Disclosure Guide

Disclosure Guide

Here is some key information you need to know to help you understand what type of advice I am able to give you, so that you can make an informed and confident choice when engaging me.

Details about me and my Financial Advice Provider

I am a Financial Adviser. I give advice on behalf of a Financial Advice Provider. My details are set out below.

Full Name: Mayank Sood
Address: 28 Limes Avenue, Parklands, Christchurch, 8083, New Zealand
Phone: 022 690 7447
Email: mayank@maruti.co.nz
FSPR Number: 1003380
Name of Financial Advice Provider: Maruti Financial Services Limited
Trading as: Maruti Mortgage Services
FSPR Number: 1006622
Address: 28 Limes Avenue, Parklands, Christchurch, 8083, New Zealand
Phone: 0226907447
Email: mayank@maruti.co.nz
My 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 Limited
FSPR Number: 286965

Nature and scope of my advice

The information below will help you understand what type of advice I can provide to you.

• I can help you choose and apply for a loan that is suitable for your purpose from a panel of lenders shown below.
• Once we have chosen a lender and loan terms that are suitable for you, I will help you to obtain an approval.
• I may also be able to help you maintain your loan, for example assisting you with re-fixing your loan.

Banks and lenders I use

I source loans from a panel of lenders. The current lenders I can use are:

Products I can advise on

The types of financial products I can give advice on are:

What else I can help you with

I can help you with other services through my referral partners to make it easier for you. However I am not able to give advice on the products they offer and I have not checked to see if they can meet your specific needs. You are free to use other providers of your choice or undertake your own research.

I am unable to offer legal or tax advice and recommend you consult your solicitor or accountant for this type of advice.

Fees and expenses

Generally you won’t be charged any fees for the financial advice I provide to you. This is possible because, on settlement of a loan, the lender usually pays commission to me [which is explained in the commission section of this Disclosure Guide]. Any exceptions to this general position are explained below. If these exceptions will apply to you, I will let you know.

One-off fees

I may charge you a one-off fee if the following occurs:

(a) There’s no commission: If you request that I provide financial advice and I do not receive a commission from the lender, I may charge you a one-off fee. Any such fee would be agreed and authorised by you in writing before I 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 I provide services in relation to either a product that is offered by a lender that I do not hold an accreditation with, or a product that is outside my usual arrangements with my approved lenders.

(b) Commission has to be repaid: If you make certain changes to your loan, the lender can require me to repay to them the commission I received for your loan - this is called a ‘clawback’ and can be up to 100% of the commission. If this occurs, I may charge you a one-off fee. Set out below are the circumstances in which this would apply and the fee that would be charged to you.

You will be invoiced for any one-off fee and will be given 30 days to make payment.

Adviser fee

Some lenders charge a fee which is capitalised (or added) to the amount of your loan. This fee is normally calculated as a percentage of your loan at drawdown but can be a flat fee. Please see tables 1 & 2 at the back of the guide for further information.

Other fees

Client Not Proceeding Fee: If you decide not to proceed with my services after I have provided you with a lending offer, I may charge you a flat fee for the hours devoted to providing you with a tailored lending solution based on your circumstances. Any such fee would be calculated based on a rate of $150 (plus GST, if any) per hour of my time (capped at $2400) spent providing financial advice to you in connection with the applicable lending approval. You will be invoiced for any such fee and will be given 30 days to make payment. Please note that I will only seek payment of this if you proceed with home loan finance with the same lender via another advisory business and/or the subject lender directly.

Referral Commission:

I may or may not be entitled to a commission on referring you to an insurance or property broker or provider of other services.

Commissions & incentives

Commissions & incentives that apply to me:

On settlement of a loan, the lender usually provides me with a commission payment.

The commission is generally an upfront commission payment but an ongoing commission payment may also be paid by the lender. The upfront commission is calculated as a percentage of the loan at drawdown. An ongoing commission is calculated as a percentage of the loan outstanding at the relevant time.

I may also receive a fixed rate roll over fee from the lender if I assist in refixing your loan.

The maximum percentage that each lender uses to calculate upfront and ongoing commissions, and the maximum fixed rate roll over fees (refix fees), are set out in the table 3 at the back of this guide. If there are any variations to these percentages or other commission payments that may apply, specific to your loan application, I will disclose this to you as part of my advice process.

I may also receive a referral fee or commission payment if I refer you to our referral partners.

Commission payments or referral fees can be paid in different ways:

• Paid in full to a financial adviser.
• Shared between two or more financial advisers.
• Paid to an employer who then pays a financial adviser a salary.
• Paid in full to a financial adviser’s company, from which the financial adviser takes drawings or profit share.
• Shared with a licence holder to cover the costs of the services they provide.

I can provide you with more information to explain which option applies to me.

Occasionally I may receive incentives or rewards from lenders or referral partners. For example, lenders may provide us with gifts, tickets to events or other incentives.

I manage the conflicts of interest arising from these commission payments, referral fees or incentives by:

• Following an advice process that ensures I understand your needs and goals so that I always recommend the best loan for you regardless of the type and amount of commission or other payments I may receive.
• Ensuring the amount of any loan is in accordance with your identified needs.
• Providing you with tables showing commission rates and types by lender.
• Undertaking regular training on how to manage conflicts of interest.

Privacy policy & security

I will collect personal information about you in accordance with my Privacy Policy. I regard client confidentiality as of paramount importance. I will not disclose any confidential information obtained from or about you to any other person, except in accordance with my Privacy Policy. The electronic platform I use to store your personal information is secure and run on Amazon Web Services.

Complaints Process

If you have a complaint about my financial advice or the service I gave you, you need to tell me about it. You can contact my internal complaints service by phoning, or emailing me (Subject line: Complaint - Your Name). Please set out the nature of your complaint, and the resolution you are seeking. I aim to acknowledge receipt of this within 24 hours. I will then record your complaint in our Complaints Register and will work with you to resolve your complaint. I may want to meet with you to better understand your issues. I aim to provide an answer to you within 7 working days of receiving your complaint. 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. The name of this service and their contact details are:

Financial Services Complaints Limited (FSCL) - A Financial Ombudsman Service
complaints@fscl.org.nz
0800 347 257
https://www.fscl.org.nz/
PO Box 5967 Wellington 6140

My duties

I am bound by and support the duties set out in the Financial Markets Conduct Act 2013. These duties are to:

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

Table 1 - Adviser fee (no commission)

The maximum percentage rates, or maximum fee charged for each lender is set out below. This fee is then paid to me by the lender, instead of a commission payment.

Table 2 - Adviser fee (plus commission)

The maximum percentage rates, or maximum fee charged for each lender is set out below. This fee may be paid to me by the lender, in addition to a commission payment.

Table 3 - Adviser commission

The maximum percentage and dollar rates for each lender is set out below. This commission payment is then paid to me by the lender.

Availability of Information

This information can be provided in hardcopy upon your request.