Mr Finance Limited
Disclosure Statement
Important information about our business
Mr Finance Limited holds a Financial Advice Provider Licence issued by the FMA to provide advice services. Financial Services Provider Number is 1006886.
Our office contact details are:
Address: 24 Gasson Street, Sydenham, Christchurch 8023
Phone: 0800 673 462
Email: info@mrfinance.co.nz
Website: www.mrfinance.co.nz
Nature and Scope of financial services
Our Services
Vehicle and marine loans, personal loans, debt consolidation loans
Guaranteed asset protection insurance, payment protection insurance, motor vehicle insurance, and mechanical breakdown insurance
Residential lending (mortgages) needs and products
Products we can provide financial advice about
Lending including borrowing for personal and investment purposes
For Vehicle and marine loans, personal loans, and debt consolidation loans our main providers include, but are not limited to:
Marac, Heartland Bank, Oxford Finance, Avanti Finance, Financial Holdings Limited (FHL), Finance Now, Geneva Finance, UDC Finance, CFS Financial, Aotea Finance
For Credit and Asset insurance products our main providers include, but are not limited to:
Autosure Insurance, Janssen Insurance, Provident Insurance.
For Home Loans and Lending, our main providers include, but are not limited to:
ANZ, Avanti Finance, Bizcap, Heartland Bank, Peppermoney, SBS Bank, TSB.
How do we get paid?
Fees
For Vehicle and marine loans, personal loans, and debt consolidation loans, Mr Finance Limited may apply an introducer fee of up to $995, while our lenders impose an establishment fee that can range from $80 to $450, depending on the specific lender. These fees are added to the loan amount you are borrowing and are GST inclusive.
For Home Loans we do not charge a fee for advice.
Commissions
For services in relation to loan and insurance products, commissions may be paid by the product provider as follows:
Vehicle and marine loans, personal loans, and debt consolidation loans
The successful lender pays us a commission based on the loan value.
Credit and Asset insurance products
We receive an initial commission based on a percentage of the value of your insurance premium.
Home Loan
Initial commission – a percentage of the value of the loan amount.
Ongoing commission – a percentage of the value of your loan, paid annually and calculated on the renewal of the loan.
Other costs – Clawbacks
If lending is repaid within 24 months of settlement, Mr Finance Limited will have to repay the lender a portion of their initial commissions received. This is known as a ‘clawback’. If we are charged a clawback, we reserve the right to ask you to repay that commission which has become repayable to the lender. This right only applies if we are not given the opportunity to refinance your lending.
Conflicts of interest
We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also.
From time to time our product providers assist us with funding so we can bring our advisers together for conferences and professional development training.
How we manage any conflicts of interest
To ensure our advisers prioritise our clients’ interests:
• We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances.
• All our advisers undergo annual training about how to manage conflicts of interest.
• We maintain registers of conflicts of interest and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.
• We undertake an annual independent Compliance Assurance Review.
Our duties and obligations to you
We are bound by the duties of the Financial Markets Conduct Act (431I, 431K, 431L and 431M) to:
• Meet the standards of competence, knowledge, and skill set out in the Code of Conduct
• Give priority to the clients’ interest, and
• Exercise care, diligence and skill, and
• Meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct.
Complaints Process
Our internal complaints process
If you have a problem, concern, or complaint about any part of our advice or service, please tell us so that we can try to fix the problem.
Our internal complaints team can be reached via email at info@mrfinance.co.nz or phone 0800 673 462 who will reply to you within 24 hours.
After receiving your complaint:
• We will thoroughly review it and if needed we may contact you for more information.
• We will aim to resolve complaints within 5-10 working days from receipt.
• You can expect to receive communication from us via phone or email regarding the outcome of your complaint and our proposed resolution.
Our external complaints process
If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme: Financial Services Complaints Limited (FSCL). This service will cost you nothing, and will help us resolve any complaints.
You can contact Financial Services Complaints Limited at:
Address: PO Box 5967, Wellington 6140
Phone: 0800 347 257
Email: complaints@fscl.org.nz
Website: www.fscl.org.nz
