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Disclosure Statement - David Cooney

In accordance with the provisions of the Securities Markets Act 1988 and the Securities Markets (Investment Advisers and Brokers) Regulations 2007 this Disclosure Statement provides you with information and answers to questions about me. It provides details about:

my experience and qualifications as an adviser; and
my professional associations;
how I am remunerated;
the services I can provide;
disclosure of criminal convictions;
how I operate my business;
which financial organisations I am able to place business with;
my professional indemnity insurance;
procedure for dispute resolution.

This document was prepared on 29 February 2008 and updated on 25 September 2009. Version 4.

Name: David Cooney, Cooney Insurance, Cooney Financial Services Limited
Address: 22 Dick Street, PO Box 369, Cambridge
Phone: 07 827 8130
Fax: 07 827 6341
Email Us

Experience & Qualifications

I have been in the Financial Services Industry since 1987 and I am the owner and Managing Director of Cooney Financial Services Limited. I am a Risk Adviser, and where advice is sort for products or services outside normal risk products I may refer existing or potential clients to a third party for advice. I do not give investment, taxation or legal advice.

I have completed the following industry courses:

FPG	• Introduction to Financial Planning
IIAA	• Agent as a Business Person
	• Disability Income Insurance
	• Business Insurance
Adviserlink	• Business Assurance Training – Advanced Practices
	• Business Risk Management
	• Personal Risk Management
Sentinel	• Accredited Adviser

I maintain and extend my knowledge through attendance at industry seminars, conferences and extension education courses.

Professional Association

I am a member of the Institute of Financial Advisers and as a condition of my membership I adhere to the IFA Code of Ethics and IFA Practice Standards in all facets of my practice.
I am also a member of the PAA (Professional Advisers Association Inc.) and as a condition of my membership adhere to the PAA Code of Ethics. A copy of the Code of Ethics is available on the PAA website - http://www.paa.co.nz/

Remuneration

Cooney Financial Services Limited receives commission for the placement of business with insurance companies for clients.

Commission is received under the standard terms provided by the various insurance companies. In addition Cooney Financial Services Limited may receive bonus payments based on volume, persistency and quality of business. Bonuses may also include things such as participation in company sponsored conferences or events.

In respect of savings policies, Cooney Financial Services Limited receives an ongoing service/trail commission from the product provider which varies between 0.1% - 4%.

As a foundation adviser for Sentinel, Cooney Financial Services Limited is part of a share option scheme that provides the option to purchase a small number of shares based on producing a minimum number of loans over a financial year.

Areas of Advice

Subject Areas:
I provide advice in the following subject areas:

Cash/Debt Management - Identifying and quantifying personal and business financial risks, considering solutions and ensuring sufficient cash or income is available in the event of death, disability or illness.
Estate Planning - Identifying and quantifying personal financial risks, considering solutions and ensuring sufficient cash or income is available in the event of death, disability or illness.
Risk Management - Identifying and quantifying personal and business financial risks, considering solutions and ensuring sufficient cash or income is available in the event of death, disability or illness.
Retirement Planning - Identifying and quantifying personal financial risks, considering solutions and ensuring sufficient cash or income is available in the event of death, disability or illness.

I only give advice in the particular subject areas set out above.

Products:

The products I would generally use (but are not limited to) are:
Life insurance, trauma insurance, disability insurance, total and permanent disability insurance, health insurance, key person protection, business protection, Home Equity Release.

Disclosure of Criminal Convictions

I have not been:

convicted of an offence under the Securities Markets Act 1988; the Investment Advisers (Disclosure) Act 1996 or the Securities Act 1978, or for a crime involving dishonesty;
a director or principal officer of a body corporate that has committed an offence against the Securities Markets Act 1988, the Investment Advisers (Disclosure Act) 1996 or the Securities Act 1978 or for a crime involving dishonesty;
adjudged bankrupt;
prohibited by an Act or by a court from taking part in the management of a company or business;
the subject of an adverse finding by a court in any proceeding taken against me in my professional capacity; or
expelled from, or prohibited from being a member of, a professional body.

How We Operate

When we give advice we follow the internationally recognised six-step process:

Establishing the client-adviser relationship,
Gathering client data and determining your goals and expectations,
Analysing and evaluating the client's financial position, cash and debt management, personal and business insurance, retirement planning and estate needs.
Developing and presenting our written advice,
Overseeing the implementation of the risk plan, and
Monitoring and reviewing the risk plan.

Not all clients require the full range of advice that can be provided, and the services we provide will depend on the client needs. If a client wishes to obtain limited advice or product implementation in any respect I will provide it, however it will be documented that the advice or transaction was limited in nature. Any recommendations will be clear and concise, with enough detail for you to make an informed decision about whether to act upon it.

Professional Relationships

I maintain contractual relationships (agency agreements) with the following organisations:

• ING Life (NZ) Limited	• AMP
• Sovereign Assurance	• AXA New Zealand
• Asteron	• Tower Life and Health
• Fidelity Life Assurance Limited	• AIA
• Sentinel

My contractual relationship with these financial institutions does NOT require me to place an agreed percentage of the business I do with any of them. Further, I do not have any agreements that require me to place any particular level of business with any supplier or financial organisation.

I have no other financial or other relationship with any other person or entity that would be reasonably likely to influence me in giving advice, except as described above.

Professional Indemnity Insurance

In compliance with the Institute of Financial Advisers Code of Ethics, I have professional indemnity insurance which covers all my areas of practice as listed above.

This insurance provides protection for clients for:

any error or omission;
defamation;
employee dishonesty; and
includes full "prior acts" protection.

The minimum level of cover is in compliance with Institute of Financial Adviser's Membership By-laws.

The underwriter is Lumley General Insurance (NZ) Ltd, and it is renewed annually. I have not had any claims under this insurance in my career.

Dispute Resolution

In the first instance you can direct any complaints to the product supplier company involved, as each of them has an internal complaints handling process.

Alternatively, a dispute resolution facility is available by contacting The National Office, Institute of Financial Advisers (IFA), at P.O. Box 5513, Wellington. Should a complaint be lodged with the IFA then it will be recorded, referred to a Complaints Committee which will review the matter and determine the appropriate resolution, which may include referring the matter to the Disciplinary Committee. Full details of the complaints process can be obtained directly from the IFA. You can also refer all insurance relared complaints to the Insurance & Savings Ombudsman.