Disclosure

Here is some general information about our business to help you decide if you want to seek our advice.

Name of Financial Advice Provider:  Lockhart Mortgages Limited 

FSPR Number: 768812 

Our Financial Advice Provider is a member of NZ Financial Services Group Limited.  

Licensing Information

My 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, FSPR Number: 286965.  

There are no conditions attached to this licence on the advice that may be given.

Our Advice and Product Providers

We provide advice to our clients about home loan products.

We only provide advice about products from certain providers, these are: ANZ, Westpac, BNZ, ASB, AIA Go Home Loan, Heartland Bank, SBS Bank, The Co-operative Bank, TSB, Kiwibank, ASAP Finance Limited, PROSPA, Avanti Finance, Cressida Capital, DBR, First Mortgage Trust, General Finance, Liberty Financial Limited, Unity, Pepper Money, Southern Cross, Basecorp Finance, CFML, Pallas Capital, BIZCAP, Funding Partners, Midlands Funds Management, Finbase.  

Fees And Expenses

Generally we don’t charge you any fee for the financial advice that we provide to you. This is possible because, on settlement of a loan, we usually receive commission from the lender (which is described in the Commissions section of my 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:

When we don’t receive commission from the lender: If you request that we provide financial advice in relation to a product or service and we do not receive a commission. 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 provider that we do not hold an accreditation with, or a product that is outside our usual arrangements with our product providers.

Should we need to charge you a fee, you will be invoiced and will be given 30 days to make payment.

Commission

On settlement of a loan, we usually receive commission from the applicable lender. 

The commission is generally an upfront commission payment but may also include a renewal or trail commission payment. The upfront commission is calculated as a percentage of the loan at drawdown.  A trail 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 applicable lender if I assist in refixing your loan.  

This commission is used to remunerate the financial adviser that provides the advice, and to pay the expenses associated with running our business including any rent, staff costs and IT resources. From this commission we also pay NZ Financial Services Group Limited for services they provide to us in connection with our authorisation under their licence from the Financial Markets Authority.

We take steps to ensure that the receipt of commissions does not influence the advice we give to you and that our advisers prioritise your interests by recommending the best product for your purpose regardless of the type and amount of commission we or they may receive. We do this by:

• Ensuring our advisers follow an advice process that ensures they understand your needs and goals and that their recommendations on insurance cover meets those needs and goals.
•  Ensuring our advisers receive regular training on how to manage conflicts of interest.
•  Providing you with a schedule showing commission amounts and types by product provider. This schedule is contained within each Financial Adviser’s personalised Disclosure Guide. A Financial Adviser will provide you with more information about commissions during the advice process.

Conflicts Of Interest

If there are any conflicts of interest apart from commission that could potentially influence the advice that we give, these will be shown in your Financial Adviser’s Disclosure Guide.

Complaints

If you have a complaint about our service you need to tell us about it. You can contact our internal complaints service by phoning me on 021768456 & 093613633 or emailing us at greg@lockhartmortgages.co.nz  with the heading Complaint – (Your Name).

Please set out the nature of your complaint, and the resolution you are seeking. We will acknowledge receipt of this within 24 hours. We will then record your complaint in our Complaints Register and notify our Licence Holder. We may want to meet with you to better understand your issues.

We will then investigate your complaint and provide a response to you within 7 working days of receiving your complaint. If we need more time to investigate your complaint, we’ll let you know.

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 Services Complaints Limited
Phone: 0800 347 257
Email: complaints@fscl.org.nz

Our Duties

Anyone within our business giving advice is bound by and supports the duties set out in the Financial Markets Conduct Act 2013. These duties are:

•  Meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Providers (“Code”).
• Give priority to your interests.
• Exercise care, diligence, and skill. 
• Meet the standards of ethical behaviour, conduct and client care set out in the Code.