Disclosure Statement

Publicly available Finax disclosure information

Here is some essential information about Finax to help you make an informed and confident choice when engaging us.

License status and conditions

Finax Limited (Finax) (FSP763671), trading as Finax Mortgages and Insurance, is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority (FMA) to provide financial advice.

Nature and scope of the financial advice

Finax provides financial advice on lending and insurance products. The product types an individual adviser can advise on, and the relevant product providers will be disclosed in greater detail by your adviser. Our Mortgage Advisers will provide additional disclosure when you engage with them, or you can request a copy from us at any time. The product provider and products we advise on are listed below.

Banks	Non-Banks
ANZ	ASAP Finance Limited
Westpac	Avanti Finance
BNZ	Cressida Capital
ASB	DBR
AIA Go Home Loan	First Mortgage Trust
Heartland Bank	Liberty Financial
The Co-operative Bank	NZCU Baywide
SBS Bank	Zip Business
Bank of China	Basecorp Finance
China Construction Bank	CFML
Industrial and Commercial Bank of China	Southern Cross Partners
	Pepper Money
	RESIMAC Bluestone

For life and health insurance, we work with the following companies:

In providing you with financial advice, we will consider existing term life, trauma, income protection, and health insurance policies.

We will not provide advice on any existing whole of life or endowment products, so you will need to consult a product specialist if you would like advice on those products.

Fees or expenses

In most cases, Finax will not charge you any fees for the advice we give. There are three exceptions to this general position which are explained below.

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

No commission: If you request that we provide services about a product or service and we do not receive a commission or fee from the provider. Any such fee would be agreed upon and authorised by you in writing before we complete the services.
Finax is paid a broker fee: A small number of lenders or insurers will pay us a ‘broker fee’ rather than a commission. We will disclose this fee and provider in the statement of Advice (SoA) once known.
Repayment of commission: If a product or service provider requires that we repay commission within 28 months of settlement of your mortgage. Any such fee is determined on a prorated basis, depending on the length of time the loan product has been in place. It would be no more than NZ$2,500 (plus GST, if any) and would be calculated based on a rate of NZ$250 (plus GST, if any) per hour of the Mortgage Broker and his/ her team’s time spent providing services to you in connection with the applicable mortgage. The fee we charge you will not exceed the amount of commission we have to repay to the lender. This may arise in very limited circumstances, such as if you have repaid a loan in full within 28 months. If applicable, you agree to pay the fees set out above, within 30 days of receipt of a valid invoice from us.

Conflicts of Interest and Commissions

If you proceed with a loan or insurance product we have recommended, Finax will generally receive a commission from the applicable product provider. The commission is typically of an upfront nature but may also include a renewal or trail commission depending on the product you choose. The exact commission we receive will be confirmed at the time the advice is provided. Any commissions received are paid to Finax directly.

Our Mortgage Broker remuneration varies and could include salary and commission or just a percentage of the overall commission received by the company. Further details will be provided when we provide you with the financial advice. Our advisers may also refer you to our sister property coaching and mentoring company ‘Finax Education Limited T/A Lucia Xiao Property Investment’. Should you take up that offer the adviser will receive a one-off referral payment. From time to time, some product providers may also reward us for the overall business we provide to them. Some examples may include but not be limited to tickets to sports events, coffees, meals, or free conferencing and travel.

To ensure our Mortgage Brokers prioritise our clients’ interests:

We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goal and circumstances.
All our Mortgage Brokers undergo annual training about how to manage conflicts of interest.
We maintain registers of conflicts of interests and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.
We undertake an annual independent Compliance Assurance Review.
We regularly review the products we offer to ensure they remain fit for purpose.

As well as our mortgage and insurance advice business, our shareholders also have interests in Finax Education Limited- a property mentoring and consulting business.

The director of Finax Education Limited is also the director of Finax Limited. Any financial advice you may receive will only be provided by our Mortgage Brokers on behalf of Finax Limited.

Complaints and Dispute Resolution

If you are not satisfied with our service or financial advice, please tell us as soon as possible. You may contact us using any of the following means:

By telephone: 027 2798357

By email: support@finax.co.nz

By post: PO Box 58304, Botany, Auckland, 2163

When we receive a complaint:

We will consider your complaint and let you know how we intend to resolve it. Where possible, we try to resolve your complaint immediately.
If we are unable to resolve your complaint immediately, we will acknowledge your complaint within 2 business days. We may contact you to get further information about your complaint.
We aim to resolve complaints within 7 working days of receiving them. If we need more time to investigate your complaint, we will let you know when you can expect to receive a response to your complaint
We will contact you by phone, email or letter to let you know whether we can resolve your complaint and how we propose to do so.

If we cannot agree on how to fix the issue, or if you decide not to use our internal complaints process, you can contact our external ombudsman and dispute resolution scheme, Financial Services Complaints Limited (FSCL) – A Financial Ombudsman Service. FSCL provides a free and independent ombudsman and dispute resolution service that may help to resolve your complaint if we haven’t been able to do so to your satisfaction. To contact FSCL:

Call: 0800 347 257

Email: complaints@fscl.org.nz

Write to: PO Box 5967, Wellington, 6140

Our Duties

Finax and our advisers have duties under the Financial Markets Conduct Act 2013 relating to the way we give advice.

We are required to:

give priority to your interests;
exercise care, diligence, and skill;
meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services.
meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services.

Contact Details

Finax Limited (Finax) (FSP763671), trading as Finax Mortgages and Insurance is the Financial Advice Provider.

Call

027 2798357

Email

support@finax.co.nz

Website

www.finax.co.nz

Address

Level 2/205 Great South Road
Greenlane, Auckland.

A written copy of this information is available upon request.