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Medical Assurance Society New Zealand Limited QFE Disclosure Statement
It is important that you read this document: This information is important and should help you decide which financial adviser to choose.

You can download a PDF of the following disclosure statement here.

 

Medical Assurance Society New Zealand Limited (MAS) is a Qualifying Financial Entity (QFE) (registration number is FSP35849). As a QFE, MAS takes responsibility for the financial adviser service provided by its QFE advisers, and for the products offered to you. 

 

MAS’ contact details are set out below:

 

Address (and principal place of business): 19-21 Broderick Road, Johnsonville, Wellington
Postal address: PO Box 13042 Wellington 6440
Trading name: Medical Assurance Society

Telephone number: 0800 800 627
Fax number: 04 477 0109
Email address: info@mas.co.nz

 

You can check our status as a QFE (and check whether other entities are a member of the QFE group) on the Financial Service Providers Register at www.fspr.govt.nz

 

MAS is licensed and regulated by the Financial Markets Authority (FMA) for its financial adviser service. You can obtain information about financial advisers from the FMA and can report information about MAS or its advisers to the FMA at:

 

Address: Level 2, 1 Grey Street, Wellington 
Postal address: PO Box 1179, Wellington 6140
Telephone number: +64 4 472 9830
Fax number: +64 4 472 8076

 

This disclosure statement was prepared on 30 July 2013.

 

Products offered by the MAS group
MAS is the parent company in a group of companies aimed at meeting the financial needs of its Members. MAS currently has four trading subsidiaries, each of which handles a different part of the offering provided collectively by the MAS group. These subsidiaries are:

 

• Medical Life Assurance Society Limited (MLA), which provides various 'category 2' life and disability insurance products to Members.

 

• Medical Insurance Society Limited (MIS), which provides various 'category 2' non-life insurance products to Members such as domestic and business risks insurance.

 

• Medical Funds Management Limited (MFM), which pools Members’ funds into the Retirement Savings Plan and the MAS KiwiSaver Plan (both of which are 'category 1' products).

 

• Medical Securities Limited (MSL), which raises funds in part from Members by offering savings, debenture and PIE investments and lends these to other Members and their businesses for practice, equipment and vehicle purchases and working capital. All products are 'category 2' products except for debenture term investments which is a 'category 1' product.

 

MAS, and its QFE advisers, only offer, and provide financial advice in respect of, products which MAS is, or was, the issuer of, or the promoter of (i.e., where MAS was instrumental in the formulation of a plan or programme pursuant to which those securities were offered to the public).


The one exception is the Private Portfolio Services product issued by OnePath (NZ) Limited of which MAS used to be a promoter. Our advisers will not give you financial advice on products provided by other product providers (with the exception of Members who already hold the Private Portfolio Services product).

 

Financial Strength 

 

The financial strength of MAS is reflected in the ratings carried by our insurance and finance companies.

  • Our general insurance company Medical Insurance Society Limited (MIS) is rated A-/Stable by approved agency Standard & Poor's.
  • Our life insurance company Medical Life Assurance Society Limited (MLA) is rated A-/Stable by approved agency Standard & Poor's.
  • Our finance company Medical Securities Limited (MSL) is rated A-/Stable by approved agency Standard & Poor's.

Further information about our ratings, including the scale of which the rating forms part, is available for inspection at every office of MAS and on our website www.mas.co.nz

Our advisers and services
MAS provides services to its Members through a face-to-face network of salaried advisers supported by a national Call Centre.

 

All advisers are employed by MAS, receive a fixed salary to service Members, and have their performance assessed on the quality of the service that they provide to Members.

 

Currently, the only financial adviser service provided by MAS, our AFAs and our QFE Advisers is the provision of financial advice (i.e., no advisers provide an “investment planning service” or “a discretionary investment management service” as those terms are defined in the Financial Advisers Act 2008).

 

Remuneration and relationships
Neither MAS, nor its advisers, will charge you a fee for providing financial advice to you.

Our advisers do not receive commissions, incentive based remuneration, or other payments, from MAS, or anyone else, in respect of the financial advice they give.

 

Advisers may have investments in products issued or promoted by MAS.

MAS receives remuneration from Investment Managers/Issuers on the following basis.  

 

These amounts can change at any time:

 

Product

Investment Managers/Issuers

Maximum initial

brokerage as %

Ongoing annual commission or fund management fee

Savings Plan

Medical Securities Limited

Nil

Nil

Debenture Term

Investments

Medical Securities Limited

Nil

Nil

MSL PIE Fund

Medical Securities Limited

Nil

Nil

Private Portfolio

Service

OnePath (NZ) Limited

Nil

1.00% p.a. of the Fund value

Retirement Savings

Plan

The Trustees of the Medical

Assurance Society Retirement

Savings Plan

 

Nil

1.00% p.a. of the Fund value

KiwiSaver Plan

The Trustees of the Medical

Assurance Society KiwiSaver

Plan

Nil

1.00% p.a. (minimum $50 p.a.)

of the Fund value.

 

In certain circumstances you may be referred to selected Financial Advisers (AFA) as agreed by MAS or JBWere (a global financial services firm) for comprehensive investment advice. In these instances, MAS may receive remuneration from these planners if business is transacted. As at the date of this disclosure statement those remuneration levels are up to a 27% share of fees paid (i.e. if the fee was 1% of the amount invested, then MAS may receive up to 27% of this fee).

 

If you are a Member of MAS you may also be referred to the ANZ Bank for home loan facilities. MAS receives a commission from the ANZ Bank upon the drawdown of any new loan under the MAS home loan package offered to Members. As at the date of this disclosure statement the commission rate may be up to 0.4% of the loan value.

 

MAS’ internal complaints procedure
If you have a problem, concern, or complaint about any part of the service provided to you, you may contact the internal complaints scheme by either directing the complaint to the person you have been dealing with or to their Manager.

 

If a satisfactory resolution cannot be found, then the matter will be referred internally to the General Manager, Sales & Marketing, Medical Assurance Society New Zealand Limited PO Box 13042, Johnsonville, Wellington. Phone: 0800 800 627.

 

Insurance & Savings Ombudsman Scheme
If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact the Insurance & Savings Ombudsman (ISO) Scheme. This service will cost you nothing, and will help us resolve any disagreements.

You can contact the Insurance & Savings Ombudsman (ISO) Scheme at:

 

Address: Level 11, Classic House, 15-17 Murphy Street, Wellington, 6011
PO Box 10-845 Wellington 6143

Telephone number: +64 4 499 7612 or Freephone (within NZ) 0800 888 202

Email address: info@iombudsman.org.nz

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