In the spirit of our straight-up approach, we like to be 100% transparent about our duties to our clients, our fees, and how we manage complaints. You can find out more about how we engage with businesses, and individuals here.
The following information provides you with an important overview of Long Burroughs, our duties to you, the fees we charge in exchange of our services, and how we manage conflict of interest and complaints.
Long Burroughs Limited (FSP650369), and Long Burroughs Financial Services Limited (FSP1006544), trading as Long Burroughs, are both Financial Advice Providers (FAP), which are licenced to provide financial advice, and regulated by the Financial Markets Authority (FMA) as required under the Financial Markets Conduct Act.
Long Burroughs Limited (FSP650369) provides financial advice to our clients about their General Insurance needs. This includes, but is not limited to, business insurance, commercial property, business interruption, motor vehicle, marine, liability lines, professional risk, cyber protection, corporate travel, and personal property or risk. When providing our advice, we access a wide range of general insurance products from various general insurance providers in both the local and overseas market.
Long Burroughs Financial Services Limited (FSP1006544) provides financial advice to our clients about their Life & Health insurance needs. When providing our advice, we access a wide range of Life & Health insurance products. Our recommendations to you are limited to the following companies: Our recommendations are limited to the products offered by the following companies: AIA, Asteron, Chubb, Fidelity, NIB, Partners Life, Southern Cross.
Your Financial Adviser will be able to provide tailored advice to you on the available products and insurers available to you.
If you act on the advice we provide to you, you will pay the insurance premium, any additional fees and Government enforced levies to the relevant insurance company as per the terms of your insurance contract. We may also charges additional fees on top of these charges noted above. Please review a summary below, or refer to our Disclosure Document here for a full overview.
Long Burroughs Limited – Fire & General Insurance
Long Burroughs Limited may charge you a fee, for providing financial advice, and for arranging, altering or cancelling your general insurance program. For general insurance placements, Long Burroughs Limited may also charge an administration fee for processing insurance premiums. If a fee will be charged, you will be advised at the time the financial advice is provided.
In some circumstances we may recommend another service provider to assist us in providing appropriate financial advice. These providers can include but are not limited to property valuers, property surveyors, motor vehicle valuers, premium funders. These providers will charge a fee for the work they do. We will advise you of any related fees and charges prior to having them commence any work on your behalf.
Long Burroughs Financial Services Limited – Life & Health / Medical Insurance
To ensure advice remains accessible, Long Burroughs Financials Services Limited does not charge an upfront fee for providing personal risk insurance advice or for implementing advice if you decide to proceed. If, however, on the rare occasion a fee is to be changed, in addition to the commission received from an insurance company, then this will be disclosed to you prior to the advice being provided, and the cost being incurred.
Long Burroughs Limited have spent many years forming relationships with local and international insurance providers. The benefits of these relationships are seen every day in the outstanding choice, competitive pricing, coverage options and policy support services we offer our clients.
Long Burroughs Limited receives commission from insurance companies from whom you purchase products. The amount of commission received varies as it is calculated as a percentage of the insurance premium charged.
Long Burroughs Limited (FSP650369) | The amount of commission received varies as it is calculated as a percentage of the insurance premium charged but can typically range from anywhere between 10% – 30% of the insurer premium.
We may, however, choose to rebate all or some commissions and charge you a fee based on the nature of the service we provide.
Long Burroughs Financial Services Limited (FSP1006544) | In place of an upfront fee, Long Burroughs Financial Services Limited is paid a commission for any new insurance taken up, of between 30% and 240% of the first year’s premium, depending on which insurance company you take out cover with.
From year two, Long Burroughs Financial Services Limited may then receive an annual commission of between 8% and 10% of the premium for the time Long Burroughs Financial Services Limited remains the servicing adviser on the policy.
Our Financial Advisers will confirm the amount of commission Long Burroughs will receive a recommendation is provided to you.
Long Burroughs and its Financial Advisers may also receive indirect benefits such as business lunches, tickets to sporting and/or cultural events, corporate promotional merchandise, and other unquantifiable minor benefits.
Managing Conflicts
We recognise that the above commissions and incentives may create conflicts of interests for Long Burroughs Limited and your Financial Adviser. To manage these conflicts, our Financial Advisers follow an advice process that ensures our recommendations are made on the basis of your financial goals and circumstances. All our financial advisers undergo training about how to manage conflicts of interest. We also undertake compliance audits of our financial advisers, and annually audit our compliance framework.
Architectural Designers
Long Burroughs Limited also maintains a professional liability insurance scheme for Architectural Designers. When providing our advice for this scheme, we use only one insurance provider, Berkshire Hathaway, and the advice is universal to all members of the scheme. However, we still undertake a full needs analysis on placement of the policy and at renewal to ensure all accurate information is obtained, and we continue to provide client specific, tailored advice where variations in cover are required.
Long Burroughs is committed to providing you with excellent customer service and access to quality insurance products. Every complaint is important to us, and we review all complaints as an opportunity to improve on the service we deliver to you.
If you are not fully satisfied with the services provided by Long Burroughs Limited, or Long Burroughs Financial Services Limited, please contact your financial adviser directly.
If your financial adviser is not able to resolve your complaint, it will be referred to the Complaints Officer for an independent review in accordance with the Long Burroughs Internal Complaint and Dispute Resolution Procedure.
Our Complaints Officer will review the nature of your complaint, and allocate this to the appropriate point of contact, to resolve your complaint.
The Long Burroughs complaints officer will formally acknowledge your complaint in writing and will endeavour to resolve your complaint fairly and in a timely manner.
If your complaint remains unresolved, or you are not satisfied with our response, you may refer the matter to the following resolution scheme – Financial Services Complaints Limited (FSCL).
You can access the complaints section of the FSCL website here, for more information, or alternatively, you can also click here for more details on the Long Burroughs complaints handling process.
We believe in delivering the most appropriate advice, built upon our core business values.
When providing you with financial advice, we are bound by duties under the Financial Markets Conduct Act 2013 (Act).
We are required to:
Code of Professional Conduct for Financial Advice Services
You can access the Code of Professional Conduct for Financial Advice Services here.
Company Disclosure Information
Please click here to download a more comprehensive copy of this information.
Alternatively, please reach out to our office, should you require a hard copy of this information.
Long Burroughs Limited (FSP650369), and Long Burroughs Financial Services Limited (FSP1006544), trading as Long Burroughs, are both Financial Advice Providers are both Financial Advice Providers.
Please contact us as follows:
Phone: +64 9 374 5980
Email: hello@longburroughs.co.nz
Address: Long Burroughs Ltd, PO Box 37356, Parnell, Auckland 1546