This document sets out the information that our business is required to make publicly available in accordance with the Financial Markets Conduct Regulations 2014 to help you decide if you want to seek our advice.
Company Name: CSFS Limited
FSP Number: 1009770
Phone Number: 0800 10 11 36
Email: [email protected]
We operate as an Authorised Body under a Financial Advice Provider licence issued by the Financial Markets Authority in the name of NZ Financial Services Group Limited (NZFSG) (FSP286965).
There are no conditions attached to this licence on the advice that may be given.
CSFS Limited and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013.
These duties are to:
We provide advice to our clients about home loan products.
We provide advice about products from certain providers.
For lenders we work with: Abcom Finance, ANZ, ASB, ASAP Finance Limited, Avanti Finance, Basecorp Finance, BIZCAP, Blossum, BNZ, CFML, Cressida Capital, DBR, Finbase, First Mortgage Trust, Funding Partners, General Finance, Heartland Bank, Lendr, Liberty Financial Limited, Merx, Midlands Funds Management, Pallas Capital, Pepper Money, Prospa, SBS Bank, Scotpac, Southern Cross Partners, The Co-operative Bank, Unity, Welcome, Westpac, Xceda.
Generally, we won’t charge you any fees for the advice that we provide to you. This is possible because, if you act on the advice given, we usually receive commission from the applicable product provider on settlement of a mortgage. There are some exceptions to this general position which are explained below.
We may charge you a one-off fee in the following situations:
(a) No commission: If you request that we provide services 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.
(b) Repayment of commission: If a product or service provider requires that we repay commission within 28 months of settlement of your mortgage or issuance of your risk insurance policy. Any such fee would be no more than $3,000 (plus GST, if any) and would be calculated based on a rate of $250 (plus GST, if any) per hour of the financial adviser’s time spent providing services to you in connection with the applicable mortgage or insurance. The fee charged will not exceed the amount of commission clawed back from the lender.
Should we need to charge you a fee, you will be invoiced and will be given 30 days to make payment.
If you proceed with a product on the basis of financial advice given by your adviser, the adviser, adviser business, and/or the licensee usually receives commission on settlement of a loan. We may also receive a commission payment or referral fee for business referred to other businesses.
The types of payments that may be received include:
Further information about the commissions and incentives that are relevant to the advice you may receive, including the maximum percentages used to calculate the commissions, will be given to you by your Financial Adviser.
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 may attend events hosted by industry associations, product providers, and NZFSG, at which product providers discuss and provide information about their products. We manage this potential conflict of interest by ensuring we follow an advice process that ensures we prioritise your interests and recommend products that are suitable for you regardless of the information received at such events.
We take steps to ensure that the conflicts of interest, including receipt of commissions or other incentives, 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:
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.
We put you the customer and your needs first. We will understand what your wants and needs are. Furthermore, we will describe our services we offer, and what we can’t offer.
As a minimum, we will provide you with:
This step is achieved using the Fact Find and having a discussion with you. We will gather documents from you that the lender will require to assess a loan application such as bank statements and pay slips.
At this step of the advice process, our Financial Adviser uses their combined knowledge, skill and experience to come up with a recommendation. This should be tailored for your specific needs.
We will endeavour to get your loan submitted and as soon as possible provide you with the confidence and comfort to move forward.
The lender should have all the information required to make a decision on your loan. We will produce a Game Plan for you.
We will be your ongoing contact and help you when your needs require it.
If you have a complaint about our service, you need to tell us about it. You can contact us internal complaints service by phoning us on 0800 10 11 36 or emailing us at [email protected] 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 free and independent and will assist you to resolve things with us.
Details of this service are:
Financial Services Complaints Limited (FSCL)
Phone: 0800 347 257
Email: [email protected]
