Important information about Mortgage Room Limited

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Important information about Mortgage Room Limited –   FSP439446

License status and conditions

Astute Financial Management Limited FSP641829 (Astute) holds a license issued by the Financial Markets Authority to provide financial advice service.

Mortgage Room Limited (FSP439446) is authorized by that license to provide financial advice service.

Our contact details are:

Address: 9 Nosworthy Street, Blenheim 7201

Telephone: (+64) 03 579 1167

Email: info@mortgageroom.co.nz

We provide financial advice on Mortgage Products and Personal Risk Insurance

We encourage you to read the important information given below. It may help you decide whether your financial needs may be met by engaging with us.

Nature and scope of financial advice service

We engage financial advisers to provide financial advice on the following financial products:

Residential and personal loan products

We, through our advisers, provide financial advice service about residential and personal loan products only from the following providers (also known as lenders):

ANZ Bank New Zealand Limited           

ASB Bank Limited                

Avanti Finance Limited        

Basecorp Finance Limited

Bluestone Mortgages NZ Limited

Bank of New Zealand

Gold Bank Finance

DBR Limited

First Mortgage Managers Limited

Heartland Bank Limited

Nelson Building Society

Credit Union Baywide

Pepper New Zealand Limited

Resimac Financial Securities Limited

Southland Building Society

AIA Services New Zealand Limited

Westpac New Zealand Limited            

TSB Bank Limited

The Co-operative Bank Limited

Liberty Finance Limited

Southern Cross Finance Limited

Personal risk insurance products

We, through our advisers, provide financial advice service about personal risk insurance products (e.g., life insurance, income protection insurance, mortgage protection insurance, total and permanent disability insurance, trauma or critical health insurance, and medical or health insurance) only from AIA Services New Zealand Limited.

We do not provide financial advice service related to:

                    A. Investment products (e.g., shares, bonds, managed funds, etc.) and KiwiSaver products; and

                    B. Estate planning (such as Wills, Enduring Powers of Attorney, and trusts of any description).

You will need to consult appropriate specialists if you would like advice on “a” and “b” above.


Fees, expenses, or other amounts payable

In a majority of cases, we do not charge any fee, expense or other amount for the financial advice provided to you or for implementing that advice. Our remuneration is paid by the product providers by way of commission.

However, we may charge a fee for the financial advice service provided to a client where a client if the lender does not remunerate for our services.

Whether a fee will be charged, the manner in which it will be charged and the date by which the fee will be payable will be advised when the financial advice service is provided to the client.


Conflicts of interest and commissions or other incentives

Residential and personal loan products

We and Astute will receive commission from the lenders who provide residential and personal loan products. If you decide to take out a residential or personal loan, then the lender will pay commission based on the amount of loan settled with that lender or lenders.


Personal risk insurance products

We and Astute will receive commission from the insurance companies who provide personal risk insurance products. If you decide to take out a personal risk insurance policy, then the insurance company will pay commission based on the premium that you pay.

From time to time, various product providers (described previously) may also reward us and/or Astute for the overall business provided to them. They may give tickets to sports events, hampers, or other incentives. To ensure that our financial advisers prioritize the client’s interests above their own, we follow an advice process that ensures our recommendations are made based on the client’s personal goals and circumstances.

All our financial advisers undergo annual professional development refresher training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives received.

Complaints handling and dispute resolution

We take all complaints seriously and works to resolve them as quickly as possible.

If you are unhappy with our financial advice service, and wish to make a complaint, please contact your financial adviser so he or she can try to put things right.

If you do not feel comfortable discussing your concerns with your adviser, you can:

  • Call us on (+64) 03 579 1167 between the hours of 8:30 am – 5 pm week days
  • Email us at info@mortgageroom.co.nz
  • Write to us at P O Box 663, Blenheim 7240, addressing your letter to the attention of the Director.

 

How your Complaint will be handled

We will deal with your complaint using our internal complaints handling process. Accordingly,

  • We will investigate your complaint by analyzing the information you provided us; and
  • We may contact you to get additional information about your complaint.

We aim to resolve your complaint within 40 days of its receipt and advise you, in writing, our proposed resolution to your complaint.

If we cannot resolve your complaint within 40 days of receipt (or any additional time you have given us thereafter, at our request) you can contact the Financial Services Complaints Ltd (FSCL).

FSCL provides an independent external dispute resolution service to consumers with complaints about their financial service providers. This service will cost you nothing and will help us to investigate or resolve your complaint if it is not resolved to your satisfaction using our internal complaints process.

You can contact the FSCL Scheme at:

Email:                                    complaints@fscl.org.nz

Website:                              www.fscl.org.nz

Telephone:                         0800 347 257 or +64 4 4723725

Address:                              Level 4, 101 Lambton Quay, Wellington 6011

                                                  P O Box 5967, Wellington 6140

Duties

We, Astute and our financial advisers are bound by the following duties under the Financial Markets Conduct Act 2013 to:

  • meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (Code of Conduct), which form part of the wider regulatory regime for financial advice and ensure we have the expertise necessary to provide you with advice; and
  • give priority to your interests by taking all reasonable steps to ensure that the advice given to you is not materially influenced by our own interests or the interests of any other person connected with the giving of advice; and
  • exercise care, diligence, and skill that a prudent person engaged in the occupation of giving related financial advice would in the same circumstances; and
  • meet the standards of ethical behavior, conduct, and client care set out in the Code of Conduct, to treat you as we should and to provide you with suitable advice.

Updated March 15, 2021