Here is some key information you need to know to help you understand what type of advice we are able to give you, so that you can make an informed and confident choice when engaging us.
Details about us and our Financial Advice Provider
We are Financial Advisers. We give advice on behalf of a Financial Advice Provider. Our details are set out below.
Michael Lam holds a licence issued by Financial Markets Authority to provide financial advice.
FSPR Number: 647269
Ken Ge holds a licence issued by Financial Markets Authority to provide financial advice.
FSPR Number: 628989
MK Prestige Limited (trading as MK Financial Solutions) holds a licence issued by Financial Markets Authority as an Authorised Body to provide financial advice.
FSPR Number: 1003979
NZ Financial Services Group Limited holds the ultimate licence as the Financial Advice Provider.
FSPR number : FSP286965
Licensing Information
Our Financial Advice Provider is authorised to provide a financial advice service under a current financial
advice provider licence issued by the Financial Markets Authority in the name of: NZ Financial Services
Group Limited
FSPR Number: 286965
Nature and scope of my advice
The information below will help you understand what type of advice we can provide to you.
1. We can help you choose and apply for a loan that is suitable for your purpose from a panel of lenders shown below.
2. Once we have chosen a lender and loan terms that are suitable for you, we will help you to obtain an approval.
3. We may also be able to help you maintain your loan, for example assisting you with re-fixing your loan.
Banks and lenders I use
We source loans from a panel of lenders. The current lenders we can use are:
– ANZ Westpac BNZ
– ASB ASAP Finance Limited PROSPA
– Avanti Finance Cressida Capital DBR
– First Mortgage Trust Heartland Bank Liberty Financial Limited
– Unity SBS Bank – Southern Cross
– The Co-operative Bank Bank of China (New Zealand) Limited
– Kiwibank Basecorp Finance CFML General Finance
– Pallas Capital BIZCAP Funding Partners
– Midlands Funds Management Finbase PROSPA
Products I can advise on
The types of financial products we can give advice on are:
Home Loans Investment Loans Construction Loans
What else I can help you with
We can help you with other services through our referral partners to make it easier for you. However, we are not able to give advice on the products they offer and we have not checked to see if they can meet your specific needs. You are free to use other providers of your choice or undertake your own research.
Tower – F&G Asset Finance UK Pension Transfers
XE Money FastConnect
We are unable to offer legal or tax advice and recommend you consult your solicitor or accountant for this
type of advice.
Fees and expenses
Generally you won’t be charged any fees for the financial advice we provide to you. This is possible because, on settlement of a loan, the lender usually pays commission to us[which is explained in the commission section of this Disclosure Guide]. Any exceptions to this general position are explained below.
If these exceptions will apply to you, we will let you know.
One-off fees
We may charge you a one-off fee if the following occurs:
(a) There’s no commission: If you request that we provide financial advice and we do not receive a commission from the lender, we may charge you a one-off fee. Any such fee would be agreed and authorised 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 lender that we do not hold an accreditation with, or a product that is outside our usual arrangements with my approved lenders.
(b) Commission has to be repaid: If you make certain changes to your loan, the lender can require us to repay to them the commission we received for your loan – this is called a ‘clawback’ and can be up to 100% of the commission. If this occurs, we 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:
1. Changes that trigger a clawback: Your loan is fully or partially repaid or the terms materially changed.
2. Relevant time period: The changes occur in the 28 month period following drawdown of your loan.
3. 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.
You will be invoiced for any one-off fee and will be given 30 days to make payment.
Adviser fee
Some lenders charge a fee which is capitalised (or added) to the amount of your loan. This fee is normally calculated as a percentage of your loan at drawdown but can be a flat fee. Please see tables 1 & 2 at the back of the guide for further information.
Commissions & incentives
Commissions & incentives that apply to us:
On settlement of a loan, the lender usually provides us with a commission payment.
The commission is generally an upfront commission payment but an ongoing commission payment may also be paid by the lender. The upfront commission is calculated as a percentage of the loan at drawdown. An ongoing commission is calculated as a percentage of the loan outstanding at the relevant time.
We may also receive a fixed rate roll over fee from the lender if we assist in refixing your loan.
The maximum percentage that each lender uses to calculate upfront and ongoing commissions, and the maximum fixed rate roll over fees (refix fees), are set out in the table 3 at the back of this guide. If there are any variations to these percentages or other commission payments that may apply, specific to your loan application, we will disclose this to you as part of my advice process.
