Nature and Scope of Our Advice

Financial Licensing Group Limited (FLG) provides financial advice and investment  services relating to the following financial products:​

KiwiSaver products:

• NZ FUNDS KIWISAVER SCHEME
• BOOSTER KIWISAVER SCHEME
• GENERATE KIWISAVER SCHEME

Mortgages provided by:

• ANZ
• ASB
• BNZ
• WESTPAC
• SBS
• CO-OPERATIVE BANK
• SOVERIEGN HOME LOANS
• RESIMAC
• AVANTI
• LIBERTY
• NZCU
• PROSPA
• GOLDBAND FINANCE
• PEPPER MONEY
• BLUESTONE
• CRESSIDA CAPITAL
• FUNDING PARTNERS
• SOUTHERN CROSS
• DBR
• ASSET FINANCE
• BASECORP
• SILVER HARBOUR CAPITAL
• HEARTLAND

Life insurance provided by:

• AIA
• ASTERON LIFE
• PARNERS LIFE
• FIDELTY LIFE
• CIGNA

FLG does not generally provide financial advice on products not listed above.  However, some clients may have investments in other financial products. Where this is the case, we may provide advice on those products as part of providing financial advice to these clients.

Fees and Expenses

FLG may charge the following fees for financial advice:

Most of the time, our services are completely free. That’s because instead of being paid by you, we receive revenue from our product suppliers like banks and insurers.

We feel it's important you understand how we are paid, after all we ask the exact questions to you when applying for a home loan.

• ​Commercial Property Purchase
• Specialty Residential Home Loan purchase - Either the result of credit impairment like defaults or the loan is complex by nature. We will inform of you when this is the case.
• Fees for lending examples outlined below are charged at 1% of the loan amount.
• Loan is intended to be with a lender for less than 2 years.
• The lending circumstances are complex in nature and require a great deal of pre-application work.

We do also reserve the right to charge fees at $217.50 + GST per hour. We may do this when charging a percentage of the loan amount isn't appropriate for the circumstances.

Note, we will inform you in writing prior to any fees being applicable. This may be when confirming an approval, and may not be at the very start of our engagement. Often we won't know of any credit issues until after we have submitted an application.

Duties

FLG and anyone who gives financial advice on our behalf, have legal duties relating to the way that we give advice.

We must:

give priority to our clients’ 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 the 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); and

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 that 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 at www.fma.govt.nz.

Reliability

Financial Licensing Group Limited and its advisers have not had any disciplinary history from any financial regulatory body.

Conflicts of Interest, Commissions and Incentives

Our financial advisers are remunerated by way of receiving a commission from the sale of a financial product.

FLG may receive commissions from the managed investment scheme managers on whose products we provide financial advice or in which our clients invest, insurance companies on whose policies we provide financial advice, and from the banks with whom we arrange mortgages. These commissions are based on the amount of the sum invested, insurance premiums paid or mortgage (as applicable).​

Specific commissions that FLG receive are listed on this page under the 'how we are paid' tab.

It’s important to understand a commission payment represents a top-line revenue payment to the business. Like any business, FLG has significant costs and these numbers do not reflect the actual amount an adviser may earn.

To ensure that FLG’s financial advisers prioritise each client’s interests above their own, they follow an advice process that is designed to ensure their recommendations are made on the basis of the client’s circumstances and financial goals and are suitable for the client. FLG also:

has a quality assurance programme in place to monitor the advice our financial advisers provide; actively monitors compliance with our conflicts policies and procedures; and ensures training is provided to all FLG financial advisers about how to manage conflicts of interest.

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How to make a complaint.

If your Adviser is unable to resolve your complaint or you do not want to contact them directly, please contact us by email at complaints@camwhite.nz with any relevant details.

We will investigate your complaint and make every effort to resolve it as soon as possible.​

If we are unable to resolve your complaint to your satisfaction, you may refer the matter to Financial Services Complaints LTD (“FSCL”). FSCL is an independent dispute resolution scheme that is approved by the Ministry of Consumer Affairs.

You can contact FSCL by visiting fscl.org.nz, by phone: 0800 347 257 or mail them at FSCL, PO Box 5967, Wellington 6140

There is no cost to you to use this service.

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How we are paid.

​Most of the time, our services are completely free. Thats because instead of being paid by you, we receive revenue from our product suppliers like banks and insurers.

We feel it's important you understand how we are paid, after all we ask the exact questions to you when applying for a home loan. ​

Product Commission

Mortgage

Mortgage Revenue Financial Licensing Group Limited (FLG) receives when we arrange a mortgage on behalf of a lender.

Our fees are received as a percentage of the loan amount either paid initially when loan starts or in some cases also as a trail or ongoing payment to help service and update the loan over time. These are listed below:

ANZ - 0.85% Upfront

BNZ - 0.55% Upfront 0.15% Trail

ASB - 0.85% Upfront

Westpac - 0.6% Upfront 0.2% Trail

Co-Operative Bank - 0.8% Upfront, 3% Personal Loans Upfront

SBS - 0.8% Upfront

Liberty Financial - 0.85% Upfront 0.15% Trail

Avanti - 0.85% Upfront

Resimac - 0.6% Upfront 0.15% Trail

Sovereign - 0.6% Upfront 0.2% Trail

Unity - 05% Home Loans Upfront, 3.5% Personal Loans Upfront

Pepper Money - Prime Lending Upfront 0.6%, Non-Prime 0.75%, 0.15% Tail.

Complex lending, or lenders who do not pay a commission as per the above will incur a fee, generally no more 1% of the loan amount to be disclosed to you in writing.

Mortgage Aggregator

FLG engages New Zealand Financial Services Group to aggregate commission revenue for Mortgages from suppliers. They negotiate Lender accreditation agreements on our behalf.

Personal Insurance

Insurance Revenue FLG receives when we arrange an insurance policy on behalf of an insurer.

Our fees are received as a percentage of the annual premium paid initially when loan starts as well as an ongoing payment to help service and update the policy over time. These are listed below:​

Asteron Life -

150% Upfront, 20% Ongoing Renewal

AIA -

190% Upfront, 7.5% Ongoing Renewal​​

Chubb -

Lumpsum products 230% Upfront, 7.5% Ongoing Renewal

Disability Income - 170% Upfront, 15% Ongoing Renewal

Level Premium Products - 190% Upfront, 7.5% Ongoing Renewal​

Partners Life -

210% Upfront, 10% Ongoing Renewal

​KiwiSaver

Fee revenue FLG is paid to service KiwiSaver funds. This is paid as a percentage of the total funds under management and is changed to the client as part of their management fee.

Booster KiwiSaver Scheme -

0.5% p.a. Funds under Management

NZ Funds -

0.4% p.a. Funds under Management

Referral Payment of $100

Generate -

$40 - $240 Upfront based on the balance transferred.

0.25% p.a. Funds under Management

​Fees

Circumstances where fees may be charged

Commercial Property Purchase

Speciality Residential Home Loan purchase

Either the result of credit impairment like defaults or the loan is complex by nature. We will inform of you when this is the case.

Fees for lending examples outlined above are charged at 1% of the loan amount.

Loan is intended to be with a lender for less than 27 Months.

The lending circumstances are complex in nature and require a great deal of pre-application work.

We do also reserve the right to charge fees at $280 per hour. We may do this when charging a percentage of the loan amount isn't appropriate for the circumstances.

​Note, we will inform you in writing prior to any fees being applicable. This may be when confirming an approval, and may not be at the very start of our engagement. Often we won't know of any credit issues until after we have submitted an application.

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