Here is some general information about our business to help you decide if you want to seek our advice.

Our Duties

Anyone within our business giving advice is bound by and supports the duties set out in the Financial Markets Conduct Act 2013.  These duties are:

• Meet the standards of competence, knowledge, and skill and the standards of ethical behaviour, conduct, and client care set out in the Code of Professional Conduct for Financial Advice Providers.

• Give priority to your interests.

• Exercise care, diligence, and skill.

Licensing information

Wake Up Financial Limited (FSP1004165) (Wake Up Financial, we, us, our) operates as a Financial Advice Provider under a current licence issued by the Financial Markets Authority in the name of NZ Financial Services Group Limited (FSP286965).

There are no conditions attached to this licence on the advice that may be given.

Our advice and Product Providers

• Mortgage lending advice:  Financial advice in relation to lending secured against residential owner occupied and investment properties and business and commercial lending offered by bank and non-bank lenders.

• Asset lending advice: Financial advice in relation to lending secured against an asset other than real estate (e.g. a car, boat etc) offered by bank and non-bank lenders.

• Business/commercial lending advice: Financial advice in relation to unsecured business lending offered by bank and non-bank lenders.

We only provide financial advice in relation to products offered by bank and non-bank lenders that we have established terms of business with.  These arrangements do not give rise to any contractual requirement or obligation to place any level of business with these lenders.  Instead, they reflect a mutual understanding that we may place business with these lenders.

The bank lenders that we have established terms of business with are AIA, ANZ, ASB, BNZ, Heartland Bank, SBS Bank, The Co-Operative Bank, TSB, and Westpac Bank.

We can provide details of the non-bank lenders that we have established terms of business with upon request.

Commission

On settlement of a loan, KiwiSaver or fire and general insurance policy, we usually receive 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 authorisation under their licence 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 prioritise 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 mortgage advice meets those needs and goals.

• Ensuring our advisers receive regular training on how to manage conflicts of interest.

• Providing you with a schedule showing commission amounts and types by product provider. This schedule is contained within each Financial Adviser’s personalised Disclosure Guide.   A Financial Adviser will provide you with more information about commissions during the advice process.

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 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:

• 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 and authorised 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 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 an accreditation with, or a product that is outside our usual arrangements with our product providers. It may also arise if we have secured an approval for you and settlement does not occur. This includes instances where the purchase of a property falls through, you are not successful at auction, your approval expires or if you change your mind.

  Any such fee would be calculated on a rate of $300 (no GST) per hour for the financial adviser’s time spent providing services to you in connection with the applicable mortgage. The fee charged will not exceed the amount of commission that would have been paid by the lender had the loan settled.

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 an accreditation with, or a product that is outside our usual arrangements with our product providers.

• Repayment of commission: If a product or service provider requires that we repay commission within 27 months of settlement of your mortgage. Any such fee would be no more than $3,000 (no GST) and would be calculated based on a rate of $300 (no GST) per hour of the financial adviser’s time spent providing services to you in connection with the applicable

  mortgage. The fee charged will not exceed the amount of commission clawed back from the lender.

Further details on how a Financial Adviser may charge you fees are contained in the Financial Adviser’s personalised Disclosure Guide.

Should we need to charge you a fee, you will be invoiced and will be given 30 days to make payment.

Conflicts of Interest

If there are any conflicts of interest apart from commission that could potentially influence the advice that we give, these will be shown in your Financial Adviser’s Disclosure Guide.

Management of conflicts of interest

We take the following steps to manage actual, potential, or perceived conflicts of interest (referred to as “conflicts of interest”):

• Advisers are not incentivised to promote one lender over another.

• We follow an advice process that ensures that our recommendations are made on the basis of each client’s circumstances, goals, and risk appetite.

• We have a Conflicts of Interest Policy which sets out how we identify conflicts of interest and how we ensure that these conflicts of interest are appropriately managed so that we prioritise our client’s interests at all times.

• We require all our financial advisers within Wake Up Financial to receive training on the identification and management of conflicts of interest.

Complaints

If you are not satisfied with our services or advice, please let us know as soon as possible by emailing us at info@wakeupfinancial.co.nz.

We will contact you within 48 hours of receiving your complaint.  We will propose a solution to your complaint and provide you with a summary of next steps.  If we are unable to resolve your complaint immediately, we will investigate and resolve your complaint following our internal complaints process.  We aim to resolve complaints within 10 working days but if we are unable to meet this timeframe, we will contact you and let you know if we require more time to investigate and resolve your complaint.

Following the completion of our internal complaints process, if you are unhappy with our proposed resolution or our handling of your complaint, you can escalate your complaint to Financial Services Complaints Limited (FSCL).  FSCL is an independent dispute resolution scheme.  FSCL will, on receiving a complaint, investigate and resolve the complaint free of charge. More information about FSCL and their dispute resolution process can be found at http://www.fscl.org.nz/ .

You can contact FSCL by emailing complaints@fscl.org.nz, or by calling 0800 347 257 (free phone). You can also write to them at PO Box 5967, Lambton Quay, Wellington 6145.