The scope of our service

Nature and Scope of Our Advice

Financial Licensing Group Limited (FLG) provides financial advice and investment services relating to the following financial products:

KiwiSaver products:

NZ FUNDS KIWISAVER SCHEME
BOOSTER KIWISAVER SCHEME
GENERATE KIWISAVER SCHEME

Mortgages provided by:

ANZ
ASB
BNZ
WESTPAC
SBS
CO-OPERATIVE BANK
SOVERIEGN HOME LOANS
RESIMAC
AVANTI
LIBERTY
NZCU
PROSPA
GOLDBAND FINANCE
PEPPER MONEY
BLUESTONE
CRESSIDA CAPITAL
FUNDING PARTNERS
SOUTHERN CROSS
DBR
ASSET FINANCE
BASECORP
SILVER HARBOUR CAPITAL
HEARTLAND

Life insurance provided by:

AIA
ASTERON LIFE
PARNERS LIFE
FIDELTY LIFE
CIGNA

FLG does not generally provide financial advice on products not listed above. However, some clients may have investments in other financial products. Where this is the case, we may provide advice on those products as part of providing financial advice to these clients.

Fees and Expenses

FLG may charge the following fees for financial advice:

Most of the time, our services are completely free. That’s because instead of being paid by you, we receive revenue from our product suppliers like banks and insurers.

We feel it's important you understand how we are paid, after all we ask the exact questions to you when applying for a home loan.

Commercial Property Purchase
Specialty Residential Home Loan purchase - Either the result of credit impairment like defaults or the loan is complex by nature. We will inform of you when this is the case.
Fees for lending examples outlined below are charged at 1% of the loan amount.
Loan is intended to be with a lender for less than 2 years.
The lending circumstances are complex in nature and require a great deal of pre-application work.

We do also reserve the right to charge fees at $217.50 + GST per hour. We may do this when charging a percentage of the loan amount isn't appropriate for the circumstances.

Note, we will inform you in writing prior to any fees being applicable. This may be when confirming an approval, and may not be at the very start of our engagement. Often we won't know of any credit issues until after we have submitted an application.

Duties

FLG and anyone who gives financial advice on our behalf, have legal duties relating to the way that we give advice.
We must:

give priority to our clients’ interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests;

exercise care, diligence, and skill in providing the advice;

meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice); and

meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we treat you as we should and give you suitable advice).

This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at www.fma.govt.nz.

Reliability

Financial Licensing Group Limited and its advisers have not had any disciplinary history from any financial regulatory body.

Conflicts of Interest, Commissions and Incentives

Our financial advisers are remunerated by way of receiving a commission from the sale of a financial product.

FLG may receive commissions from the managed investment scheme managers on whose products we provide financial advice or in which our clients invest, insurance companies on whose policies we provide financial advice, and from the banks with whom we arrange mortgages. These commissions are based on the amount of the sum invested, insurance premiums paid or mortgage (as applicable).

Specific commissions that FLG receive are listed here: https://www.camwhite.nz/how-we-are-paid

It’s important to understand a commission payment represents a top-line revenue payment to the business. Like any business, FLG has significant costs and these numbers do not reflect the actual amount an adviser may earn.

To ensure that FLG’s financial advisers prioritise each client’s interests above their own, they follow an advice process that is designed to ensure their recommendations are made on the basis of the client’s circumstances and financial goals and are suitable for the client. FLG also:

has a quality assurance programme in place to monitor the advice our financial advisers provide; actively monitors compliance with our conflicts policies and procedures; and ensures training is provided to all FLG financial advisers about how to manage conflicts of interest.