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Our Disclosure

This document sets out the information that our business is required to make publicly  available in accordance with the Financial Markets Conduct Regulations 2014 to help you  decide if you want to seek our advice. 

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Company Name:       Nova Financial Services Limited T/A Nova Financial Services
FSP Number:              1009041
Email:                              info@novafinance.co.nz

 

 

Licensing information

 

We operate as a Financial Advice Provider under a current licence issued by the Financial Markets Authority in the name of Nova Financial Services Limited  (FSP1009041).  There are no special conditions attached to this licence on the advice that may be given.

 

Our Duties  

 

Nova Financial Services and anyone who gives financial advice  on our behalf, have duties under the  Financial Markets Conduct Act 2013.  

 

These duties are to:  

●  Meet the standards of competence, knowledge, and skill and the standards of ethical  behaviour, conduct, and client care set out in the Code of Professional Conduct for  Financial Advice Providers.  

●  Give priority to your interests.  

●  Exercise care, diligence, and skill. 

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Services we provide

 

Nova Financial Services 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, we will help you to obtain an approval.

 

 

Banks & lenders we use

 

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

 

  • ANZ Bank

  • Cressida Capital

  • SBS Bank

  • ASAP Finance Limited

  • DBR

  • Southern Cross Partners

  • Avanti Finance

  • Finbase

  • Funding Partners

  • Midlands

  • Pepper Money

  • The Co-operative Bank

  • ASB Bank

  • First Mortgage Trust

  • Unity

  • Basecorp Finance

  • General Finance

  • Westpac Bank

  • Bizcap

  • Heartland Bank

  • BNZ Bank

  • Liberty Financial

  • CFML

  • Pallas Capital

 

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Fees and expenses

 

Generally we don’t charge you any fee for the advice and transactional solutions that we provide to you. This is possible because, on settlement of a mortgage, we usually receive commission from the applicable product provider as described above. There are two exceptions to this general position which are explained below.

 

We may charge you a one-off fee in the following situations:

 

(a) No commission: If you request that we provide services in relation to a product or service and we do not receive a commission. Any such fee would be agreed and authorised by you in writing before we 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 we provide Services in relation to either a product that is offered by a provider that we do not hold an accreditation with, or a product that is outside our usual arrangements with our product providers.

 

(b) 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 would be no more than $3,000 (plus GST) and would be calculated based on a rate of $250 (plus GST) per hour of the financial adviser’s time spent providing services to you in connection with the applicable mortgage or insurance. The fee charged will not exceed the amount of commission clawed back from the lender.

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(c) We may also charge an hourly fee for our services should you not continue with a pre-approval, or allow the pre-approval to lapse without renewal. This may be charged at a rate of up to $250 per hour (plus GST, if any), capped at $3,000 (plus GST, if any) for up to 12 hours work. 

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Should we need to charge you a fee, you will be invoiced and will be given 30 days to make payment.

 

Commissions and other incentives  

 

If you proceed with a product on the basis of financial advice given by your adviser, the  adviser, adviser business, and/or the licensee usually receives commission on settlement of a  loan. We may also receive  a commission payment or referral fee  for business referred to other businesses.  

 

The types of payments that may be received include:  

●  A percentage of the loan at drawdown

●  A percentage of  the loan outstanding at the relevant time 

●  Fixed rate roll over fee (from some product providers if we assist in refixing your loan).  

●  Referral fees.  

●  Other incentives or rewards, for example gifts or tickets to events.  

 

Further information about the commissions and incentives that are relevant to the advice  you may receive, including the maximum percentages used to calculate the commissions,  will be given to you by your Financial Adviser.  

 

This commission is used to remunerate the financial adviser that provides the advice, and to  pay the expenses associated with running our business including any rent, staff costs and IT  resources.  From this commission we also pay NZ Financial Services Group Limited for  services they provide to us in connection with our authorisation under their licence from the  Financial Markets Authority. 

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Conflicts of interest

 

If there are any conflicts of interest apart from commission that could potentially influence the advice that we give, these will be shown in your Financial Adviser’s Disclosure Guide.

 

 

Complaints

 

If you have a complaint about our service you need to tell us about it. You can contact our internal complaints service by phoning us on 0210 224 2301 or emailing us at info@novafinance.co.nz.

 

Please set out the nature of your complaint, and the resolution you are seeking. We will acknowledge receipt of this within 24 hours. We will then record your complaint in our Complaints Register and notify our Licence Holder. We may want to meet with you to better understand your issues. We will then investigate your complaint and provide a response to you within 7 working days of receiving your complaint. If we need more time to investigate your complaint, we’ll let you know.

 

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 Disputes Resolution Centre

Phone: 0508 337 337

Email: enquiries@fdrs.org.nz

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