2022 New Disclosure FMA Policy & Regime
Licensing information
We operate as a Financial Advice Provider FSP1000852
We are a Financial advice provider - licensee - full license
Class 2
There are no conditions attached to this license on the advice that may be given.
Our advice and Product Providers
We provide advice to our clients about home loan products.
The product types an individual adviser can give advice on will be disclosed at an
adviser level in the Disclosure Guide. For example Mortgage Advice
All info we supply is in accordance with The Financial Markets Conduct (Regulated Financial Advice Disclosure) Amendment Regulations 2020
Our DutiesAnyone within our business giving advice is bound by and supports the duties set out in the Financial Markets Conduct Act 2013. These duties are:- Meet the standards of competence, knowledge, and skill and the standards of ethical behavior, conduct, and client care set out in the Code of professional conduct for Financial Advice Providers.- Give priority to your interests.- Exercise care, diligence, and skill.
Disclosure FMA
Commission
On settlement of a Home Loan,
we usually receive a commission from the applicable product provider. The
commission is generally of an upfront nature but may also include a renewal or trail
commission. We also receive a fixed rate roll-over fee from some product providers
if we assist in refinancing your loan.
This commission is used to remunerate the financial adviser that provides the advice,
and to pay the expenses associated with running our business including any rent,
staff costs and IT resources. From this commission, we also pay NZ Financial Services
Group Limited for services they provide to us in connection with our authorisation
under their license from the Financial Markets Authority.
We take steps to ensure that the receipt of commissions does not influence the
the advice we give to you and that our advisers prioritise your interests by
recommending the best product for your purpose regardless
type and amount of commission we or they may receive. We do this by:
Ensuring our advisers follow an advice process that ensures they understand
your needs and goals and that their recommendations on insurance cover
meets those needs and goals.
Ensuring our advisers receive regular training on how to manage conflicts of
interest.
Providing you with a schedule showing commission amounts and types by
the product provider. This schedule is contained within each Financial Adviser’s
personalized Disclosure Guide. A Financial Adviser will provide you with more
information about commissions during the advice process.
Our goal is to represent the client’s best interests when negotiating and confirming the final loan structure with the lenders
Fees and Expenses
Generally, we don’t charge you any fee for the advice and transactional solutions that we provide to you. This is possible because, on settlement of a <mortgage or insurance policy>, we usually receive a commission from the
applicable product provider as described above. There are two exceptions to this general position which are explained below.
We may charge you a one-off fee in the following situations:
(a) No commission: If you request that we provide services in relation to a product or service and we do not receive a commission. Any such fee would be agreed upon and authorized by you in writing before we complete the services, and would be based on an estimate of the time spent providing the advice.
This may arise in the rare event that you request that we provide Services in relation to either a product that is offered by a provider that we do not hold accreditation with or a product that is outside our usual arrangements with our product providers. (b) Repayment of commission: If a product or service provider requires that we repay commission within 27 months of settlement of your mortgage or issuance of your risk insurance policy. Any such fee would be no more than $2,500 (plus GST) and would be calculated based on a rate of $250 (plus GST) per hour of the financial adviser’s time spent providing services to you in connection with the applicable
mortgage or insurance. The fee charged will not exceed the amount of commission clawed back from the lender.
Should we need to charge you a fee, you will be invoiced and will be given 30 days to make payment.
Conflicts of Interest
If there are any conflicts of interest apart from the commission that could potentially
influence the advice that we give, these will be shown in your Financial Adviser’s
Disclosure Guide when your engaging advice,
If there are conflicts of interest that relate to the service we provide it will be disclosed.
Complaints
If you have a complaint about our service you need to tell us about it. You can
contact our internal complaints service by phoning us or emailing us at
trust@homeownership.org.nz with the heading Complaint - (Your Name).
Please set out the nature of your complaint, and the resolution you are seeking. We
will acknowledge receipt of this within 24 hours. We will then record your complaint
in our Complaints Register and notify our Licence Holder. We may want to meet
with you to better understand your issues.
We will then investigate your complaint and provide a response to you within 7
working days of receiving your complaint. If we need more time to investigate your
complaint, we’ll let you know.
If we cannot agree on a resolution you can refer your complaint to our external
dispute resolution service. This service is independent and will cost you nothing and
will assist us to resolve things with you.
Details of this service are: DSR 7459
Financial Services Complaints Limited FSCL
Phone: 0800 347 257
Email: complaints@fscl.org.nz
We are here to support you - contact our team or your Relationship
Team member. We will be able to provide some
support/guidance as required.
All the info provided on this website is in line with the new regime from the FMA 2021
- As a much-needed service for many families and individuals in Aotearoa. We do only get paid if we get a “Yes” so we work very hard for our clients and are always in their best interest.
- Also, for the majority of people that we work with, we can do a lot of work without any remuneration and/or for many years.
- This is not our main driver.
- Our business model is based on education, mentoring, and coaching our clients to become empowered people over time.
- Our values are respect, guardianship, transparency, and long term relationships built on trust
Let our team help you start your journey
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