Here is some general information about our business to help you decide if you want to seek our advice.
Licensing information
We operate as a Financial Advice Provider under a current licence issued by the Financial Markets Authority in the name of NZ Financial Services Group Limited (FSP286965). There are no conditions attached to this licence on the advice that may be given.
About Us
Advisers trading under the Personalised Mortgages brand name:
1) Andrew Smillie
FSP: 360766
Personalised Mortgages Limited
2) Grant Stephens
FSP: 668251
GS Mortgages Limited
3) Adam Day
FSP: 736111
Aragon Services Limited
4) Christine Long
FSP: 540466
Supa Financial Services Limited
5) Wayne Tu
FSP: 408688
ECL Finance Limited
6) Vivian Liang
FSP: 111004
Maxwell Finance Limited
7) Hamish Chandra
FSP: 105004
Total Finance Limited
8) Kenneth Fong
FSP: 552906
Superior Financial Services Limited
Our advice and Product Providers
We provide advice to our clients about lending products including Home Loans, Investment Loans, Construction Loans and Business Loans.
We only provide advice about products from certain providers, these are:
ANZ, Westpac, BNZ, ASB, Kiwibank, ASAP Finance Limited, Avanti Finance, Cressida Capital, DBR, First Mortgage Trust, Heartland Bank, Liberty Financial Limited, NZCU, Pepper, RESIMAC, SBS Bank, Select Home Loan, Southern Cross, The Co-operative Bank, TSB, CFML, Basecorp Finance and Zip Business.
Please note that not all of our brokers are accredited with TSB.
Commission
On settlement of a loan, we usually receive 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 licence from the Financial Markets Authority.
We take steps to ensure that the receipt of commissions does not influence the advice we give to you and that our advisers prioritise your interests by recommending the best product for your purpose regardless of the 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 lending 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 product provider. This schedule is contained within each Financial Adviser’s personalised Disclosure Guide. A Financial Adviser will provide you with more information about commissions during the advice process.
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 we usually receive 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) There’s no commission: If you request that I provide financial advice and I do not receive a commission from the lender, I may charge you a one-off fee. Any such fee would be agreed and
authorised by you in writing before I 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 I provide services in relation to either a product that is offered by a lender that I do not hold an accreditation with, or a product that is outside my usual arrangements with my approved lenders.
(b) Commission has to be repaid: If you make certain changes to your loan, the lender can require me to repay to them the commission I received for your loan – this is called a ‘clawback’ and can be up to 100% of the commission. If this occurs, I may charge you a one-off fee. Set out below are the circumstances in which this would apply and the fee that would be charged to you
Changes that trigger a clawback: Your loan is fully or partially repaid or the terms materially changed.
Relevant time period: The changes occur in the 28 month period following drawdown of your loan.
Amount & calculation of one-off fee: Generally no more than $3,000 (plus GST, if any). Calculated based on a rate of $250 (plus GST, if any) per hour of my time spent providing advice to you in connection with the applicable loan. The fee would not exceed the amount of commission that needs to be repaid to 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 commission that could potentially influence the advice that we give, these will be shown in your Financial adviser’s Disclosure Guide. This is detailed further in the Conflicts of Interest section (refer to website footer).
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 on 09 838 9994 or emailing us at info@personalisedmortgages.co.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.
The Personalised Mortgages advisers belong to two separate Dispute Resolution Schemes. Please direct any queries to the relevant DRS.
i) Complaints pertaining to: Andrew Smillie, Grant Stephens & Adam Day
Details of this service are:
Insurance & Financial Services Ombudsman Scheme Inc.
Phone: 0800 888 202
Email: info@ifso.nz
Website: http://www.ifso.nz
ii) Complaints pertaining to: Hamish Chandra, Christine Long, Wayne Tu, Kenneth Fong & Vivian Liang
Details of this service are:
Financial Services Complaints Limited
Phone: 0800 347 257
Email: complaints@fscl.org.nz
Website: http://www.fscl.org.nz
Our Duties
Anyone 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 behaviour, 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.
