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Disclosure Guide

Here is some key information you need to know to help you understand what type of advice we can provide you, so that you can make an informed and confident choice when engaging us.

License Status & Conditions:
Meta Financial Solutions Limited (FSP 1000335) holds a licence issued by the Financial Markets Authority (FMA) to provide financial advice. 

Michael Willoughby (FSP 738434) is authorised by that licence to provide financial advice.

Nature & Scope of Financial Advice:
Meta Financial Solutions and our advisers provides advice to our clients about mortgages/home loans, personal risk & health insurance, KiwiSaver, debt consolidation & asset finance as well as construction and development lending.

We only provide financial advice about products from certain providers:

  • For mortgages, we work with AIA Go Home Loans [ASB] (formerly Sovereign Home Loans), ASB Bank, ANZ, BNZ, Co-Operative Bank, SBS, TSB, Westpac, Resimac, Bluestone, Pepper Money, Avanti & Liberty Finance and other lenders and Finance Companies that may fit your needs that will be disclosed.
  • For life insurance, we work with– AIA, Asteron Life, Chubb (Cigna), Fidelity Life, Partners Life & Pinnacle Life.
  • For health insurance, we work with – AIA, NIB & Partners Life.
  • For Investment & KiwiSaver advice our product providers are – Booster, Generate & Milford.
  • For asset finance & debt consolidation we work with NZCU, Basecorp Finance, Liberty Finance, Avanti Finance.

We do not give any legal or accounting advice. However, we have a vast network of professionals who we regularly refer clients to.

Fees, Expenses & Other Amounts Payable for our Financial Advice:
Generally, our services are free to you, and will come at no cost to you, as we are paid by the bank, lender or insurance company or KiwiSaver provider for our services. If there is a situation where our services will not be adequately remunerated by the lender/insurer, we will discuss this with you, prior to any advice being given or agreement for you to work with us is entered into. For example:

  • Upfront Fee: we may charge a $250 + gst upfront fee to cover the costs for preparation of the work to either secure approval or provide advice.
  • Commission Clawback: we may charge a fee for the financial advice provided to a client where a client cancels a life or health insurance policy within two years of inception or cancels a mortgage within 27-months of inception.
  • Loan Application Fee: we may charge a fee in situations where no commissions are payable to me by the provider.
  • Financial Modelling Reports: We may charge we may charge a fee for the time involved in preparing and presenting a Financial Modelling Report.

Conflicts of Interest & Incentives:
For life insurance and health insurance, Meta Financial Solutions and the financial adviser receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission to Meta Financial Solutions and your financial adviser. The amount of the commission is based on the amount of the premium.

For mortgages, Meta Financial Solutions and the financial adviser receive commissions from the banks with whom we arrange mortgages. If you decide to take out the mortgage, the bank will pay a commission to your financial adviser. The amount of the commission is based on the amount of the mortgage.

I also receive commission from KiwiSaver Providers we recommend. These commissions may include an upfront payment of up to $200 for each client that invests in the recommended KiwiSaver scheme, and/or an annual commission of up to 0.2 to 0.5% on amounts invested in the KiwiSaver fund

To ensure that our financial advisers prioritise the client’s interests above their own, we follow an advice process that ensures our recommendations are made on the basis of the client’s goals and circumstances.

All our financial advisers undergo annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme annually by a reputable compliance adviser.

 

Complaints Handing Process:
If you are not satisfied with our financial advice service in any way, you can make a complaint by emailing: [email protected] or by calling us on 021 402 508.

When we receive a complaint, we will follow our internal complaints handling process:

  • We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint.
  • We aim to resolve complaints within 10 working days of receiving them. If we can’t we will contact you within that time to let you know we need more time to consider your complaint, and will aim to provide you with a realistic timeframe.
  • We will contact you by phone or email to let you know whether we can resolve your complaint, and how we propose to do so.

If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact our external dispute resolutions scheme, FDRS (Financial Disputes Resolution Service).

The FDRS (Financial Disputes Resolution Service) provides a free, independent dispute resolutions service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction. FDRS member number ‘FM6197’.

You can view their website: https://fdrs.org.nz/, contact them via email: [email protected], phone: 0508 337337, or write to them at: PO Box 2272, Wellington 6140

Website: https://fdrs.org.nz/

Disciplinary History:
I can confirm that I have not had any Disciplinary action taken against myself or my business.

Our Duties:
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 you with 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)
  • 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 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: https://www.fma.govt.nz.

Contact Details:
Meta Financial Solutions Ltd
Email: [email protected]
Address: PO Box 38502, Howick, Auckland 2145

Mike Willoughby
Phone: 021 402 508
Email: [email protected]

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Google Rating
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Disclaimer

This calculator is intended as a guide only and is based on the Residential Owner Occupied rate. It is not intended to provide advice, and is not a quote or an offer of finance by any lender.