Scope of Advice
Nature and Scope of the Advice
CIX’s Financial Advisers provide financial advice to clients in relation to commercial, domestic and personal insurance, also known as Fire and General Insurance. We help our clients protect their assets and cover their liabilities, to minimise the financial impact to their lives and businesses when things go wrong.
We can also advise on good risk management practices. We do not provide advice on life and health insurance, investments, Kiwisaver, mortgages and lending, so you will need to consult a specialist if you would like financial advice on those products. We can refer a specialist to contact you if you require.
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. CIX 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:
Regulated by FMA
Licensing Information
RAM Financial Services Limited trading as CIX (Commercial Insurance Exchange) are a registered financial advice provider - Authorised Body - under a full licence, which came into effect on 15th January 2024. Our registration number is (FSP1006360).
We are regulated by the Financial Markets Authority (FMA).
CIX (we, our, us), are a named entity to provide a financial advice service under the Financial Advice Provider Class 2 Licence, held by Folio.Insure Limited (Folio) (FSP1003687).
Financial Advice Products
Business Insurance
Property
Business Interruption
Commercial Vehicles
Marine
Trade Credit
Travel
Liability
Engineering/Contract Works
Mobile Plant
House
Contents
Private Motor Vehicles
Providers
AIG
Allianz
Ando
Berkshire Hathaway
Certain Underwriters at Lloyd’s
Chubb
Classic Cover
Club Auto
Concordia
Delta
Dual
Euler Hermes
Event Cover
IAG (NZI, Lumley)
Mecon
Nautical Marine
NM Insurance
Protecsure
QBE
Sage
Rosser
Salt Marine
Star Insurance
TAIG
TLC Insurance
UAA
Vero
Zurich
Terms
Fees
We may charge a fee for the advice given to you and for implementing that advice. If a fee is to be charged it will be based on the amount of work and time required to provide and implement our advice and will be shown on our invoice to you, payable on payment of your premium. The amount of any fee will be disclosed either at the time we know the scope and nature of the advice required or when we provide our advice to you.
We may charge a fee for making adjustments to your insurance during the insurance period. This fee 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.
Folio retain a percentage of this fee for a range of professional services they provide to CIX.
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.
Earnings
Fees, Expenses or Other Amounts Payable
We earn our income from either a fee or commissions earned from providers or a combination of both.
Complaints
Complaints Handling and Dispute Resolution
Please refer to our Internal Complaints Process that can be found at Folio Insure.
Conflicts
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 a 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.
Folio retain a percentage of this commission for a range of professional services they provide to CIX.
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 one client to another financial adviser for advice and assistance.
To ensure that our Financial Advisers prioritise 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, of gifts and any other incentives we may receive. If we believe there is a conflict of interest – real or perceived – we will discuss this with you. Folio and CIX also undertake annual internal reviews to ensure compliance with these statements.
Funding
Premium Funding
Premium funding enables you to pay the insurance premium by instalments, rather than make a lump sum payment.
Premium funding companies charge interest and they take a power of attorney over your 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 CIX 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 instalments.
Identifying Information
Identifying Information
RAM Financial Services Limited (FSP1006360), trading as CIX is a Financial Advice Provider (FAP) – Authorised Body under full licence.
Duties
Duties Information
CIX, Folio 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.
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 FMA website.
Duties
Duties Information
CIX, Folio 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.
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 FMA website.
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