Lighthouse Mortgages Limited (FSP 7744666, trading as Lighthouse Mortgages) holds a licence issued by the Financial Markets Authority to provide financial advice.
In certain situations, Lighthouse may have to charge you a service fee for services rendered, including where:
• An upfront commission is not offered by the Provider 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 timeframe and thus 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
• The lending approval expires and you provide no indication that you want to proceed.
In the odd case a fee is charged we will agree to that fee in advance of the Statement of Advice and the specific fee will be outlined in the Statement of Advice. The fee range would generally be $1,500 – $2,500.
If a loan is repaid within 27 months of settlement (the ‘Clawback Period’), Lighthouse may have some or all of the original upfront commission ‘clawed back’ by the Provider.
To ensure that Lighthouse 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.
Our clawback recovery fee is calculated by charging our hourly rate for the amount of time we spent on your application e.g $200 per hour x 15 hours = $3,000 clawback recovery fee.
Examples of when we may charge you a clawback recovery fee include:
• The property is refinanced within the clawback period and Lighthouse Mortgages was not given the opportunity to arrange the refinance;
• The property is sold and/or the loan repaid within the clawback period. We will not charge you a clawback recovery fee if we were given the opportunity to secure new lending or refinancing for you but were unable to at least match a finance approval that you obtained elsewhere, or if we charged you an upfront Service Fee for arranging the original loan.
What should you do if something goes wrong?
If you have a problem, concern, or complaint about any part of our service, please let us know so we can try to fix the problem. You can contact the individual adviser on their direct phone number, our internal disputes service by telephoning 09 320 4948, by email firstname.lastname@example.org, or in writing to 41 High Street, Auckland City, Auckland 1010.
If we cannot agree on how to resolve the issue, or you decide not to use the internal complaints scheme you can contact Financial Services Complaints Ltd. You can contact Financial Services Complaints by emailing email@example.com, calling Financial Services Complaints Ltd on 0800 347 257, online www.fscl.org.nz/complaints/complaint-form or in writing to the FSCL Scheme, PO Box 5967, Wellington. This service will cost you nothing and will help us resolve any disagreements.
If you are not satisfied with our financial advice service you can make a complaint by emailing firstname.lastname@example.org, or by calling 09 884 0972. You can also write to us at: 41 High Street, Auckland Central, Auckland 1010.
When we receive a complaint, we will consider it following our internal complaints process:
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, we will issue you with a Letter of Deadlock and you can proceed to contact Financial Services Complaints Ltd.
The Financial Services Complaints Ltd provides a no charge, independent, dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction.
You can contact Financial Services Complaints in the following ways:
For mortgages, Lighthouse Mortgages Limited and the financial adviser receive commissions from the banks with whom we arrange mortgages. If you decide to take out the mortgage, the bank will pay a commission to Lighthouse Mortgages Limited and your financial adviser. The amount of the commission is based on the amount of the mortgage.
All our financial advisers undergo annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance program annually by a reputable compliance adviser.
Lighthouse Mortgages is part of a New Zealand Financial Services Group. Remuneration can flow to the business from product providers via the Dealer Group, this is based on production of the group as a whole and Lighthouse Mortgages. The Business can also receive other services or benefits (related to being a FAP) from the dealer group.
From time to time, product providers may also reward us for the overall business we provide to them. They may give us tickets to sports events, hampers, or other incentives.
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 and foremost.
All our financial 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. Lighthouse Mortgages monitors these registers and provides additional training where necessary. Lighthouse Mortgages performs an annual review of our compliance program.
Lighthouse Mortgages, 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:
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 https://www.fma.govt.nz.