.org.nz. You may contact FSCL directly on 0800 347 257.

If a satisfactory resolution is not able to be achieved, your financial adviser will refer your complaint to Citadel Insurance.

Please click here for more details on Citadel Insurance complaints handling process.

Duties

We believe in delivering the most appropriate advice, built upon our three core business pillars, Insure, Protect, Prosper.

We are bound by duties under the Financial Markets Conduct Act 2013 (Act).

We are required to:

• Meet certain standards of competence, knowledge and skill, as set by the Code of Professional Conduct for Financial Advice Services (Code of Conduct). These have been designed to ensure that we have the relevant expertise to provide you with advice.
• Take reasonable steps to ensure that you understand the nature and scope of the advice we give you and let you know if there are any limitations on the advice we provide. This will help you ensure that the advice provided meets your goals and objectives.
• Give priority to your interest, by taking all reasonable steps to make sure our advice isn’t
materially influenced by our own interests.
• Exercise a prudent level of care, diligence and skill.
• Meet certain standards of ethical behaviour, conduct and client care as required by the
Code of Conduct. These are designed to ensure that we treat you as we should and give you suitable advice.
• Not offer or recommend a financial product that contravenes the Act or related regulations. This gives you peace of mind that the products we recommend are compliant with relevant laws.
• Make certain disclosure information available to you at specific times, such as when advice is provided. We must not provide false, misleading, or incomplete information. You can access the Code of Professional Conduct for Financial Advice Services here.

Contact Details

Citadel Insurance
Phone: 021 079 7552
Email: hello@citadel.co.nz
Address: Ground Floor, 33 Totara Street, Mount Maunganui 3116

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