PUBLIC AVAILABLE DISCLOSURE

Lifecycle financial services ltd DISCLOSURE STATEMENT

Licensing information

We operate as a Financial Advice Provider under a current licence issued by the Financial Markets Authority in the name of Lifecycle Financial Services ltd

There are no conditions on the license to restrict or limit the advice that may be given.

Contact details

Phone: 0800507770

Email: harpreet@lifecyclefinancial.co.nz

samkit@lifecyclefinancial.co.nz

Raji@lifeyclefinancial.co.nz

Physical and Mailing Address: 402 Ormiston Road, Flat Bush, Auckland 2019

Duties information

Lifecycle Financial Services Ltd, and anyone who gives financial advice on our behalf, has 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.

Nature and scope of the advice

Lifecycle Financial Services Ltd provides advice to its clients through its Financial Advisers.

Our financial advisers provide financial advice in relation to these financial advice products.

  • Life and disability Insurance
  • Health insurance
  • Home Loans, Business loan, Construction loan

If our financial advisers are unable to provide advice on any product discussed, this will be made clear in the Scope of Service and Statement of Advice provided.

We only provide financial advice about products from certain providers. Please see below for a full list of the insurers and provider we use. From time to time, as new providers enter the market, we may add to the list of providers we work with and whose products we advise on.

Loans:

  • ANZ
  • BNZ
  • ASB
  • ASAP Finance Limited
  • Avanti Finance
  • Cressida
  • DBR
  • First Mortgage Trust
  • Heartland Bank
  • Liberty Financial
  • NZCU
  • Pepper Money
  • RESIMAC
  • SBS Bank
  • SELECT
  • Sovereign
  • The Co-operative Bank

Life, disability, and health insurance

  • Asteron
  • AIA
  • Fidelity Life
  • Partners Life
  • Cigna
  • NIB

Remuneration

Our remuneration is not our profit. It is the revenue from which we attend to our company affairs, pay salaries, rent, expenses, and taxes, and attend to all services on behalf of clients. This remuneration is earned in various ways, primarily  Commissions or brokerage paid by insurance companies or product providers.

Fees And Expenses
Generally, we don’t charge you any fee for the advice and transactional solutions that we provide to you. This is possible because, on settlement of a mortgage, we usually receive a commission from the applicable product provider as described above. There are two exceptions to this general position which are explained below.

We may charge you a one-off fee in the following situations:

(a) No commission: If you request that we provide services in relation to a product or service and we do not receive a commission. Any such fee would be agreed upon and authorized by you in writing before we complete the services and would be based on an estimate of the time spent providing the advice.
This may arise in the rare event that you request that we provide Services in relation to either a product that is offered by a provider that we do not hold accreditation with or a product that is outside our usual arrangements with our product provider’s insurance policy. Any such fee would be no more than $2,500 (plus GST) and would be calculated based on a rate of $250 (plus GST) per hour of the financial adviser’s time spent providing services to you in connection with the applicable mortgage or insurance. The fee charged will not exceed the amount of commission clawed back from the lender.
Should we need to charge you a fee, you will be invoiced and will be given 30 days.

Commissions / Brokerage

On settlement of a loan and Insurance, we usually receive a commission from the applicable product provider. The commission is generally of an upfront nature but may also include a renewal or trail commission. We also receive a fixed rate roll-over fee from some product providers if we assist in refinancing your loan.
This commission is used to remunerate the financial adviser that provides the advice, and to pay the expenses associated with running our business including any rent, staff costs, and IT resources. From this commission, we also pay NZ Financial Services Group Limited for services they provide to us in connection with our authorization under their license from the Financial Markets Authority.

We take steps to ensure that the receipt of commissions does not influence the advice we give to you and that our advisers prioritize your interests by recommending the best product for your purpose regardless of the type and amount of commission we or they may receive. We do this by:
● Ensuring our advisers follow an advice process that ensures they understand your needs and goals and that their recommendations on insurance cover meet those.
● Providing you with a schedule showing commission amounts and types by the product provider. This schedule is contained within each Financial Adviser’s personalized Disclosure Guide. A Financial Adviser will provide you with more information about commissions during the advice process.

Conflicts of interest and incentives

We make every attempt to manage appropriately any situation in which there may be a conflict of interest. Should we become aware of a situation where a conflict of interest could arise, we will disclose it to you.

Our financial advisers get commission/brokerage from any insurance companies or product providers we choose to work with. From time to time, insurance companies and product providers may give Lifecycle Financial Services Brokers and our financial adviser’s tickets to sports events, hampers, or other gifts in recognition of our relationships and the overall business provided to them.

To ensure that our financial advisers prioritize the client’s interests above their own, we follow an advice process that ensures our recommendations are made on the basis of the 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 annually by a reputable compliance adviser.

We also maintain a register of conflicts of interest and any gifts we receive. Lifecycle Financial services Ltd Insurance Brokers monitors this register and provides additional training where necessary.

Complaints handling and dispute resolution

Our goal is to always provide you with the highest levels of quality service and support. But if you do have a complaint or encounter a problem, please let us know as soon as you can. Your feedback helps us continue to improve the products and services we offer. We are committed to sorting things out as quickly and as possible, and we assure you that we will address your complaint quickly and sincerely.

We have a well-established and highly effective escalation process, meaning we will work with you to address your concerns as quickly as possible, whilst still providing you with options to take the matter further if you are unhappy with the outcome.

Step one – Talk to us

You can let us know about your concern in any of the following ways. A quick chat, email, or meeting with one of our staff is often all that’s needed to sort out your concern.

Please set out the nature of your complaint, and the resolution you are seeking. We will acknowledge receipt of this within 24 hours. We will then record your complaint in our Complaints Register and notify our Licence Holder. We may want to meet with you to better understand your issues. We will then investigate your complaint and provide a response to you within 7 working days of receiving your complaint. If we need more time to investigate your complaint, we’ll let you know. If we cannot agree on a resolution, you can refer your complaint to our external dispute resolution service. This service is independent and will cost you nothing and will assist us to resolve things with you.

Step two – Ask the Insurance Ombudsman to help

We hope that your complaint has been resolved to your satisfaction before this stage. If we cannot agree on how to resolve the complaint, we will send you a letter of deadlock. You may then seek help from our dispute resolution scheme, the Insurance & Financial Services Ombudsman Scheme (IFSO) which provides a free, independent dispute resolution service that may help investigate or resolve your complaint.

How to Contact the Insurance Ombudsman

  • Call: 0800 888 202
  • Email: info@ifso.nz
  • Write to: Insurance & Financial Services Ombudsman Scheme, PO Box 10-845, Wellington 6143
  • Website: ifso.nz