Important Information & Disclosure
About this disclosure
“SimplyMortgages” is a brand and trading name used by financial advisers and firms. All financial advice provided under the Simply Mortgages brand isprovided under the Financial Advice Provider (FAP) licence held by FinsureNew Zealand Limited (FSP1005389), which is licensed and regulated bythe Financial Markets Authority (FMA). The information below tells you who thelicensee is and where to find its disclosures.Simply Mortgages is notitself a Financial Advice Provider, does not hold a financial advice licence,and is not registered on the Financial Service Providers Register (FSPR).
Who Provides the Advice
The financial advisers and businesses that operate under the Simply Mortgages brand do so as Authorised Bodies and/or Financial Advisers under the FAP licence held by Finsure New Zealand Limited (FSP1005389). When you receive financial advice underthe Simply Mortgages brand, that advice is given under, and is theresponsibility of, that licence.You can confirmthe licensee and view the Authorised Bodies and Financial Advisers operatingunder it by searching “Finsure New Zealand Limited” or “FSP1005389” in the Financial Service Providers Register (FSPR) under the ‘Financial Services’ tab.
For the licensee’s full statutory disclosures, please refer to:
- the Publicly Available Disclosure Statement of Finsure New Zealand Limited; and
- the individual disclosure information provided to you by the specific adviser you deal with.
Please read your adviser’s disclosure
Before giving you advice, every Simply Mortgages adviser will provide you with their own disclosure information. We encourage you to take a few minutes to read it. It sets out that adviser’s specific fees, commissions, and any conflicts of interest, so you know exactly who you are dealing with and can make a confident, fully informed decision.
Nature and Scope of Advice
Advisers operating under the Simply Mortgages brand provide financial advice in relation to mortgages and personal loans from the lenders listed below (being the lender panel of the licensee, Finsure New Zealand Limited).
ANZ
ASB
BNZ
Westpac
Kiwibank
TSB
SBS Bank
The Co-operative Bank
Avanti Finance
Pepper Money
Basecorp Finance
Prospa
Finbase
GEM by Latitude
Tower Insurance
Fees and Expenses:
In most cases you will not be charged a fee for the financial advice provided under the Simply Mortgages brand. Your adviser is usually remunerated by the lender if a loan is settled following their advice (see Conflicts of Interest and Commissions below). Where a fee does apply, your adviser will disclose it to you, and explain how and when it is payable, before they proceed; this will be set out in their individual disclosure information.
Other instances where a fee may be charged are:
- If you obtain a loan through our advice and cancel it within 28 months, we may charge you a cancellation fee equivalent to the commission the lender requires us to pay back. An indication of the cancellation fee amount is included in your adviser’s disclosure information at the time the advice is provided to you.
- If you receive a loan approval through our advice and guidance and subsequently decide to proceed with the services of another lender or adviser, a fee will be charged to compensate us for our time and the lost opportunity to earn a commission on the loan we facilitated. This fee may be up to $3,000, reflecting the professional services rendered and the potential commission that would have been earned had you completed the loan process with our assistance.
Any fees relating to the loan application itself will be set out in your lender’s letter of offer and are paid directly to the lender.
You may also need to pay fees to other parties involved in finalising your loan. This may include lawyers, valuers, building inspectors, and similar service providers.
Conflicts of Interest and Commissions
Advisers operating under the Simply Mortgages brand are usually remunerated by commissions paid by the product providers (lenders) if a product is acquired following their financial advice. That commission may include an upfront payment together with an ongoing renewal or trail payment. Further detail about these commissions and any other incentives will be set out in your adviser’s individual disclosure information and in the licensee’s disclosure statement.
To ensure advisers prioritise clients’ interests, conflicts of interest are managed as follows:
- Advisers follow an advice process that ensures their recommendations are made appropriately, based on each client’s goals and circumstances.- Advisers undergo regular training on how to identify and manage conflicts of interest.
- Registers of conflicts of interest and of gifts and incentives are maintained and monitored, with additional training provided as required.- Regular assurance reviews of the advice provided are conducted, which assess (among other matters) how conflicts of interest have been managed.
Complaints and Dispute Resolution
If you are not satisfied with the financial advice service you have received from a Simply Mortgages adviser, you can make a complaint to that financial adviser through the contact details they have provided to you.
When a Simply Mortgages adviser receives a complaint, they are obliged to consider it following the Simply Mortgages complaints process. This includes:
- Letting you know how they intend to resolve the complaint. The adviser may contact you to obtain further information about your complaint.
- Aiming to resolve complaints within 10 working days of receiving them. If that is not possible, the adviser will contact you within that time to let you know they need more time to consider your complaint.
- Contacting you by phone or email to let you know whether the adviser can resolve your complaint and how they propose to do so.
If your complaint cannot be resolved, or you are not satisfied with the way it is proposed to be resolved, you can contact the Insurance & Financial Services Ombudsman Scheme (IFSO). IFSO provides a free, independent dispute resolution service that may help investigate or resolve your complaint if it has not been resolved to your satisfaction:
Scheme: Insurance & Financial Services Ombudsman Scheme (IFSO)
Phone: 0800 888 202
Email: info@ifso.nz
Write: Insurance & Financial Services Ombudsman Scheme, PO Box 10-845, Wellington 6143, New Zealand
Our Duties
The advisers who provide advice under the Simply Mortgages brand, and the licensee under which they operate, have duties under the Financial Markets Conduct Act 2013 relating to the way advice is given. They are required to:
- give priority to your interests;
- exercise care, diligence, and skill;
- meet the standards of competence, knowledge, and skill set by the Code of Professional Conduct for Financial Advice Services; and
- meet the standards of ethical behaviour, conduct, and client care set by the Code of Professional Conduct for Financial Advice Services.
