Important Information about us
TNC Financial Services Limited holds a Financial Advice Provider licence (FSP1007919) issued by the FMA to provide financial advice services.
Our office Contact Details:
TNC Financial Services Limited
399 Ormiston Road
Flat Bush
Auckland 2019
Phone: 021 0215 3000 | 09 215 3000
Email: admin@tncfs.co.nz
Website: https://www.tncfs.co.nz
Nature and Scope of financial advice services
Our Services
(We provide financial advice on):
- Mortgage broking
- Personal insurance
Products
(we can provide financial advice about):
Insurance products:
- Life cover
- Serious illness/trauma cover
- Income replacement/disability insurance
- Health insurance
Loan and mortgage products:
- Home loans/mortgages
- Investment property lending
- Refinancing and debt structuring
Product providers we might recommend:
Life and disability insurance:
- Partners Life
- AIA
- Fidelity Life
- NIB Life
Health insurance:
- Partners Life
- AIA
- NIB
Business owners insurance:
- Partners Life
- AIA
- Fidelity Life
- NIB Life
Mortgage lenders:
- The Co-operative Bank
- Avanti Finance
- Pepper Money
- Unity Money
- Go Lend
- Heartland Bank
- XCEDA
- ASAP Finance
We do not provide advice on existing whole of life or endowment products. If you require advice on those products, you will need to consult a specialist.
Our fees
In most cases, we do not charge our clients any fees, expenses, or any other amount directly for the financial advice we provide.
Insurance Advice
We do not charge any fees for insurance advice. We are remunerated solely through commissions paid by the insurer when a policy is placed.
Mortgage & Lending Advice
We do not charge fees for mortgage advice in most cases. We are remunerated through commissions paid by the lender when your loan settles.
There are some exceptions to this:
- When no commission is received: If we provide financial advice and do not receive a commission from the lender or insurer, we may charge a one-off fee. This would be agreed and authorised by you in writing before any work is completed.
- If you proceed with another lender or adviser after approval: If we obtain loan approval on your behalf and you then choose to proceed with another lender or adviser directly, a fee of up to $3,500 may apply. This covers the costs incurred and commission foregone in obtaining that approval.
- Specialist or complex applications: If your application involves non-mainstream lending or added complexity (such as past credit impairments), we may charge for our time at $250 + GST per hour. You will always be informed and given a fee estimate before we proceed with any additional work. Payment is due by the 20th of the month following the invoice, or on settlement.
- Early repayment or clawback: If you repay your home loan or make a significant lump sum repayment within 28 months of drawdown, the lender may reclaim (claw back) the commission paid to us. In this case, TNC Financial Services reserves the right to charge a fee up to the value of that clawback. Payment is due by the 20th of the month following the invoice.
To avoid this where possible, please talk to us before making significant changes to your loan. We can often restructure your lending to suit your new circumstances without triggering additional fees.
All one-off fees will be invoiced with 30 days to pay.
Other costs
Where other costs are incurred in the process of providing our advice and services to you, you will be liable for these costs.
However, we will agree on all additional costs with you prior to incurring them; or we don’t charge our clients fees, expenses, or anything else directly for the financial advice we provide.
Commissions
For services in relation to insurance and mortgage/loan products, commissions may be paid by the product provider as follows:
Initial Commission
- Insurance products: We receive an initial commission from the insurer, calculated as a percentage of your first year’s premium.
- Mortgage products: We receive an initial commission from the lender, calculated as a percentage of your loan amount.
Ongoing Commission
- Insurance products: We may receive ongoing commission from the insurer, calculated as a percentage of your ongoing premiums.
- Mortgage products: We may receive a trail commission from the lender, calculated as a percentage of your outstanding loan balance.
Conflicts of interest or other incentives
We are here for our clients and to advise you as best we can. Your interests are our priority, although we do have business relationships with product providers also.
From time to time, product providers may assist us with funding for conferences, professional development training, or provide non-monetary benefits such as discounted tools or subsidised training.
How we manage any conflicts of interest
To ensure our advisers prioritise our clients’ interests:
- We follow an 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 interest and the 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.
Our duties and obligations to you
We are bound by the duties of the Financial Markets Conduct Act (431I, 431K, 431L and 431M) to:
- Meet the standards of competence, knowledge, and skill set out in the Code of Conduct
- Give priority to the clients’ interests, and
- Exercise care, diligence and skill, and
- Meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct.
Our Internal complaints process
If you have a problem, concern, or complaint about any part of our advice or service, please tell us so that we can try to fix the problem.
Our internal complaints manager is Krish Gamage, who can be reached at:
Email: admin@tncfs.co.nz Phone: 09 215 3000 | 021 0215 3000
Krish Gamage will acknowledge your complaint within 24 hours of receiving it.
Our internal complaints handling process is as follows:
- We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint.
- We aim to resolve complaints within 10 working days of receiving them. If we can’t, we will contact you within that time to let you know we need more time to consider your complaint.
- We will contact you by phone or email to let you know whether we can resolve your complaint and how we propose to do so.
- If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact Financial Services Complaints Limited.
Our external complaints process:
If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme: Financial Services Complaints Limited (FSCL). This service will cost you nothing and will help us resolve any complaints.
You can contact Financial Services Complaints Limited (FSCL) at:
Address: Level 4, Sybase House, 101 Lambton Quay, Wellington 6011
Postal: Level 4, Sybase House, 101 Lambton Quay, Wellington 6011
Phone number: 0800 347 257 (freephone within NZ) or +64 4 472 3725 (outside NZ)
Email address: complaints@fscl.org.nz
Website: www.fscl.org.nz