We may also receive a referral fee or commission payment if we refer you to our referral partners.
Commission payments or referral fees can be paid in different ways:
1. Paid in full to a financial adviser.
2. Shared between two or more financial advisers.
3. Paid to an employer who then pays a financial adviser a salary.
4. Paid in full to a financial adviser’s company, from which the financial adviser takes drawings or profit
share.
5. Shared with a licence holder to cover the costs of the services they provide.
We can provide you with more information to explain which option applies to me.
Occasionally we may receive incentives or rewards from lenders or referral partners. For example, lenders may provide us with gifts, tickets to events or other incentives.
We manage the conflicts of interest arising from these commission payments, referral fees or incentives by:
1. Following an advice process that ensures we understand your needs and goals so that we always recommend the best loan for you regardless of the type and amount of commission or other payments we may receive.
2. Ensuring the amount of any loan is in accordance with your identified needs.
3. Providing you with tables showing commission rates and types by lender.
4. Undertaking regular training on how to manage conflicts of interest.
Privacy policy & security
We will collect personal information about you in accordance with my Privacy Policy. We regard client confidentiality as of paramount importance. We will not disclose any confidential information obtained from or about you to any other person, except in accordance with our Privacy Policy.
Our Privacy Policy outlines that we may share your personal information with NZ Financial Services Group Limited for audit purposes. This ensures that we deliver services in your best interests and comply with current regulations. If you disagree with this, please email team@nzfsg.co.nz and inform me, as we won’t be able to provide financial advice services to you.
The electronic platform we use to store your personal information is secure and run on Amazon Web Services.
Complaints Process
If you have a complaint about our financial advice or the service we gave you, you need to tell us about it. You can contact our internal complaints service by phoning, or emailing us (Subject line: Complaint – Your Name). Please set out the nature of your complaint, and the resolution you are seeking. We aim to acknowledge receipt of this within 24 hours. We will then record your complaint in our Complaints Register and will work with you to resolve your complaint. We may want to meet with you to better understand your issues. We aim to provide an answer to you within 7 working days of receiving your complaint. 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 name of this service and their contact details are:
Insurance and Financial Services Ombudsman
info@ifso.nz
0800 888 202
https://www.ifso.nz/
PO Box 10-845 Wellington 6143
Our duties
We are bound by and support the duties set out in the Financial Markets Conduct Act 2013. These duties are to:
1. Meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (Code).
2. Give priority to my client’s interests.
3. Exercise care, diligence, and skill.
4. Meet the standards of ethical behaviour, conduct, and client care set out in the Code.
Table 1 – Adviser fee (no commission)
The maximum percentage rates, or maximum fee charged for each lender is set out below. This fee is then paid to me by the lender, instead of a commission payment.
ASAP Finance Limited 1.00%
Cressida Capital 1.00%
DBR 1.00%
First Mortgage Trust 1.00%
Heartland Bank $1200
Southern Cross 1.00%
Basecorp Finance 1.00%
CFML 1.00%
Table 2 – Adviser fee (plus commission)
The maximum percentage rates, or maximum fee charged for each lender is set out below. This fee may be paid to me by the lender, in addition to a commission payment.
Avanti Finance 1.00%
Liberty Financial Limited 1.00%
Table 3 – Adviser commission
The maximum percentage and dollar rates for each lender is set out below. This commission payment is then paid to me by the lender.
| Lender | Upfront | Trail | Refix |
| ANZ | 0.85% | 0.00% | $150.00 |
| Westpac | 0.60% | 0.20% | $0.00 |
| BNZ | 0.55% | 0.15% | $0.00 |
| ASB | 0.85% | 0.00% | $150.00 |
| Avanti Finance | 0.80% | 0.00% | $0.00 |
| Liberty Financial Limited | 0.80% | 0.15% | $0.00 |
| Unity | 0.80% | 0.00% | $0.00 |
| SBS Bank | 0.85% | 0.00% | $150.00 |
| The Co-operative Bank | 0.85% | 0.00% | $150.00 |
| Bank of China (New Zealand) Limited | 0.85% | 0.00% | $150.00 |
| Kiwibank | 0.55% | 0.15% | $0.00 |
| PROSPA | 3.00% | 0.00% | $0.00 |
Availability of Information
This information can be provided in hardcopy upon your request.