Financial Disclosure Statement
Licensing Information
Lornic Group Ltd (FSP719731), trading as Senator Risk Management NZ (SRMNZ, we, our, us) is a Financial Advice Provider (FAP) and is named as an Authorised Body to provide a financial advice service under the FAP Licence held by PSC Connect NZ Ltd.
PSC Connect NZ Ltd (PSCCNZ) (FSP331526) is the Full Licence Holder, as approved by the Financial Markets Authority (FMA).
There are no special licence conditions imposed.
Nature and Scope of Advice
SRMNZ provides advice to clients about General Insurance and our Financial Advisers provide financial advice in relation to these financial advice products.
We will not provide advice on Life and Health Insurance, Investments, Kiwisaver, Medical Insurance or Mortgages, so you will need to consult a specialist if you would like advice on those products. We can refer a specialist to contact you if you require.
SRMNZ can provide financial advice on a variety of products from a wide range of New Zealand based and overseas providers and includes but is not limited to:
Financial Advice Providers
| Business Insurance | Property | Business Interruption | Commercial Motor |
| Liability | Marine | Trade Credit | Travel |
| Engineering/Contract Works | Event Cancellation | Forestry | Mobile Plant |
| House | Contents | Private Motor Vehicles | Boat Insurance |
Providers
| AIG | Allianz | Ando | Berkshire Hathaway |
| Certain underwiters at Lloyd's | Chubb | Classic Cover | Club Auto |
| Concordia | Covermore | Delta | Dual |
| Euler Holmes | Event Cover | IAG (NZI, Lumley) | Mecon |
| Nautical Marine | NM Insurance | Protecsure | QBE |
| Sage | Rosser | Salt Marine | Star Insurance |
| Saunderland Marine | TAI | TLC Insurance | UAA |
| Vero | Zurich |
We are not aware of any material limitations or restrictions on the scope of financial advice service we provide. If these are identified, we will disclose them to you.
How We Get Paid
We earn our income from either a fee or commissions earned from providers or a combination of both.
Fees and Expenses
Should you proceed with our financial advice and we arrange insurance for you, then a fee may be charged.
This fee will be based on the amount of work and time required to provide and implement our advice and will be shown on your invoice.
If we arrange insurance for you and you cancel it part way through the insurance period, we may keep some or all of that fee from any refund due to you by the provider.
We may charge a small fee for making adjustments to your insurance during the insurance period. This fee will show on your invoice.
Sometimes other fees are charged that do not relate to the financial advice such as credit card fees. If so, we will advise you of this in our recommendation.
PSCCNZ retain a percentage of this fee for a range of professional services they provide to SRMNZ.
Conflicts of Interest and Incentives
When we arrange insurance for you, the provider(s) may pay us a commission. The amount of the commission varies between providers and products and is based on percentage of the Company Premium and Natural Disaster Premium (if applicable).
If we arrange insurance for you and you cancel it part way through the insurance period, we may keep some or all of the commission from any refund due to you by the provider.
PSCCNZ retain a percentage of this commission for a range of professional services they provide to SRMNZ.
If a person or entity has referred you to us, we may pay them a percentage of the commission and/or fees we receive for their referral.
A financial adviser may have a conflict of interest in circumstances where financial advice has been provided to two clients who later have a dispute. If this occurs the financial adviser will disclose the conflict of interest to you and refer on client to another financial adviser for advice and assistance.
To ensure that our Financial Advisers priorities your interests above their own, we follow an advice process that ensures our recommendations are made on the basis of the information you have provided and your unique circumstances.
We maintain a register of conflicts of interest - real or perceived - we will discuss this with you.
PSCCNZ and SRMNZ also undertake annual internal reviews to ensure compliance with these statements.
Premium Funding
Premium Funding enable you to pay the insurance premium by installments, rather than make a lump sum payment.
Premium Funding companies charge interest and they take a power of attorney over you insurance policy. This means they have the ability to cancel your insurance policy if you fail to pay an instalment.
If you enter into a premium funding arrangement, the premium funding company will pay SRMNZ a commission as a percentage of the amount they fund.
We will disclose the amount of this when we know the scope and nature of the advice you need and whether you want to pay by installments.
Complaints Handling & Dispute Resolution
Please refer to our Internal Complaints Process that can be found here.
Duties Information
SRMNZ, PSCCNZ and anyone who gives financial advice on their behalf 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 as 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.
Identifying Information
Lornic Group Ltd (FSP719731), trading as Senator Risk Management NZ is a Financial Advice Provider (FAP)
Our contact details are:
Phone: +64 6 280 1336
Email: nick@senator-risk.com
Address: 188/3 Broadway Avenue, Palmerston North 4440
Nick Kaspers (FSP425336) is a Financial Adviser of Senator Risk Management NZ and his contact details are:
Phone: +64 21 306 552
Email: nick@senator-risk.com
Dana Kaspers (FSP237305) is a Financial Adviser of Senator Risk Management NZ and his contact details are:
Phone: +64 220 716 264
Email: dana@senator-risk.com
Identifying Information
Senator Risk Management NZ is committed to providing you with excellent service and support. If you have a complaint, we will do everything possible to resolve the matter in a professional and timely manner. If you would like to give us a compliment, thank you. We are always looking at ways to enhance our offering,