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DISCLOSURE

 

LICENSING INFORMATION

LICENSING INFORMATION

Moneykart Limited (FSP 625529) holds a License issued by the Financial Markets Authority to provide financial advice.

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NATURE AND SCOPE OF THE ADVICE

Moneykart Limited’s financial advisers provide financial advice to our clients about their mortgages, life insurance, health insurance. Our financial advisers provide financial advice in relation to these financial advice products. We only provide financial advice about products from certain providers:

 

  • For mortgages, we work with banks and non-bank lenders ANZ, Apricity Finance, ASAP Finance, ASB, Avanti Finance , Bank of China, Basecorp Finance, Bluestone, BNZ, Clever Money,  Cressida Capital,  Cooperative Bank, DBR, First Mortgage Trust, Funding Partners, Geneva Finance, Heartland Bank, Liberty Financial, Lock Finance, Oxford Finance Unity, Pepper Money, Plus Finance, Prospa, Resimac, SBS, Southern Cross Partners Limited, TSB , Westpac. This list of lenders may change from time to time.

  • For life insurance, we work with four companies – AIA-Sovereign, Partners Life, Fidelity Life, Chubb-Cigna Life

  • For health insurance, we work with Two providers – Accuro and NiB

  • In providing you with financial advice, we will only consider existing term life, trauma, income protection and health insurance policies (if any). We will not provide advice on existing whole of life or endowment products, so you will need to consult a specialist if you would like advice on those products. This list of Insurance service providers may change from time to time.

  • For Fire & General insurance, we work with Tower and Blanket insurance (underwritten by Ando).

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COMMISSIONS, FEES and/or EXPENSES

Moneykart and the financial adviser may receive commission payments from the relevant product provider on whose products our financial advisers give financial advice, as follows:

For loan products: Moneykart may receive commissions of between 0.1% and 1% of the value of the mortgage – the amount depends on which lender and which type of mortgage you choose. In addition, Moneykart may also receive a commission payment of between 0.1% and 1% of the remaining loan balance each year.

For insurance products: Moneykart may receive commissions of between 50% and 230% of the first year’s premiums on your insurance policy – the amount depends on which insurance company and which insurance policy you choose. Moneykart may also receive a commission payment of between 1% and 5 % of the premium for each year the insurance policy remains in force.

Moneykart Limited is paid by the product providers it uses for the service it provides you, if you remain with the product/provider for a minimum of 24-36 months. This period will depend on the product provider you choose as well as the financial product. We will be able to give you the specific timeframe when we provide the advice.

The insurance provider/lender also pay us an ongoing commission for the duration of the period that you continue to use the insurance service or mortgage that based on our advice.

The managed investment scheme managers on whose products we provide financial advice or in which our clients invest also pay an ongoing service/commission for the period in which you invest.

If we provide you advice and you decide not to proceed with the advice, after we have met you collected the information you provide, assessed the information against suitable products and made recommendations, we may charge you a fee for the work we have undertaken for you.

We do not charge for the first two hours work we do for client. Therefore, if clients do not proceed on the advice there will be no charge for the first two hours work that we undertake. There will be a per hour charge after the first two hours. The charge varies depending on the complexity of the work we have undertaken for our client at our hourly rate of $217.50.00 per hour + GST

 

We will also charge a fee if our client cancels the insurance within 24 months or repays the mortgage within 27 months. The fee will depend on the annual premium for the insurance and for mortgages on the total loan amount. In any case, it will not be in excess of $2000 +GST.

If our client decides to refinance, or prematurely repay partially or in full, any of their existing lending, the lender might reserve the right ask us to repay the commission that they had paid us. For this reason, we may charge $2,000+GST only (for the work we have done for you) if you repay the loan in full in the first 2 ½ years. (Fees for business loans, developer and property traders can be more).

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Should the nature of the advice you seek, require you to pay us any other fees, we will inform you of them when we agree upon the scope of advice and our terms and conditions of service.

We will provide you with more information about our fees/commissions before you decide to engage us.

