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Licensing information

Goldsmith Mortgages Limited (FSP1005125) is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority (FMA) to provide financial advice.

I am a Financial Adviser under Goldsmith Mortgage's FAP licence, meaning I can deliver financial advice on behalf of Goldsmith Mortgages Limited. My FSP number is 608089. 

Nature and scope of the advice

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

  • ANZ
  • ASB
  • BNZ
  • Co-operative Bank
  • ICBC/BOC/CCB
  • SBS Bank
  • Westpac
  • Avanti Finance
  • Bluestone
  • DBR Property Financiers
  • Liberty Financial
  • Resimac
  • NZ Credit Union
  • TSB

We are not accredited with Kiwibank and cannot provide advice on their products.

Fees or expenses

The lender may pay us a commission if you decide to take up our advice and when your loan
settles. However, I may charge you for the financial advice that I provide if you cancel or refinance
your mortgage within 30 months after it settles. We will use the following formula to calculate the
fee:
Fee for our financial advice = $3,900 for 12 hours of work calculated at $325 per hour
Or
In the event of a commission clawback, Goldsmith Mortgages, reserve the right to on charge the
commission. For example, on a loan amount of $500,000, a commission received by Goldsmith
Mortgages could be $2,750 (0.55% upfront commission). If this is repaid within the clawback
period, you will be subject to repay the full amount. Goldsmith will provide transparency from the
lender on the exact clawback amount.
We will invoice you for this fee and it will be payable on the 20th of the month following the
cancellation of your policies. Details of how to make payment will be included on the invoice.
If you decide not to act on my advice, then I will charge you an hourly fee of $325 for the services
performed. This will be based on the time it has taken to prepare my advice.

Commission “Clawback”

Importantly, if you repay the lending we have arranged for you within 30 months from the date of settlement of your loan, then Goldsmith Mortgages 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 Goldsmith Mortgages 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, Goldsmith Mortgages 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 $500,000, the commission received by Goldsmith Mortgages could be up to $4,250. 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 Goldsmith Mortgages 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.

Our advisers may receive up to 80% of the commission that Goldsmith Mortgages receives, the balance being retained to pay for services such as licensing and support.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 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:

Email: info@goldsmithmortgages.co.nz Write to: Johnny Ma, Director of Goldsmith Mortgages - Level 4/135 Broadway, New Market, Auckland 

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 40 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 you are not satisfied with how we addressed or resolved your complaint, you can contact
Financial Services Complaints Limited. They are an independent dispute resolution service that
costs you nothing to use and will help us resolve any disagreements or finalise outstanding
complaints. Their contact details are:


Financial Services Complaints Limited
0800 347 257
info@fscl.org.nz
www.fscl.org.nz
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Duties information

I, William Tieu, am bound by the duties of the Financial Markets Conduct Act to:
1. Meet the standards of competence, knowledge and skill set out in the Code of Conduct
2. Give priority to the clients’ interests and
3. To exercise care, diligence, and skill in regards to the advice we provide and
4. Meet the standards of ethical behaviour, conduct, and client care set out in the Code of
Conduct.

Agrees that, his/her information being made available to be reviewed by the FMA.

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