Nature and scope of financial advice service

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We provide, through our Financial Advisers, financial advice to our clients about:

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Our Financial Advisers only provide financial advice about products from certain product providers. These product providers are set out as below:

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Fees and expenses, or other amounts payable

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Generally, we don’t charge you any fees for the advice and transactional solutions that we provide to you. This is possible because we usually receive commission from the applicable product provider as described above.

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You may be charged a one-off fee in the following situations:

No Commission: if you request services in relation to a product or service and we do not receive a commission. Any such fee would be agreed and authorized by you in writing before the services were completed and would be based on an estimate of the time spent providing the advice.

Repayment of commission: If a product or service provider requires that commission is repaid within 27 months of you taking out the product. The fee charged will not exceed the amount of commission clawed back from the product provider.

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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.

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Other costs

Where other costs are incurred in the process of providing our advice and services to you, you will be liable for these costs. These costs may arise from incidentals such as valuation report or legal fee, early repayment fee. However, we will agree all additional costs with you prior to incurring them.

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Conflicts of interest and commissions or other incentives

We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also. From time to time our product providers assist us with funding so we can bring our advisers together for conferences and professional development training.

We will receive commission from the lenders who provide residential and other loan products. If you decide to take out a residential or other loan, then the lender will pay commission based on the amount of loan settled with that lender or lenders. The commission is generally paid after your settlement but may also include a renewal or trail commission.

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We manage these conflicts of interest by ensuring that we prioritize your interests above our own. The advice we provide is based on understanding your goals and circumstances and providing recommendations.

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Complaints Process

If you have a complaint about our services, you need to tell us about it. You can contact our internal complaints service by phoning or emailing the director Paul Yang at 021384873, and email address is paul@starmortgage.co.nz with the heading Complaint – (Your name).

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The internal complaints process is:

·        We will review the complaint and discuss with you how we will resolve this and obtain any additional information if required

·        We aim to resolve our complaints in a timely manner and will indicate to you the time this compliant for take to resolve.

·        We will communicate with you in the method you prefer – phone, email or written.

If we cannot resolve this complaint in a manner which is acceptable then you can contact our free independent dispute resolution service.

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Dispute resolution process

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:

Financial Service Complaints Limited

Phone: 0800 347 257

Email: complaints@fscl.org.nz

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Our duties

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.

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