COFI EXEMPTION DISCLOSURE STATEMENT- VPIS
New legislation for Insurers, known as CoFI (which stands for Conduct of Financial Institutions) came into force on 31 March 2025. Its focus is on consumer protection and fair conduct. VPIS has received an exemption. A condition of this exemption is that we must share the following exemption disclosure statement with our members in various VPIS communications, including this one.
What you need to know
This Financial Markets Conduct of Financial Institutions (CoFI) Disclosure Statement is important because it provides information about the Veterinary Professional Insurance Society (VPIS) exemption granted by the Financial Markets Authority (FMA) to certain provisions of the Financial Markets Conduct Act 2013 (the Act). VPIS is exempted from compliance with sections 388(ca), 446G(1) and (2), 446H and 446I of the Act.
Nature and scope of Exemption
VPIS’s requirement to be licensed as a financial institution arises only as a result of providing a financial advice service that is a retail service. VPIS has been granted an exemption from the requirement to establish, implement, maintain, and comply with an effective fair conduct programme under the Act that is designed to ensure it treats consumers fairly. This exemption is granted on the basis that VPIS shall only provide regulated financial advice to VPIS Policyholders through Gallagher as an interposed person.
For further details please refer to the Financial Markets Conduct (Conduct of Financial Institutions — Veterinary Professional Insurance Society Incorporated) Exemption Notice 2025.
Complaints handling and disputes resolution
Our goal is to ensure you receive the highest level of quality service and support at all times. But if you do have a complaint or encounter a problem, please let us know as soon as you can. We are committed to sorting things out as quickly and as fairly as possible, and we assure you that we will do our best to address your complaint fairly and transparently.
Please refer to our complaints process and dispute resolution process for further details of the VPIS internal complaints process.
VPIS is a member of the dispute resolution scheme provided by the Insurance & Financial Services Ombudsman (IFSO). You can obtain more information on the IFSO from the website www.ifso.nz or by contacting the IFSO at 0800 888 202, info@ifso.nz or PO Box 10 845, Wellington 6143.