Disclosure
WHO I AM, WHAT I DO
Neil Chauhan (FSP 267805) is a financial adviser who runs a licensed financial adviser business called Rocky Financial Services Limited t/a Calculate Home loan and Insurances (FSP 754471).
LICENSE STATUS AND CONDITIONS
Rocky Financial Services Limited t/a Calculate Home loans and Insurances (FSP 754471) holds a licence issued by the Financial Markets Authority to provide financial advice.
WHO I WORK WITH
Our financial advisers provide financial advice in relation to Kiwi Saver, home loans, life insurance and health insurance.
We only provide financial advice about products from certain providers:
• For mortgages, we work ANZ ASB, BNZ, Cooperative, SBS
• Non Banks, I work with Avanti, Bluestone, Resimac, Cressida Capital
• For life insurance, we work Partners Life, AIA, Cigna, AMP, Asteron, Fidelity life
• For health insurance, we work Partners Life, AIA, NIB,
FEES OR EXPENSES
Calculate Home loan and Insurances 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 27 months for bank loan applications. Whether a fee will be charged and the manner in which it will be charged will be advised when the advice is provided to the client.
CONFLICTS OF INTEREST AND INCENTIVES
Advice 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 Calculate Home loan and Insurances and your financial adviser. The amount of the commission is based on a percentage of the amount of the premium for a year. This ranges from 130% to 200% of the insurance annual premium and a trail of 7% - 20% per year.
For mortgages, Calculate Home loan and Insurances 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 a percentage of the amount of the loan. This ranges from .40% to .80% of loan amount and some banks offer a trail of .10 to .15% of loan amount per year.
To ensure that our financial advisers prioritise our clients’ interests above their own, we follow an advice process that ensures our recommendations are made on the basis of each 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 is undertaken annually by a reputable compliance adviser.
COMPLAINTS HANDLING
When we receive a complaint, we will consider it following our internal complaints 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.
• 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 you are not satisfied with our financial advice service, you can make a complaint by contacting us at the contact details section below.
DISPUTE RESOLUTION
If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact Financial Services Complaint Ltd Disputes Resolution Scheme.
Financial Services Complaint Ltd provides a free, independent dispute resolution service that may help investigate or resolve your complaint if we haven’t been able to resolve your complaint to your satisfaction.
You can contact Financial Services Complaint Ltd scheme by emailing complaints@fscl.org.nz or by calling: 0800 347 257. You can also write to them at PO Box 5967, Wellington, 6140
DUTIES INFORMATION
Calculate Home loan and Insurances, and anyone who gives financial advice on our behalf, have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice.
We are required to:
• give priority to your 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 at https://www.fma.govt.nz
CONTACT DETAILS
Rocky Financial Services Ltd (FSP 754471), trading as Calculate Home Loans & Insurances, is the financial advice provider.
Neil Chauhan (FSP 267805) is the mortgage and insurance adviser giving advice on behalf of Calculate Home loan and Insurances.
You can contact the above at:
Phone: 09 392 2360 or 022 4 585 475
Email: neil@wecalculate.co.nz
Address: 1333c Dominion Rd Extension, Mount Roskill, Auckland