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Crombie Lockwood's terms of business and important disclosure information ('terms of business') outlines the commitments and obligations that apply when we work as your broker. It also sets out the information required to be disclosed to help you make important financial decisions.
These terms apply when you ask us to act for you, together with any additional or different terms as agreed in writing with you.
Key information from the terms of business is summarised on this page. You can view and download the full document here:
We encourage you to read this information carefully, as it sets out what you can expect from us and what you agree to when we work for you. By taking on our services, you acknowledge you accept these terms of business. This means you do not need to sign any formal agreement to indicate your acceptance, unless we ask you to.
Crombie Lockwood is a group of New Zealand companies that provide insurance broking and other related services. Our services may be provided to you by one or more of the following companies in our group:
We are also part of a group of international companies owned by Arthur J. Gallagher & Co (Gallagher Group). In New Zealand the Gallagher Group also includes related service providers such as:
Crombie Lockwood (NZ) Limited (FSP 39921) holds a licence issued by the Financial Markets Authority (FMA) to provide a financial advice service. Under this licence, we may only provide you financial advice in relation to fire and general insurance, and life and health insurance products.
Monument Insurance (NZ) Limited (FSP 39937) is an authorised body under the licence.
Nature and scope of our advice and services to you
Crombie Lockwood’s broking division acts as insurance advisers and brokers, providing fire and general and life and health insurance advice, and risk management-related advice and services to clients.
When recommending insurance products to you, we may use a range of local and overseas insurers. Some insurers however, do not make their products available to insurance brokers such as ourselves. Our terms of business set out the insurers we deal with.
Fees and expenses
We may charge you an administration fee depending on the costs associated with providing the services you require, as outlined in our terms of business. We may also agree with you a separate service fee to be paid by you, in lieu of commission or in addition to any commission we may receive from insurers.
Commissions and incentives
Crombie Lockwood receives commission from the insurers on whose products we give financial advice. The amount of commission varies depending on the type of policy and the insurer but is generally calculated as a proportion of the insurance premium, excluding any applicable government charges, taxes and levies as determined by the insurer.
We may also receive other forms of remuneration for the services we provide, which are detailed in the remuneration section of the terms of business.
Conflicts of interest
In giving advice in relation to a financial advice product, we have a duty to give priority to clients’ interests. To ensure that our financial advisers prioritise a client’s interests above their own, we follow an advice process that ensures our recommendations are made on the basis of a client’s goals and circumstances. Products that do not meet our clients’ needs will not be recommended.
Should a conflict of interest situation arise, we will manage it in accordance with our conflicts of interest policy, which all employees, contractors and representatives must comply with. This consists of processes for escalation, review, and management, including letting you know and working with you to resolve the situation where relevant.
Our financial advisers undergo annual training about how to manage conflicts of interest. We maintain a register of conflicts of interests and gifts we receive. We monitor those registers and undertake an annual review of our compliance programme.
Complaints handling and disputes resolution
We’re committed to providing our clients with the highest level of customer service. If our service should occasionally fall short, we make every effort to resolve issues promptly and fairly.
While carrying out our services to you, we will ensure that we, and any person giving advice on our behalf:
If you have any questions about the terms of business please speak to your broker.