Disclosure Statement

Licensing Information

Ladbrooks Financial Services Limited (FSP705391) holds a Class 2 Licence issued by the Financial Markets Authority on 23 March 2022. Our advisers are authorised by that licence to provide financial advice.

The following advisers can give advice under our Full License - Parveen Sharma (FSP70701), Poonam Parveen (FSP1005771), Kenny Kaushish (FSP772174) and Lun Yuan (FSP1005756).


Nature and Scope of the Advice

Under the Ladbrooks Financial Services Limited (LFSL) licence, we provide advice to our clients about their personal risk insurance, health insurance and KiwiSaver. We provide financial advice in relation to these financial advice products.

For personal risk insurance, we work with:
AIAResolution LifeAsteronFidelitynibPartners Life
For health insurance, we work with:
AIAnibPartners LifeSouthern Cross Travel InsuranceSouthern Cross Health Insurance
For Kiwisavers, we work with:
AMP KiwisaverBoosterGenerate Kiwisaver

Below is an explanation of the material limitations or restrictions on the scope of the financial adviser services that we can give:

In providing you with financial advice, we will only consider your disposable income and will not take any change in your spending behaviours into account. Whilst we are happy to assist you with the budgeting process, you will need to analyse your budget and spending patterns to maximise the funds you have available to invest.

In providing you with financial advice, we will consider existing personal term life, trauma, income protection and health insurance policies (if any that are known to us throughout our process).

We are unable to take into consideration or provide advice on financial products issued outside of New Zealand.

We have not been subject to a reliability event. A reliability event is something that might materially influence you in deciding whether to seek advice from Ladbrooks Financial Services. As an example, it would include legal proceedings against any of our advisers or if anyone had been discharged from bankruptcy in the last four years.


Fees or Expenses

Ladbrooks Financial Services does not charge fees, expenses or any other amount for the financial advice provided to its clients.


Conflicts of Interest and Incentives

Ladbrooks Financial Services Limited will receive commissions from the providers on whose products we give financial advice (the insurers or KiwiSaver providers).

If you decide to take out insurance or the KiwiSaver advice, the provider will pay a commission to Ladbrooks Financial Services Limited. The amount of commission is based on the amount of the premium. For insurances, we receive a commission between 190% to 230% of your first year's premium of your policy - the amount depends on which insurance company and which insurance policy you choose. Either the full amount or a percentage of it will get clawed back by the insurer if you cancel within 24 months. There will be ongoing commission typically between 4.5% to 10% of the annual premium provided your policy stays active. For Kiwisaver, we receive upfront incentive between $50-$300 by Generate KiwiSaver (if that’s the chosen provider). Ongoing commission typically between 0.20% to 0.50% annually of your fund value.

On occasion, product providers may treat us to an occasional coffee or tea. This doesn't affect our recommendations for our clients nor influences us to favour one provider over another.

To ensure that Ladbrooks Financial Services and our financial advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made based on your goals and circumstances. All our staff undergoes periodic training on how to manage conflicts of interest. We also do peer reviews and compliance audits to ensure all staff acts with the clients’ best interest in mind.

Ladbrooks Financial Services maintains registers to track any conflicts of interests and any gifts or incentives the company or staff might receive. During our annual Adviser Business Statement review (company process review) these registers and patterns are noted and appropriate training is provided in addition to normal practices where necessary.


Complaints Handling and Dispute Resolution

At Ladbrooks Financial Services, we are committed to providing our clients with the best and highest level of customer service. If you are not satisfied with our financial advice service, please let us know your concerns by either email info@ladbrookslifecare.com or phone +64 21 141 4930. You can also send your concerns to us in writing at our address: PO Box 20140, Glen Eden, Auckland 0641.

When we receive a complaint, we will consider it following our internal complaints process:
We will consider your complaint and let you know how we intend to resolve it.We may need to contact you to get further information about your complaint.We aim to resolve complaints within 10 working days of receiving them.If we can’t, we will contact you within that time to let you know that we need more time to consider your complaint.We will contact you by phone or email to let you know whether we can resolve your complaint and how we propose to do so.

If we can’t resolve your complaint, or you are not satisfied with the way we propose to do so, you can contact Insurance & Financial Services Ombudsman Scheme Inc. at
Address: Office of IFSO, PO Box 10-845, Wellington 6143, New Zealand
Free Telephone: 0800 888 202
Email: info@ifso.nz
IFSO Website: http//www.ifso.nz

Insurance & Financial Services Ombudsman Scheme Inc. provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we have not been able to resolve your complaint to your satisfaction.


Duties Information

Ladbrooks Financial Services Limited, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 and Financial Services Legislation Amendment Act 2019 relating to the way that we give advice. This includes all our advisers.

As a LFSL adviser, 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 interestsExercise care, diligence and skill in providing you with adviceMeet 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)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 should and give you suitable advice)

This is only a summary of the duties that we have. More information is available by contacting LFSL or by visiting the LFSL website on www.ladbrookslifecare.com and/or the Financial Markets Authority website at https://www.fma.govt.nz.


Your Privacy

When working with you we will be collecting personal information from you in order to deliver personalized advice which is suitable for you. By proceeding with our fact find and recommendation process, you consent to this.

This is generally personal information regarding age, health, financial situation and your instructions. In accordance with the Privacy Act 2020 you are entitled to access any such information we collect and hold on you, and also to have noted any corrections to such information.

Should you require a copy of any information we hold we shall be happy to provide a full copy at our cost,but will always retain original records for legal and compliance requirements.

Records are stored in secure premises and on secured computer systems at our place of business.

All staff employed by Ladbrooks Financial Services have access to all client files, and in addition to us, other parties may access this information as required by law or for the purposes of providing specific advice to you in accordance with your instructions or our agreed Scope Of Service. Those parties may include:
Insurers and other product providers whom we are considering for your needs.Market regulators and statutory authorities.Professional compliance and audit assessors investigating our compliance and professional standard.

If you have a complaint is about how we handle your personal information, you can contact the Office of the Privacy Commissioner:
PO Box 10 094, The Terrace Wellington 6143, 0800 803 909
enquiries@privacy.org.nz

This option is available in addition to utilizing the Complaints Process of Ladbrooks Financial Services Ltd.


Your Consent to the Above

By providing us with personal information you and any other person you provide personal information for, consent to this use and these disclosures unless you tell us otherwise. If you wish to withdraw your consent, please contact us.