Financial Advice Service Disclosure Statement
This disclosure statement was prepared on 15 March 2022.
It is important that you read this document
This information in this disclosure statement is important. It is intended to help you to find a financial advice provider that meets your needs.
LOTUS Financial Services Limited (FSP1000331) (“LOTUS Finance”, “we”, “us” and “our”), holds a licence issued by the Financial Markets Authority to provide financial advice.
LOTUS Finance - Financial Advice Service
Our financial advisers are either engaged by us directly or through one of the authorised bodies named on our financial advice provider licence, to provide financial advice on our behalf.
The financial advice service our financial advisers provide is limited to the following types of insurance and loan products, however, only some of our financial advisers are authorised by us to provide financial advice on both insurance and loan products, and additionally, on risk insurance products.
Consumer credit contracts (including mortgages and personal loans). Commercial credit contracts (including commercial and investment loans).
Our financial advisers only provide financial advice about lending products of the following product providers:
ANZ, BNZ, ASB, ASAP Finance Limited, Avanti Finance, Cressida Capital, DBR, First Mortgage Trust, Heartland Bank, Liberty Financial Limited, Unity, RESIMAC, SBS Bank, Select Home Loan, The Co-operative Bank, Basecorp Finance, Zip Business, CFML, Prospa, Asset Finance, Select Asset, Oxford Finance, Heartland Bank
For majority of transactions there is no cost to you for the term of the agreed engagement unless specifically negotiated in advance. However, a minority of the lenders or insurers may charge a brokerage fee to you and may pass some or all of this fee to us. Our financial advisers may also charge you a nominal fee for our services. Any fee required to be paid will also be disclosed to you in the Statement of Advice and Final Disclosure provided to you by our financial advisers.
Relevant Interests, Relationships and Associations
To ensure that our authorised bodies and financial advisers prioritise 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 regular training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme is undertaken annually.
Relevant Commission Payments or Incentives
LOTUS Financial Services Limited may receive commission payments from the relevant product provider on whose products our financial advisers give financial advice, as follows:
For loan products: LOTUS Finance may receive commissions of between 0.5% and 1% of the value of the mortgage – the amount depends on which lender and which type of mortgage you choose. In addition, LOTUS Financial Services Limited may also receive a commission payment of between 0.5% and 1% of the remaining loan balance each year.
For insurance Referral: LOTUS Finance may receive commissions of between 5% and 15% of the first year’s premiums on your insurance policy – the amount depends on which insurance company and which insurance policy you choose.
Complaints Handling and Dispute Resolution
If you have a problem, concern, or complaint about any part of our financial advice service, please tell our internal complaints team so that they can try to resolve the problem. You can reach the internal complaints team by contacting LOTUS Financial Services Limited by telephone on 09 827 6652, by email on firstname.lastname@example.org or in writing to LOTUS Finance Limited, 4261 Great North Road, Glendene, 0602
We will consider your complaint following our internal complaints process and let you know how we may resolve it. We may need to ask you for more information. We will acknowledge your problem, concern or complaint within 48 hours of your initial email, letter or phone call being received. We aim to resolve complaints within 5, but no more than 21, working days from receiving them and will let you know if we need more time to consider your complaint.
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.
Details of this service are:
Insurance & Financial Services Ombudsman Scheme
Phone number: 0800 888 202
LOTUS Finance 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); and
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.
LOTUS Financial Services Limited (FSP1000331) is the Financial Advice Provider.
You can contact us at:
Address details: 4261 Great North Road, Glendene, Auckland, 0602
Phone number: 09 827 6652
Email address: email@example.com