Stage 1 Disclosure Information

(Under the Financial Markets Conduct Act 2013)

1. FAP and Adviser Identification

Financial Advice Provider (FAP):
Coverfy Limited
FSP Number: FSP1008804
Address: 3 Northcroft Street, Takapuna, Auckland 0622
Phone: 022 514 4544
Email: rob@coverfy.nz

Coverfy Limited is licensed and regulated by the Financial Markets Authority (FMA) to provide financial advice services in New Zealand.

Individual Financial Advisers Providing Advice:

Robert Williams

Devon Latoa

David Falealili

These advisers are engaged by Coverfy Limited to provide financial advice on its behalf.

2. Nature and Scope of Advice

Coverfy Limited and its advisers provide financial advice on the following personal insurance products:

  • Life Insurance
  • Trauma / Critical Illness Insurance
  • Total and Permanent Disability (TPD) Insurance
  • Income Protection Insurance
  • Health and Medical Insurance

Product Providers

Coverfy works with the following NZ insurance companies:

  • AIA
  • NIB
  • Fidelity Life
  • Chubb
  • Asteron Life

We only provide advice on products offered by these providers. This means our recommendations are limited to this group and we do not provide advice on products from other insurers.

General Advice Process

Our advice process involves:

  1. Understanding your personal circumstances, goals, and insurance needs.
  2. Gathering relevant financial and personal information.
  3. Analysing suitable insurance solutions from our panel of providers.
  4. Presenting recommendations tailored to your objectives.
  5. Assisting with implementation if you choose to proceed.

3. Fees, Expenses, and Other Benefits

Coverfy Limited does not normally charge fees for financial advice related to life and health insurance products.

Commissions

If you decide to act on our advice and take out a policy, Coverfy Limited and your adviser will typically receive a commission from the insurance provider. This may include:

  • Initial commission when a policy is placed
  • Ongoing renewal commission based on premiums paid

These commissions are paid by the insurer and do not increase the cost of your policy.

Other Possible Fees

If any additional fees or charges are required for services you request, these will be disclosed in writing at the time the advice is provided (Stage 3 disclosure).

4. Conflicts of Interest and Incentives

Coverfy Limited has processes in place to identify and manage potential conflicts of interest.

  • We prioritise your interests above our own when providing advice.
  • Our advisers are trained to follow the standards set out in the Code of Professional Conduct.
  • We have internal policies to ensure that any commissions or incentives do not influence the quality of advice provided.
  • We only work with reputable insurers and do not accept any volume-based overrides that could materially influence recommendations.

If any conflict of interest relevant to your circumstances arises, it will be disclosed to you fully.

5. Duties Information

Coverfy Limited and its advisers are bound by duties under the Financial Markets Conduct Act 2013, including the duty to:

  • Give priority to your interests when providing advice
  • Exercise care, diligence, and skill
  • Meet the standards of competence, knowledge, and skill set by the Code of Professional Conduct for Financial Advice Services
  • Meet the ethical behaviour, conduct, and client care standards of the Code

These duties ensure that we act with integrity and place your interests first.

6. Complaints and Dispute Resolution

Internal Complaints Process

If you are unhappy with any aspect of our service, please let us know:

Email: rob@coverfy.nz
Phone: 022 514 4544
Address: 3 Northcroft Street, Takapuna, Auckland 0622

We will acknowledge your complaint within 2 working days and aim to resolve it within 10 working days.

Dispute Resolution Scheme

If we cannot resolve your complaint, you can contact our external, independent disputes resolution service at no cost:

Financial Dispute Resolution Service (FDRS)
Membership Number: FM6797
Phone: 0508 337 337
Website: https://fdrs.org.nz

This service is free for consumers and can help resolve any disputes you have with us.