Public Disclosure
March 2021

Licence status and conditions
The 127th Idea Co Limited, Trading as Get Cover (“the Company”) holds a license issued by the Financial Markets Authority (“FMA”) to provide financial advice services. The Company is not bound by any restrictions on this license.

Nature and scope of advice
The Company offers a range of products including personal and business insurance along with KiwiSaver.

Get Cover provides advice to our clients about their life and health insurances and KiwiSaver.

Our Financial Advisers provide Financial Advice in relation to Life Insurance, Health Insurance, and KiwiSaver.

We only provide financial advice about products from certain providers:

For Life Insurance we work with five providers – AIA, Asteron Life, Fidelity Life, Partners Life, Cigna.

For Health Insurance we work with five providers – AIA, Nib, Partners Life, Southern Cross, Unimed

For KiwiSaver we work with one provider – Generate.

In providing you with financial advice, we will only consider existing term life, trauma, income protection and health insurance policies (if any).

We will not provide advice on existing whole of life or endowment products, so you will need to consult a specialist if you would like advice on those products.

Fees and expenses and amounts payable
The Company does not operate a fee based service, it operates on a commission-only basis as noted below.
Conflicts of interest and commissions or other incentives
Currently, there are no conflicts of interest as it relates to the services provided by the Company.
The Company and our financial advisers receive commissions from the providers on whose products we give financial advice. (Insurers and KiwiSaver providers). If you decide to take out insurance or take our KiwiSaver advice, the providers will pay a commission to the Company and to the financial adviser on a monthly basis. The amount of commission is based on the amount of the premium paid for insurance, for KiwiSaver, it is based on the balance of funds along with a set fee for each KiwiSaver
plan submitted.
The Company and its adviser may also receive non-cash additional rewards from the product providers the Company uses. The Company and its adviser may receive benefits in the form of entertainment (e.g. rugby and concert tickets, golf days, etc), subsidised professional development (e.g. below actual cost conference attendance, subsidised cost of training courses, etc), or office supplies (e.g. notepads, pens, etc).
The Company’s adviser may also be able to qualify (depending on levels of production) for free or subsidised company conferences and associated travel etc.
To ensure that our financial advisers prioritise our clients’ interests above their own, we follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances. All our financial advisers undergo annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme is undertaken annually by an external compliance adviser.

Complaints process
If there are any problems, concerns, or complaints about any part of the Company’s service, you can make a complaint by emailing david@perreau.co.nz or phone 027 444 6696 or in writing to Get Cover 79 Vandeleur Avenue, Birkdale, Auckland 0626.
We will consider your complaint and let you know how we intend to resolve it. To assist with the analysis of the complaint we may need to contact you to get further information.
We aim to resolve complaints within 10 business working days of receiving them. If we can’t, we will contact you within that time to let you know 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 if so, how we propose to do so. If we cannot resolve your complaint, or you are not satisfied with the way we propose to do so, you can contact our Dispute Resolution Scheme which is a free service. Their contact details are:

Financial Services Complaints Limited (“FSCL”)
Website: ww.fscl.org.nz
Email: info@fscl.org.nz
Phone: 0800 347 257
Postal: PO Box 5967, Lambton Quay, Wellington 6145

Duties information
Under the Financial Markets Conduct Act 2013 the Company and its advisers are required to meet certain duties such as:

  1. ensuring that they meet the standards of competence, knowledge and skill as set out in the Code of Professional Conduct for Financial Advice Services; and
  2. give priority to client’s best interest; and
  3. exercise care, diligence, and skill in giving financial advice; and
  4. meet the standards of ethical behaviour, conduct and client care set out in the code.