Who am I?
Name of Financial Adviser: Rebecca McDowell
Financial Service Provider: RUNACRES INSURANCE LIMITED
Telephone Number: 03 379 1001
Address: Level 3, 351 Lincoln Road, Addington, Christchurch 8024
Email address: Rebecca@runacres.co.nz
Website: https://runacres.co.nz/
It is important that you read this information
It will help you (the Client) make an informed decision whether I, as a Financial Adviser who gives advice for products, are suitable for your needs and whether to seek, follow or accept the Financial Advice I give. This Disclosure Statement is required under the Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020.
What sort of Advisers am I?
I am a Financial Adviser (FA) that gives advice on behalf of Runacres Insurance Limited who is a licensed Financial Advice Provider by the Financial Market Authority of New Zealand (FMA). Financial Services Legislation Amendment Act 2019 requires Runacres Insurance Limited to hold a current license for Advisers to provide Financial Advice Services to you the Client.
To view my registration and Runacres Insurance Limited license go to the Financial Service Providers Register https://fsp-register.companiesoffice.govt.nz/ and search our Financial Service Provider (FSP) number FSP38761 (Runacres Insurance Limited) for me (FSP1006891), or click on the link Runacres registration
As a Licensed Financial Advice Provider, we have Standard Conditions on our license, these conditions are not specific to Runacres Insurance Limited and does not limit or restrict Advice that may be given.
What Financial Advice can I provide to you?
I can give Financial Advice on Insurance Products for Retail and Wholesale Clients.
Our insurance product providers are insurance businesses in New Zealand that are licensed by 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 on the link https://www.rbnz.govt.nz/regulation-and-supervision/oversight-of-insurers/resources-for-insurers/financial-strength-rating-agencies-for-insurers
Runacres Insurance Limited’s insurance product providers are required to have financial strength ratings with a minimum of B++ and above. When you receive a quote from us you will be supplied 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
I am committed to providing my clients with good financial advice that is suitable for my client’s needs. I only provide financial advice on Insurance Products. As a Brokerage we do not give advice or offer products from Direct Insurers (eg: AMI, State, Tower).
Lloyds Coverholder
Runacres Insurance is a Lloyds Coverholder, representing various Lloyds Syndicates. Lloyds is a member of the Insurance Council of NZ and its NZ Coverholders adhere to the Fair Insurance Code, which provides you with assurance that we have high standards of service to our customers.
How do we get paid for the Financial Advice and Products that we provide to you?
Runacres Insurance and our General Insurance Advisers do not receive any commission or other incentives for giving Financial Advice. Runacres Insurance does receive commission when the client accepts our financial advice and purchases an insurance policy. The commission is paid by the Insurer (product provider’s) for the insurance business on each insurance policy that the Client purchases. The commission is paid to us and can be between the range of 0-28% of the insurer portion (total premium of the Insurance Policy less government levies and taxes).
NZbrokers Management Limited
We are 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 as your adviser and purchases a policy NZbrokers may receive a service fee or technology fee from the Product Provider.
Profit Share
We have an underwriting binder arrangement with Lloyds of London and may receive a profit commission of up to 22.5% of the net profit for business placed for all clients for a particular year into the Lloyds of London Binding Authority Agreement for that year. Net Profit is calculated as Premium less commissions, taxes, claims, claims, and underwriting expenses including losses carried forward for up to 3 years.
I receive an annual salary that may include bonuses based on client service performance and achievement of Company goals
What fees do we charge?
We may charge clients fees for financial advice. We will tell you what the fee is before you accept any advice from us or our Advisers. We will charge 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.
The fees are payable by you and are due by the effective date of the policy which is on the invoice.
Our Payment terms are also clearly itemised and is on our website under Terms of Trade.
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 advisers 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 our compliance programme.
You should be aware there may be 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 or our advisers, we will make you aware of any conflicts when giving advice.
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 Adviser’s.
How to make a complaint?
If you have a problem, concerns or you are dissatisfied with either a product or financial advice service that has been provided by us or one of 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.
If a complaint is received by us, 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 at the earliest possible opportunity and make 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.
Lloyds Underwriter complaints process
Runacres Insurance; in its capacity as a Lloyds Coverholder has a separate complaints process and can be lodged by clicking on the following: Lloyd’s NZ Complaint Process.
What to do if you are not satisfied after making a Complaint?
If you feel your complaint is not resolved to your satisfaction using our complaints process, or you are unsatisfied with the response or resolution, you can contact Financial Services Complaints Ltd (FSCL) is a dispute resolution scheme who we are a member of. This service will cost you nothing and is independent service that will help investigate or resolve the complaint. You can click on this link to find out how to make a complaint to Financial Services Complaints Limited.
You can contact (FSCL) at:
Postal Address: P.O. Box 5967, Wellington 6145
Email: info@fscl.org.nz
Telephone: 0800 347 257
Website: http://www.fscl.org.nz/
What is my duty as an Adviser?
I give financial advice to clients on Runacres Insurance’s behalf. When giving advice I must:
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- Hold a Level 5 New Zealand Certificate in Financial Services.
- 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 needs and explain why.
- Give clear and concise communication.
- Protect client information.
- Give priority to the client’s interests when giving financial advice.
- Please see below a link to our Client Service Standards Statement found on our website: Client-Service-Standards-Statement
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Who licenses and regulates us?
The Financial Markets Authority. You can report information about us to the Financial Markets Authority at: https://www.fma.govt.nz/contact/ or email questions@fma.govt.nz 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 last updated on 14th April 2025