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INDIVIDUAL DISCLOSURE STATEMENT
Disclosure guide
- Here is some key information you need to know to help you understand what type of advice I can 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: Shihan Chen
- Phone: 027 214 5131
- Email: fiona.c@fjfinance.co.nz
- FSPR Number: 738791
- Name of Financial Advice Provider: FJ Finance Limited
- Trading as: FJ Finance Ltd
- FSPR Number: 1000547
- Address: Unit 2, 26 Long Bay Dr, Torbay, Auckland 0630, New Zealand
- Phone: +64 9 6003 486
- Email: admin@fjfinance.co.nz 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: FJ Finance Limited (trading as FJ Finance Ltd)
- FSPR Number: 1000547
- Nature and scope of advice The information below will help you understand what type of advice I can provide to you.
- Services I provide
- I will help you choose and apply for a loan that is suitable for your purpose from a panel of lenders (set out below). Once we have chosen a lender and loan terms that are suitable for you, I will help you to obtain an approval. I will NOT provide advice on any KiwiSaver Scheme/ products/ services.
- Banks and lenders I use
- I source loans from a panel of lenders. The current lenders I can use are:
- • ANZ • BNZ • ASB
- • TSB • SBS Bank • The Co-operative Bank
- • ICBC • BOC • CCB
- • DBR • First Mortgage Trust • Southern Cross
- • Heartland Bank • Basecorp Finance • SELECT
- • RESIMAC • Liberty Finance • Cressida Finance
- • Avanti Finance • NZCU • Prospa New Zealand
- • Zip Business • ASAP Finance
- Products I can help you with The types of financial advice products I can give advice on are: • Home Loans • Construction Loans • Equipment Loans
- • Car Loans • Personal Loans • Investment Loans What else I can offer I can help you with other services through my referral partners set out below: • Tower – F&G • Asset Finance • UK Pension Transfers
- • AMI – F&G • Currency Exchange Agency
- I am unable to give advice on products offered by our referral partners. 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 I won't charge you any fees for the financial advice I provide to you. This is possible because, on settlement of a loan, I usually receive commission from the lender [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) When I don't receive commission from the lender: 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) When our adviser have clawbacks (which means if a mortgage is repaid or refinanced within 28 months of your mortgage settlement, we/ our adviser will have to repay some of the “upfront” commission received to the lender. This is known as “commission clawback”).
- If the lender charges us/ our adviser with a commission clawback, due to early settlement of the mortgage for you, we/ our adviser will ask you to repay to the commission that it has to repay to the lender to a maximum of $3,000 (including GST), as cost recovery for the service provided. This fee has been calculated on an average of 12 hours of advice, negotiation, and administration to complete and submit your loan application to the provider, at our hourly rate of $217.50 per hour plus GST.
- You will be invoiced for any one-off fee and will be given 30 days to make payment. Commissions & incentives On settlement of a loan I usually receive a commission payment from the applicable lender.
- The commission is generally of an upfront commission payment but I may also receive an ongoing trail commission payment. The upfront commission is calculated as a percentage of the loan at drawdown. A trail 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 applicable lender if I assist in refixing your loan. The maximum percentage that each lender uses to calculate upfront and trail commissions, and the maximum fixed rate roll over fees (refix fees), are set out in the table below. 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 listed above. I will give you more information about how that referral fee or commission is calculated, before proceeding.
- From time to time, I may receive incentives or rewards from lenders. For example, they may provide me with gifts, tickets to events or other incentives.
- I manage the conflicts of interest arising from these commission payments by:
- Following an advice process that ensures I understand your needs and goals so that I always recommend the best product for you regardless of the type and amount of commission I will receive.
- Ensuring the amount of any loan is in accordance with your identified needs.
- Providing you with the table below showing commission rates and types by lender
- Undertaking regular training on how to manage conflicts of interest.
Conflicts of Interest
At our company, our primary focus is delivering the optimal solution to our clients while prioritizing their interests. We are committed to maintaining a transparent and unbiased approach. It is important to note that we have no formal or financial affiliations with real estate agencies or property investment firms. However, there may be instances where we have direct or indirect connections with buyers or sellers involved in a property transaction. In such cases, we will always disclose any relevant information to you. How we manage a conflict of interest We have a robust system in place to monitor and manage conflicts of interest. Our company maintains a register specifically dedicated to recording any conflicts that may arise. Our advisers receive regular guidance on disclosure procedures, ensuring that they adhere to the necessary protocols. In the event that a conflict of interest arises, you can expect us to thoroughly and transparently disclose all relevant details to you, providing a comprehensive understanding of the situation. 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. 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 submitting the complaint on our website, phoning, or emailing me using the heading 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. Details of this service are:Financial Dispute Resolution Service enquiries@fdrs.org.nz0508 337 337
At our company, our primary focus is delivering the optimal solution to our clients while prioritizing their interests. We are committed to maintaining a transparent and unbiased approach. It is important to note that we have no formal or financial affiliations with real estate agencies or property investment firms. However, there may be instances where we have direct or indirect connections with buyers or sellers involved in a property transaction. In such cases, we will always disclose any relevant information to you. How we manage a conflict of interest We have a robust system in place to monitor and manage conflicts of interest. Our company maintains a register specifically dedicated to recording any conflicts that may arise. Our advisers receive regular guidance on disclosure procedures, ensuring that they adhere to the necessary protocols. In the event that a conflict of interest arises, you can expect us to thoroughly and transparently disclose all relevant details to you, providing a comprehensive understanding of the situation. 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. 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 submitting the complaint on our website, phoning, or emailing me using the heading 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. Details of this service are:Financial Dispute Resolution Service enquiries@fdrs.org.nz0508 337 337