Licensing information - Transitional Financial Advice Provider licence by SAFFRON FINANCIAL SERVICES LIMITED (FSP724111). Transitional FAP licence will expire two years but could be cancelled earlier or may be superseded ifyou are granted a full licence before then. If you want to continue providing your financial advice  service after the two-year transitional period, you will need to hold a full licence. Transitional FAP licence is subject to conditions contained in the Act, imposed by regulations, and imposed by the FMA under section 403 of the Act.

 

Nature and scope of the advice

We are Financial Advice Provider, and we can give you advice for financial products such as life insurance, health insurance, risk insurance and other risk insurance product and home loans, business and commercial property loans and Class advice for Kiwisaver Investments.

 

Fees or Remuneration or Expenses

In the normal course of business, upon work completed we are remunerated by way of (single upfront or trail or mix of both or any other incentives) brokerage or commission from lenders or insurance company.

Saffron Finance may charge fees to customers where they are not paid by lenders or insurance company for work completed or otherwise agreed in advance. In following instances, we will charge you our fees or brokerages or commissions:

1. Saffron Finance expects the loan approved through it should be proceed through it only. If you proceed directly with any bank or lender or another broker before finalising Property and/or Business and/or Refinance of loans, then you will be liable to pay Saffron Finance a fee of $1000 for the time spent on your application.

2. Where you and/or parties related to you have made up decisions to purchase property/ies and/or purchase of businesses and/or refinance and/or top up loans based on our approval letter or email or any other way and not settled in full through us entire broker commission/brokerage which we could have received from lender will be recovered in full of you and which you will also be liable to pay. The broker commission would be 0.7% of the loan drawdown amount. Maximum claw back would be 0.7% of the loan amount.

3. Where loans or mortgages are repaid by way of refinance or sale of property/ies within 36 months from the date of settlement Saffron Finance will have commission clawed back from the lender which will be recovered in full of the customer and you will also be liable to pay. Broker commission would be 0.7% of the loan drawdown amount. Maximum claw back would be 0.7% of the loan amount.

4. Expenses incurred or payment on behalf of customer related to customer’s job needs to reimburse on actual basis.

5. In cases where full or part of insurance policy/benefits is/are replaced (without giving us an opportunity one month before) to other insurance company within 24 months from the date of issue of the policy/ benefits Saffron Finance will have commission claw back from the insurance company which will be recovered from the customer. In case of cancellation of policy within 24 months from the date of issue of the policy/benefits Saffron Finance will charge $1600 per policy to cover up the time spend, and other resources used for the customer. It will be at the rate of $200 per hour for maximum 8 hours.

6. In case you change your mind or in the event of your insurance application been declined or deferred or offered term due to your medical reason or any other reasons or you do not accept the terms been offered by insurance provider the work has been carried out and the time has been used then the one-off fees applicable is $500 to cover our time spend and other resources used for the application. In all above instances if customer/s is/are failed to pay our fees/commissions/brokerages /expenses pay within 15 working days from our notification to customer, we reserve our rights to forward it to collection agency to recover the same at your cost and will charge 5% per annum on the outstanding balance.

 

Conflicts of interest and incentives - To ensure that we prioritise the customer’s interests above our own, we follow an advice process that ensures our recommendations are based on the customer’s objectives, needs and circumstances. We further manage possible conflicts of interest by:

1. Avoiding any production requirements for one product provider

2. Having access to a range of product providers

3. Using third party product research as part of our analysis (if needed)

4. By providing description of any material conflicts of interests, an explanation of the circumstances in which

material commissions or other incentives will be received.

5. Having our processes audited annually by a reputable compliance adviser.

 

Complaints handling and dispute resolution:

If you have a problem, concern, or complaint about any part of our services, please tell us so we can try to fix it within ten working days. You may contact our internal disputes service by telephoning 0212367070, by email info@saffronfinance.co.nz, or in writing to Saffron Financial Services Limited, 18b Kirby St, Glendene, Auckland -

0602.

If we cannot agree to resolve the issue, you can contact Dispute Resolution Service namely Financial Services Complaints Limited (FSCL). This service will cost you

nothing and will help us resolve any disagreements. You can contact FSCL by emailing info@fscl.org.nz, calling FSCL on 0800 347 257, or in writing to P O Box 5967 Lambton Quay, Wellington- 6145.

The Financial Markets Authority regulates Financial Advice Providers. Contact the Financial Markets Authority for more information, including financial tips and warnings. You can report information or complain about our conduct to the Financial Markets Authority, but in the event of a disagreement, you need to choose to first internal complain procedures and thereafter you can external dispute resolution procedures described above (under “What should you do if something goes wrong?”).

 

Duties information: I have duties and obligations under the Financial Markets Conduct Act 2013 relating to how I

give advice. I am required to:

1. Ensure you understand that nature and scope of service you ask me to provide.

2. Provide an advice service that is relevant to this scope of service and suitable to your circumstances and needs.

3. Listen to your needs, concerns, preferences and to treat you fairly and with respect.

4. Act with integrity and give priority to your interests and give advice not influenced by my own interests.

5. Exercise care diligence and skill in providing you with advice.

6. Meet the necessary standards of competence, knowledge, and skill to provide you with the advice requested.

7. Ensure you understand my advice and recommendations and any associates risks.

8. Keep you informed along the way and communicate in a timely, clear, and effective manner.

 

Contact details:

Name of Company, FAP and address:

 

Saffron Financials Services Limited

18B Kirby St, Glendene, Auckland - 0602

Mr. Nimish Parikh (FSP 296766)

Mobile: 021 236 7070

Email: nimish@saffronfinance.co.nz