Fundmaster 2020 Limited (FSP trading as ( Fundmaster ) holds a Financial Advice Provider licence (FAP). The Fundmaster Limited (FSP664871) and Fundmaster Mortgage Limited ( FSP741131) are authorised bodies operating under its FAP. Both have been operating under Fundmaster and The Fundmaster trading names. Both now use Fundmaster as their trading name.
Nature and Scope of advice
Fundmaster can only provide advice to clients about the below mentioned financial products and providers:
- Mortgages ( Residential and Commercial ) & Business Lending
- Providers -ANZ, ASB, BNZ, Westpac, TSB, SBS, Resimac, FMT, Liberty financials, Select Mortgages, Pepper Money, Co-operative bank, ICBC, BOC, CCB, Southern Cross, Basecorp, ASL Mortgages, Asap Finance, CML, Heartland bank, Avanti Finance, Cressida Capital, DBR
- Insurance – Life, Trauma, Total Permanent Disability, Mortgage and Income protection
- Providers – AIA, Cigna, Partners Life, Aon
- Insurance – Health
- Providers- Partners Life, AIA, NIB
Please note that we do not advise on any other financial products.
Commissions/Fees and/or Expenses
Fundmaster/The Fundmaster is paid by the product providers it uses for the service it provides you, if you remain with the product for a minimum of 24-36 months. This period will depend on the product provider you choose as well as the financial product. We will be able to give you the specific timeframe when we provide the advice.
The insurance provider/lender also pay us an ongoing commission for the duration of the period that you continue to use the insurance service or mortgage that based on our advice.
The managed investment scheme managers on whose products we provide financial advice or in which our clients invest also pay an ongoing service/commission for the period in which you invest.
If we provide you advice and you decide not to proceed with the advice, after we have met you collected the information you provide, assessed the information against suitable products and made recommendations, we may charge you a fee for the work we have undertaken for you.
We do not charge for the first two hours work we do for client. Therefore, if clients do not proceed on the advice there will be no charge for the first two hours work that we undertake. There will be a per hour charge after the first two hours. The charge varies depending on the complexity of the work we have undertaken for our client.
We will also charge a fee if our client cancels the insurance within 24 months. The fee will depend on the annual premium for the insurance. In any case, it will not be in excess of $2000 +GST.
If our client decides to refinance, or prematurely repay partially or in full, any of their existing lending, the lender might reserve the right ask us to repay the commission that they had paid us.
This could be charged at a flat rate or a sliding scale rate. In a sliding scale we repay less of the commission that was paid to us. This depends on the period that you continued with the mortgage. We will invoice you for the full amount that the lender requires us to repay.
Should the nature of the advice you seek, require you to pay us any other fees, we will inform you of them when we agree upon the scope of advice, This will be done before you sign our terms of engagement. We will also provide you more details of the fees before you agree to our terms and conditions of service.
We will provide you with more information about our fees/commissions before you decide to engage us.
We will continue the engagement only when we are satisfied that you understand our fee/commission structure and accept it.
Conflict of Interest and incentives
For life, health insurance and investments, ( Authorised Body ) and our financial advisers receive commission from the providers on whose products we give financial advice. To ensure there is no conflict of interest and we prioritise our clients’ interest we do the following:
- Inform clients about any actual or potential conflicts. This is done even if these conflicts have not influenced the opinions we have expressed or recommendations we may have given our client.
- Inform our client if we become aware of a conflict of interest in providing them financial advice.
- We manage the situation to ensure that our client continues to get the appropriate financial advice that they seek. We discuss the conflict of interest with our client and our plan to manage it.
- We will proceed with the engagement only when our client gives us written acceptance of our plan to manage the conflict of interest and when our client is happy to proceed with the engagement.
- We exclude ourselves from FAP business decisions which impact on our immediate family members or entities associated with our immediate family members.
- Obtain our FAP’s senior management’s prior written consent before engaging in any outside employment or role that has the potential to create an actual, potential or perceived conflict of interest.