We will continue the engagement only when we are satisfied that you understand our fee/commission structure and accept it.

 

To ensure that our financial advisers prioritize our clients’ interests above their own, we follow an advice process that ensures our recommendations are made based on 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 advisers’ compliance is undertaken quarterly by a reputable external compliance firm.

 

CONFLICTS OF INTEREST AND INCENTIVES

For life, health insurance and investments, Moneykart and our advisers receive commission from the providers on whose products we give financial advice. To ensure there is no conflict of interest and we prioritize our clients’ interest we do the following:

  • Inform clients about any actual or potential conflicts. This is done even if these conflicts have not influenced the opinions we have expressed or recommendations we may have given our client.

  • Inform our client if we become aware of a conflict of interest in providing them financial advice.

  • We manage the situation to ensure that our client continues to get the appropriate financial advice that they seek. We discuss the conflict of interest with our client and our plan to manage it.

  • We will proceed with the engagement only when our client gives us written acceptance of our plan to manage the conflict of interest and when our client is happy to proceed with the engagement.

  • Obtain our FAP’s senior management’s prior written consent before engaging in any outside employment or role that has the potential to create an actual, potential, or perceived conflict of interest.

  • Record all gifts and hospitality with a value of over [$250] in the Gifts Register and disclose them to [Compliance] or [the FAP’s senior management.

  • Record in the Conflicts Register, the actions that were taken to mitigate identified conflicts.

  • Update the Conflicts register when required and annually review it.

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COMPLAINTS HANDLING AND DISPUTE RESOLUTION

If you are not satisfied with our financial advice service, you can make a complaint by emailing info@moneykart.co.nz or by calling: 022 09 65278. Please use the Complaints and Feedback form available on our website www.moneykart.co.nz and send in your complaint via email or to 8 Dainton Place, New Lynn, Auckland 0600. 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 we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact Fairway Disputes Resolution Scheme (FDRS). FDRS 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 Fairway Disputes Resolution Scheme (FDRS) by emailing enquiries@fdrs.org.nz, or by calling: 0508 337 337. You can also write to them at:  142 Lambton Quay Wellington, City, Wellington 6011

 

DUTIES INFORMATION

DUTIES INFORMATION

Moneykart Limited, and anyone who gives financial advice on our behalf, have duties 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.

We always aim to get the best outcome for our clients.

As financial advisers, we place the interest of our client(s) first, we will at all times act honestly, in utmost good faith, and in a manner, we in good faith, believe to be in the best interest of our client.

 

• exercise care, diligence, and skill in providing you with advice. The relationship between us and our clients is one of trust. It is the utmost importance to us, that our clients to have complete confidence in our service. We will always exercise discretion and use our expertise for the benefit of our clients.

 

• 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)

We always conduct ourselves in the manner that is required by the code of conduct for our industry.

We ensure that we have the required skills to provide suitable financial advice to client and we maintain our skill and competence.

by the means below:

  1. Adhere to competence requirement of FSLAA and FMCA and regulations made under these Acts.

  2. By ongoing training and market education about the product and services from providers and other industry sources.

 

• meet standards of ethical behavior, conduct and client care set by the Code of Professional Conduct for Financial Advice Services under the Financial Markets Conduct Act 2013 (FMCA) Financial Services Legislation Amendment Act 2019 (FSLAA) and any Regulations made under these Acts. 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

We provide full disclosure as required under Regulations.

We disclose all information that we in good faith believe our client requires to help them make an informed decision about engaging us and proceeding with our recommendations.

Along with this information, disclosure is done during our client acceptance process, when we provide our statement of advice and on an ongoing basis. For example, when there are material changes to our client’s requirements or any other factors that might affect our client’s decision about our advice.

 

CONTACT DETAILS

CONTACT DETAILS

Moneykart Limited (FSP625529) is the Financial Advice Provider. You can contact us at: Phone: 0210327466 or 022 09 65278 Email: info@moneykart.co.nz Address: 8, Dainton Place, New Lynn, Auckland 0600

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