Important Information:

Licensing information

Simply Finance Limited (FSP770676, trading as Simply Finance) is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority to provide financial advice. 

We have authorised certain companies to provide financial advice under our license. These companies engage financial advisers to provide advice on their behalf. Each of these companies trades as Simply Finance:

• A Good Idea Limited - FSP767852
• Truss Finance Limited - FSP771182
• Netheravon Financial Services Limited - FSP771237
• Rocksolid Finance Limited - FSP771179
• The Ultimate Group Limited - FSP771351
• Kenai Mortgages Limited - FSP771195
• Sharp Business - FSP1001530

Nature and scope of the advice 

We only provide financial advice about residential lending products provided by the following product providers:

• ANZ
• ASB
• Co-operative Bank
• Heartland
• SBS Bank
• Westpac
• Avanti Finance
• Bluestone
• DBR Property Financiers
• Liberty Financial
• Resimac
• NZ Credit Union
• First Mortgage Trust (FMT)
• Cressida Capital
• BaseCorp Finance
• Fico Finance
• MBG (Merchant Banking Group)

We are not accredited with BNZ, Kiwibank or TSB, and accordingly cannot provide advice on their products.

Fees or expenses

In most cases, our advisers do not charge fees, expenses or any other amount for the financial advice we provide. We receive compensation (commission) from the lender of choice for our services to you. However, Simply Finance or our advisers may charge a fee in cases where no commission is available from the lender. This may include, but is not limited to:

• Bridging finance
• Private development loans/mezzanine finance
• Instances where the compensation from the lender does not cover our hourly rates i.e. cases of new lending below $100,000)

Additionally, some of our non-bank lenders may charge you a brokerage fee, which is then paid to Simply Finance on your behalf. The exact fees charged will depend on the lender and the nature of the work done. All fees related to our services will be discussed in detail prior to an application for financing on your behalf.

Commission “Clawback”

Importantly, if you repay the lending we have arranged for you within 28 months from the date of settlement of your loan, then Simply Finance may be required to pay all or part of the upfront commission back to the lender - this is called a commission “clawback”. To make sure that Simply Finance’s Financial Advisers are fairly compensated for the services originally provided to you, we may seek to recover some or all of this cost from you via a ‘Clawback Recovery Fee’.

If this happens, Simply Finance reserve the right to on-charge the commission that is clawed back. This commission can be up to 0.85% of the value of the loan and this amount may be clawed back, in full, depending on the time elapsed. 

For example, on a loan amount of $750,000, the commission received by Simply Finance could be up to $6,375. This full amount may be subject to a clawback if you repay or refinance your lending within the clawback period.

The potential clawback amount that your loan may be subject to will be disclosed to you prior to entering an agreement. At the discretion of the adviser, we may not charge you a ‘Clawback Recovery Fee’ if you give Simply Finance Financial Advisers the opportunity to secure new lending or refinancing for you, or if we charged you an upfront Service Fee for arranging the original loan. So, in all cases, please communicate with us if you are considering any changes to your lending. 

Conflicts of interest and commissions

We are paid in the form of commission from the lenders through which we place business. The amount of the commission we receive depends on the amount of new lending we arrange for you. Typically, we receive an upfront initial commission of between 0.55% and 0.85% of the lending arranged, and an annual ongoing commission of up to 0.20% of the remaining loan balance, for every year you remain with that provider. 

All commission and fees generated by the financial advisers are paid to Simply Finance Ltd (the FAP). Simply Finance Ltd then pays each company [up to 80%] of the fees and commission generated by that company’s financial advisers. Our advisers are directors and shareholders of the companies they provide advice for. They therefore may receive up to 80% of the commission that Simply Finance receives in relation to their advice. 

We will provide more specific details of these commissions at the time our advice is given.

To ensure our advisers prioritize our clients’ interests: 

• We follow the internationally recognized six step 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 interests and any 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 by an independent third party.

Complaints handling and dispute resolution 

Above all else, we value our clients’ satisfaction. However, if you are dissatisfied with our service or financial advice, please tell us as soon as possible. In the first instance, it is best that you contact your adviser and discuss the complaint with them, in order to resolve the issue quickly. If your complaint is not resolved, you may submit your complaint via the following means:

Call:             021 577 591

Email:         complaints@simplyfinance.co.nz

Write to:      James Grigg, Director

                     C/- Simply Finance

                     Level 1/46 Stanley Street

                     Parnell, Auckland 1010

When we receive a complaint: 

• We will consider your complaint and let you know how we intend to resolve it. Where possible, we try to resolve your complaint immediately.
• If we are unable to resolve your complaint immediately, we will acknowledge your complaint within 5 business days. We may contact you to get further information about your complaint. 
• We aim to resolve complaints within 20 business days of receiving them. If we need more time to investigate your complaint, we will let you know when you can expect to receive a response to your complaint.
• We will contact you by phone, email or letter to let you know whether we can resolve your complaint and how we propose to do so.

When we have completed our internal review:

• We will advise you of the outcome, as well as the timeframe for corrective action (if applicable).
• We will give you the option of requesting a further review, if you are not satisfied with the outcome of our review.

If we cannot agree on how to fix the issue, or if you decide not to use our internal complaints process, you can contact our external disputes resolution scheme: Insurance and Financial Services Ombudsman (IFSO). IFSO provides a free and independent dispute resolution service that may help to resolve your complaint if we have not been able to do so to your satisfaction.

To contact IFSO:

Call:                0800 888 202

Email:             info@ifso.co.nz

Write to:        PO Box 10-845, Wellington 6143, NEW ZEALAND

Duties information

Simply Finance and our advisers 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; 

•    exercise care, diligence, and skill;

•    meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services;

•    meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services.

Contact details

Simply Finance Limited (FSP770676, trading as Simply Finance) is the Financial Advice Provider.

Call:            021 577 591

Email:          james@simplyfinance.co.nz

Write to:      James Grigg, Director

                     C/- Simply Finance

                     Level 1/46 Stanley Street

                     Parnell, Auckland 1010