- Record all gifts and hospitality with a value of over [$250] in the Gifts Register and disclose them to [Compliance] or [the FAP’s senior management].
- Require the FAP’s senior management’s prior approval before gifts or other benefits that have a monetary value greater than [$500] are accepted.
- Record in the Conflicts Register, the actions that were taken to mitigate identified conflicts.
- Update the Conflicts register when required and annually review it.
Dispute Resolution process
If our client is not satisfied with our financial advice service they can make a complaint by emailing the complaint to firstname.lastname@example.org or by calling: 0800 386 362. They can also write to us at: 107C Great South Road, Epsom, Auckland.
Our internal complaints management process is as below:
- Upon receipt of the complaint, We will contact our client by email to acknowledge receiving it.
- We will assess the complaint and inform our client in writing about how we intend to resolve it. We may need to contact our client to get further information about their complaint.
- We aim to resolve complaints within 10 working days of receiving them. If we can’t resolve the complaint within 10 working days of receiving it, we will contact our client within that time to let them know we need more time to consider their complaint.
- If we can’t resolve our client’s complaint, or if our client is not satisfied with the way we propose to resolve the compliant, our client can contact Financial Services Compliant Limited (FSCL).
FSCL provides a free, independent dispute resolution service that may help investigate or resolve complaints against financial service providers who also are members of their scheme.
Clients can contact FSCL by emailing email@example.com or by calling: 0800 347 257. They can also write to FSLC at: PO Box 5967, Wellington 6140.
Duty of Care
Fundmaster Limited 2020 has developed the following principles to guide the activities and behaviour of financial advisers and authorised bodies with clients during financial advice engagement
We always aim to get the best outcome for our clients.
As financial advisers, we place the interest of our client first, We will at all times act honestly, in utmost good faith, and in a manner, we in good faith, believe to be in the best interest of our client.
The relationship between us and our clients is one of trust. It is of utmost importance to us , that our clients to have complete confidence in our service. We will always exercise discretion and use our expertise for the benefit of our clients.
We always conduct ourselves in the manner that is required by the code of conduct for our industry
As financial advisers, we must meet professional conduct and ethical standards, that are mandatory under the Financial Markets Conduct Act 2013 (FMCA) Financial Services Legislation Amendment Act 2019 (FSLAA) and any Regulations made under these Act.
We always treat our clients fairly
We will treat our clients fairly with respect and without any bias, that may arise at any time due to any factor that we become aware of.
We advise only on the matters our FAP is are permitted to under its licence.
We will only advise on financial products and services that we have expertise in, are part of the license, and are with an agreed scope of service with our client.
We provide full disclosure as required under Regulations.
We disclose all information that we in good faith believe our client requires to help them make an informed decision about engaging us and proceeding with our recommendations.
Along with this information, disclosure is done during our client acceptance process, when we provide our statement of advice and on an ongoing basis. For example, when there are material changes to our client’s requirements or any other factors that might affect our client’s decision about our advice.
Such disclosure includes:
- How we are getting compensated by the product providers. This information will be provided in the form of a range of commission payable to an most accurate ratio or percentage, when such a ratio or percentage is available to us;
- Details about the benefit and the risk associated with any products about which we advise our clients;
- Details about our license and our complaints management process;
- Any conflict of interest.
We act with transparency.
A financial adviser-client relationship is transparent and based on open and regular communication about our client’s financial position and requirement for financial services or products.
We convey information about our operational practices or philosophy, or any impending actions or consequences to enable our clients to anticipate or mitigate their impacts.
We maintain our skill and competence
We ensure that we have the required skills to provide suitable financial advice to client by the means below:
- Adhere to competence requirement of FSLAA and FMCA and regulations made under these Acts.
- By ongoing training and market education about the product and services.
Phone – 0800 386 362
Email – firstname.lastname@example.org
Address – 107C Great South Road, Epsom, Auckland
Fundmaster Insurance Mortgages Financial Services
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