Public Disclosure
Disclosure
Disclosure Here is some general information about our business to help you decide if you want to seek our advice
Company Name: Guagua Mortgage Limited (trading as Zillion Finance Ltd)
FSPR Number: FSP 1001651
Physical address: 5/214 Universal Drive, Henderson, Auckland, 0610, New Zealand
Telephone number: 09 217 6417
Email address: applications@zillionfinance.co.nz
Website: www.zillionfinanceltd.com/
Licensing information
We operate 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
We give regulated advice in respect of:
- Residential Home Loans
- Owner occupied and investment properties
- Commercial Finance
- Business Loans
Commission
We usually paid an upfront commission direct by the Provider and in some cases an additional trailing commission over the life of the loan. Commissions are typically calculated as a percentage of the loan value at a rate that can vary by Provider. We are required to tell you the specific fees, commissions, extra payments, and other benefits that we have received or will, or may, receive in relation to the services that we provide to you. We must tell you these things before we give you advice or, if that is not practicable, as soon as practicable after we give you that advice.
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 insurance cover 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
Zillion Finance may have to charge you a Service Fee for services rendered, including where:
An upfront commission is not offered by the Provider that your loan will be sourced through;
The services we provide you are advisory in nature or involve a significant amount of work that will not result in a commissionable transaction; or
Your loan is expected to be repaid within a short time frame and thus will incur a full commission clawback.
Any proposed service fee will be discussed with you as soon as it becomes clear that it will be required and will only be charged following your formal acceptance of that fee.
Clawback recovery of fee
If a loan is fully repaid or partially repaid within 48 months of settlement (the ‘Clawback Period’), Zillion Finance may have some or all of the original upfront commission ‘clawed back’ by the Provider. To ensure that Zillion Finance is fairly compensated for the services originally provided to you, we may seek to recover some or all of this cost from you via a clawback recovery fee. If you are charged a clawback recover fee, it will be charged at time and cost for a maximum of 15 hours work at $250 per hour or the amount of clawback imposed by the lender, whichever is lessor.
Examples of when we may charge you a clawback recovery fee include:
The property is refinanced within the clawback period and My Money was not given the opportunity to arrange the refinance;
The property is sold and/or the loan repaid partly or in full, within the clawback period of 48 months of settlement.
A clawback recovery fee will not be charged if we charged you an upfront Service Fee for arranging the original loan
Conflicts of interest
At the time of preparing this disclosure document we do not have any Conflicts of Interest that would influence the advice we provide. If any conflict occurs in the future, we will advise you and inform you how we would manage that conflict to not influence the advice we provide
Complaints
If you have a complaint about our service you need to tell us about it. You can contact our internal complaints service by phoning us on 09 217 6417 or emailing us at applications@zillionfinance.co.nz with the heading Complaint - (Your Name).
Please set out the nature of your complaint, and the resolution you are seeking. We will acknowledge receipt of this within 24 hours. We will then record your complaint in our Complaints Register and notify our Licence Holder. We may want to meet with you to better understand your issues. We will then investigate your complaint and provide a response to you within 7 working days of receiving your complaint. If we need more time to investigate your complaint, we’ll let you know.
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:
Financial Services Complaints Limited
Phone: 0800 347 257
Email: complaints@fscl.org.nz
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
This disclosure statement was prepared in October 2023.