LOANSMART LIMITED DISCLOSURE STATEMENT
At Loansmart we strive to find the best Personal Loan for your situation, understanding your goals and objectives will enable us to recommend a suitable Personal Loan for you. All our advisers are trained in considering all the options available for you and your circumstances. We have been operating since 2008 and are continually striving to find the best options in the NZ lending market
LICENSE INFORMATION
Loansmart Limited (FSP #7461, trading as Loansmart) holds a Full Class 2 Financial Advice Provider Licence issued by the Financial Markets Authority to provide financial advice.
We do not provide financial advice services related to:
a. Investment products (e.g., shares, bonds, managed funds, etc.) and Kiwi Saver products.
b. Estate planning (such as Wills, Enduring Powers of Attorney, and trusts of any description).
c. Personal risk insurance (e.g.; life insurance, mortgage protection insurance, serious illness or trauma insurance, medical insurance, disability insurance, etc.,)
Our contact details are:
Loansmart Limited
33 Broadway, Newmarket, Auckland 1023
Email: enquires@loansmart.co.nz
Phone: 0800 255 155
NATURE AND SCOPE OF ENGAGEMENT
Personal Loan Broker – Loansmart provides advice to our clients about Personal Loans & Credit-related insurances.
We only provide financial advice about products from certain providers.
For Personal Loans, we work with the following lenders:
- Avanti Finance Limited
- Finance Now Limited
- Pioneer Finance Limited
- Nectar Trustee Limited
- Personal Loan Corporation Limited (PLC)
- Community Financial Services Limited (CFS)
- Financial Holdings Limited (FHL)
- Branded Financial Services (BFS)
- Lifestyle Money
- Geneva Finance
For Credit-related insurances, we work with the following companies:
- Provident Insurance Limited
- Financial Holdings Limited CCI
HOW WE OPERATE
To ensure that our financial advisers prioritise the client’s interests above their own, we follow an internationally recognised professional advice process to ensure our recommendations are made based on the client’s goals and circumstances.
The Six-Step Process:
- Getting to know you, your situation, financial goals and objectives
- Gathering relevant data on your current situation
- Analysing data and assessing viable solutions
- Providing recommendations
- Implementing recommendations
- Ongoing review (where relevant staying on track)
ADVICE CONDUCT
Loansmart, and anyone who gives financial advice on our behalf, have 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 is not 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 www.fma.govt.nz.
REMUNERATION – HOW LOANSMART GETS PAID
Loansmart Fee – Loansmart may charge a fee based on the size and complexity of the loan. This fee is up to 5% of the loan amount plus $245, to a maximum of $995 for unsecured loans (GST exclusive). For secured loans, the calculation is the same, but the maximum fee is $1995 (GST exclusive).
Insurance-related products – Loansmart may receive a commission on any insurance product that is taken with the loan. The commission amount is a percentage of the insurance premium and will vary depending on the provider.
All fees & insurance premiums can be financed as part of the loan (added to the loan).
Commission – We may receive a commission from the lender when a loan is completed. The commission amount is a percentage of the loan amount and will vary depending on the lender.
Referral Commission – If we are unable to arrange a loan approval for you with one of our lenders and we believe one of our referral partners could assist you, we will refer your application to them. This will be communicated at the time. We may receive a referral commission of up to 10% of the loan amount if this referral leads to you taking a loan with them.
CANCELLATIONS
This section outlines the process for cancelling and refunding a loan.
If you wish to cancel your loan before the funds have been advanced there is no fee payable.
If you choose to cancel your loan application after the funds have been disbursed, you may do so within the cancellation period stipulated in the Loan Agreement, however, the Loansmart Fee is non-refundable. This means that if you wish to cancel after receiving the funds, you will be required to repay both the full loan advance and the Loansmart fee.
The Loansmart Fee is non-refundable because it covers the completion of all necessary steps in the loan process, including the time and resources dedicated to securing and processing your loan.
To proceed with cancellation, please contact your Loan Consultant, who will provide you with the appropriate details to facilitate repayment and cancellation.
CONFLICTS OF INTEREST
We take any perceived or real conflicts of interest very seriously and have a dedicated policy for dealing with such issues whereby we avoid, disclose and/or manage any conflicts so that our client’s interests are placed first.
All our financial advisers undergo annual training about how to manage conflicts of interest. We maintain registers of conflicts of interests, and the gifts and incentives we receive. Loansmart monitors these registers and provides additional training where necessary. Loansmart performs an annual review of our compliance programme.
COMPLAINTS HANDLING AND DISPUTE RESOLUTION
We are always looking at ways to improve our service to our customers, if something has gone wrong, we want to know. Please send us an email at enquires@loansmart.co.nz, or call us on 0800 255 155 so we can discuss with you.
You can also write to us at:
PO Box 28231,
Remuera,
Auckland 1546
When we receive a complaint, we will:
- Acknowledge your complaint within 1-2 working days.
- Initiate our complaints process according to our Complaints Management Policy.
- Gather and evaluate information about your complaint.
- If your complaint cannot be resolved immediately, we will provide you with a copy of our Complaints Disclosure document.
- Respond to you within 20 working days.
If we cannot agree on how to resolve the complaint, you can contact Financial Services Complaints Limited (FSCL). FSCL are an independent, not-for-profit, external dispute resolution scheme approved by the Minister of Consumer Affairs.
FSCL’s service does not cost you anything and they will help resolve the complaint. You can contact FSCL:
1. by calling 0800 347 257
2. by emailing complaints@fscl.org.nz
3. through FSCL’s website: www.fscl.org.nz
4. by writing to: FSCL, PO Box 5967 WELLINGTON 6011
ASK US – WE ARE HERE TO HELP
We welcome any questions or queries you have in relation to this important information but more importantly, we look forward to working with you.
A copy of this Disclosure Statement can be emailed to you upon request.
