Frank Group Disclosure Statement
It is important that you read this information.
It will help you (the client) make an informed decision whether we (Frank Group) and our advisers will provide advice and access to products that are suitable for your needs and whether to seek, follow or accept the Financial Advice. This Disclosure Statement is required under the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020.
Who are we?
Name of Financial Advice providers: Frank Risk New Zealand Limited (FSP1003513)
Frank Risk Management Limited (FSP28481)
Frank Risk Management (Hauraki) Limited (FSP530566)
Trading Names: Frank Risk, Frank Agri, Frankie, Frank Professions
Telephone Number: 07 903 5000
Address: 630 Victoria Street, Hamilton 3204
Email address: [email protected]
Website: www.frankrisk.co.nz
What sort of advisers are we?
We are licensed Financial Adviser Providers and an Authorised Body by the Financial Market Authority of New Zealand (FMA). Financial Services Legislation Amendment Act 2019 requires Frank Group to hold a current license for Advisers to provide Financial Advice Services to our Clients.
To view our license go to the Financial Service Providers Register and search our Financial Service Provider (FSP) number’s FSP1003513, FSP28481 and FSP530566.
As Licensed Financial Advice Providers, we have standard conditions on our license, these conditions are not specific to Frank Group and do not limit or restrict Advice that may be given.
What financial advice can we provide to you?
Frank Group and our advisers can give Financial Advice on Insurance Products for Commercial and Domestic Clients.
Our Insurance product providers are Insurance business in New Zealand that are licensed under the Reserve Bank under section 19 of the Insurance (Prudential Supervisor) Act 2010. The Insurers have a financial strength rating from an approved rating agency. To view the Insurer ratings, click here.
Frank Group’s insurance product providers are required to have financial strength ratings with a minimum of A- and above. When you receive a quote from us you will be supplied with the current strength ratings for the product providers that we have quoted for. If you accept the Financial Advice, we will supply a current rating for the product provider that you have selected.
Limitations and restrictions
Frank Group is committed to providing our clients with good Financial Advice that is suitable for our client’s needs. We only provide Financial Advice on Insurance Products.
How do we act with Integrity?
To ensure that we and our advisers prioritise your interests above our own, we follow an advice process that ensures recommendations are made based on your individual goals and circumstances. Our advisors complete annual and ongoing training about how to manage conflict of interests and a register of interests is maintained. We monitor these registers and provide additional training where necessary. We perform an annual review of the compliance programme.
You should be aware there are potential conflicts of interest that you, the client, may need to take into consideration when you decide to seek and accept Financial Advice from us, we will make you aware of any conflicts when giving advice. For the purposes of the Financial Markets Conduct Act 2013, a conflict of interest means any interest of Frank Group, a financial advisor, or any other person connected with the advice in which a reasonable client may find reasonably likely to materially influence our advice.
We have the following relationship with a relevant organisation which may give rise to a conflict of interest:
KSIR Limited (Lee Lee & Gower) – Lee Lee & Gower are life & health insurance advisors which we may refer you to. We are an indirect shareholder in this business. As a shareholder, we may benefit from you arranging cover with Lee Lee & Gower via business profits. Any recommendations for you to insure with Lee Lee & Gower are made independently of our relationship.
How do we get paid for the financial advice and products that we provide to you?
Frank Group and our advisers do not receive any commission or other incentives for giving Financial Advice. Frank Group may receive commission when a domestic client accepts our Financial Advice and purchases an insurance policy. The commission is paid by the Insurer (product providers) for the insurance business on each insurance policy that the client purchases. The commission paid to us can be between the range of 0-24.5% of the insurer portion (total premium of the Insurance Policy less government levies and taxes).
Frank Group does not receive any commission or other incentives when a commercial client accepts our Financial Advice and purchases an insurance policy, instead, we charge a disclosed fee.
Our advisers are not incentivised by the selling of insurance products.
What fees do we charge?
Frank Group may charge commercial clients a fee for Financial Advice given, we will tell you what the fee is before you accept any advice from us or our Advisers. We will charge commercial clients fees that are payable by you, the client, when our advice is followed, accepted and the insurance policy is purchased. The fees we charge are for our service, placement, implementation, and administration of the insurance policies that you choose to accept and purchase.
Frank Group may charge domestic clients fees that are payable by you, the client, when our advice is followed, accepted and the insurance policy is purchased. The fees we charge are for the administration of the insurance policies that you choose to accept and purchase.
All fees are itemised and payable by you, the client, by the date shown on the invoice.
More information about our fees is included in our terms of business on our website.
NZbrokers Management Limited
Frank Group is a member of NZbrokers Management Limited, NZbrokers Management Limited provides services such as IT, education, training, technical insurance product, and claims support, and group member benefits to us. When a client accepts our Financial Advice and purchases a policy NZbrokers may receive a service fee or technology fee from the Product Provider.
Profit Share
Frank Group does not accept profit shares from any insurers.
How can you depend on the Advice you receive?
We have not been subject to any other reliability events that would influence you, the client, in deciding whether to seek or obtain advice from us or our advisers.
How to Make a Complaint
If you have a problem, concern or you are dissatisfied with either a product or Financial Advice service that has been provided by us or our advisers and you require action to be taken, please tell us so that we can help and fix the issue. To make a Complaint please follow this link which will give details on our Complaints Process and how to make a Complaint.
We will approach all complaints with an open mind, listen, and treat each complainant as an individual and with courtesy and respect. We will promptly acknowledge the complaint and every attempt will be made, to resolve your complaint in a timely manner, with staff escalating as necessary to Senior Management or Complaints Manager.
You will receive a written decision, remedies, and resolution as soon as practicable after we have decided the outcome.
What to do if you are not satisfied after making a Complaint
If you feel your complaint is not resolved to your satisfaction using the Frank Risk Management Limited complaints process, or you are unsatisfied with the response or resolution, you can contact Financial Services Complaints Ltd (FSCL) – A Financial Ombudsman Service. FSCL is our independent external ombudsman and dispute resolution service that has been approved by the Minister of Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. This service will cost you nothing and is an independent service that will help investigate or resolve the complaint. You can click here to find out how to make a complaint to Financial Services Complaints Ltd (FSCL) – A Financial Ombudsman Service.
You can contact FSCL at:
Postal Address: P.O. Box 5967, Wellington 6145
Email: [email protected]
Telephone: 0800 347 257
Website: http://www.fscl.org.nz/
What are our advisers duties?
Our advisers give Financial Advice to clients on Frank Group’s behalf, when giving advice all our advisers must:
Hold a Level 5 New Zealand Certificate in Financial Services (or equivalent)
Maintain competence, knowledge, and skills for giving Financial Advice by completing continuing professional development.
Abide by the Code of Professional Conduct for Financial Services and have Ethical behaviour, good conduct, and provide client Care.
Listen to the client carefully to discover their needs.
Recommend products or services that meet the client's needs and explain why.
Give clear and concise communication.
Protect client’s information.
Give priority to the client’s interests when giving Financial Advice.
Who licenses and regulates us?
The Financial Markets Authority. You can report information about us to the Financial Markets Authority or email [email protected] but if you want to complain you should use our dispute resolution procedures described under How to make a Complaint? And What to do if you are not satisfied after making a complaint?
This disclosure statement was prepared on: 4th March 2021
This disclosure statement was updated on: 1st October 2024
Please click here to download a copy of this information.
