01 December 2023
ASB Bank Limited ("we", "us", "our", "ASB" (FSP 29003)) holds a licence issued by the Financial Markets Authority to provide financial advice to retail clients.
Our contact details are:
Address: ASB North Wharf, 12 Jellicoe Street, Auckland 1010
Phone: 0800 803 804
We provide financial advice to retail clients in relation to our:
Except as set out in this paragraph, we do not provide financial advice on products from other providers or on our legacy products (i.e. products that we no longer offer). The only exceptions to this are:
There are also some limitations to the advice we will give or that is given on our behalf. For:
We do not charge fees, expenses or any other amounts for the financial advice we give you. If you do choose to get any of the products we recommend, you will be charged certain fees (for example, product fees, premiums, application fees, transaction fees, interest charges etc.) when, or after, you acquire the product, where they apply. These fees will be disclosed to you.
Generally, we, and our staff providing regulated financial advice on our behalf, only provide financial advice on our products and services and managed investment schemes issued by ASB Group Investments Limited (see section '2. What is the nature and scope of our financial advice services' above for more information). We collect fees and other amounts in relation to the products we or our staff recommend if you acquire those products (see section '3. What fees will you pay for our financial advice services?' for more details).
We own ASB Group Investments and receive a share of the profit generated by the managed investment schemes it issues. That means we will benefit financially if you join the schemes, or, in some cases, change your fund within a scheme.
We follow a process to ensure our advice is based solely on the answers to the questions we ask you and not any other factors. This also ensures we prioritise your interests above our own.
ASB life and health insurance products are underwritten by AIA. If you decide to take out one of the products in this class of product, AIA will pay us a commission. The amount of the commission is based on the particular insurance product and the amount of the premium that you will pay.
We follow a process to ensure our advice is based on the answers to the questions we ask you and not any other factors. This also ensures we prioritise your interests above our own.
If you have a complaint about our financial advice service, please let us know so we can try to resolve the issue right away.
You can do this in several ways:
What is our complaints process?
Under our complaints process we will investigate your complaint internally and aim to resolve it in a fair, timely and transparent manner. We will contact you to discuss the outcome following our investigation.
If you are unhappy with the outcome, you can escalate your complaint to our Customer Care Team either by requesting that your complaint is passed onto one of our Customer Care Managers; or contacting one of our Customer Care Managers directly on (09) 377 8930.
We are a member of the Banking Ombudsman Dispute Resolution Scheme. It is a free, independent dispute resolution service. If your complaint is not resolved by us, the Banking Ombudsman may help to investigate or resolve your complaint.
You can contact the Banking Ombudsman at:
PO Box 25327
0800 805 950
If your complaint relates to ASB Securities Limited, it is a member of Financial Services Complaints Limited. It is a free, independent dispute resolution service. If your complaint is not resolved by us, Financial Services Complaints Limited may help to investigate or resolve your complaint.
You can contact Financial Services Complaints Limited at:
PO Box 5967
0800 347 257
As a Financial Advice Provider we, and our staff providing regulated financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.
We, and our staff providing regulated financial advice on our behalf, are required to:
This is only a summary of the duties that we have. More information is available by contacting us (see our contact details above) or on the Financial Markets Authority website.