Licensing & Complaints

How we deal with Conflicts of Interest

We recognise that conflicts of interest are sometimes unavoidable.

From time to time, we may receive referral payments from our business partners. Our advisers may receive payments for referring Life and Health insurance, KiwiSaver, currency exchange, or Fire and General insurance.

We may also receive small gifts or tickets to events from our service providers.

We follow a six-step advice process that ensures we understand our clients’ needs and goals. This allows us to refer our clients to companies with the highest quality and compliance standards, and recommend the best product for our clients, regardless of the type and amount of referral fees and commission we will receive.

We strive to take every possible step to make sure that all conflicts of interest are identified, disclosed, and effectively managed in line with the applicable legal obligations.

Licensing Information

Wonder Finance Limited 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.

Wonder Finance Limited’s Financial Service Provider number is FSP774403.

You can check our licensing status at http://www.fspr.govt.nz.

Complaints Procedure

If you have a complaint about the financial advice or service you received, you need to tell us about it. You may contact our internal disputes service by telephoning 02825514375, by email at contact@wonderfinance.co.nz, or in writing to 109a Ti Rakau Drive, Pakuranga, Auckland, using the heading "Complaint - [Your Name]".

Please set out the nature of your complaint and the resolution you are seeking. We will acknowledge your complaint within 24 hours and aim to respond within 7 working days. We will then record your complaint in our Complaints Register and work with you to resolve it. We may want to meet with you to better understand your issues.

If we cannot agree on a resolution, you can refer your complaint to our external dispute resolution service. This service is independent, will cost you nothing, and will assist us in resolving matters with you. Details of this service are:

Financial Services Complaints Limited (FSCL)
Email: complaints@fscl.org.nz
Phone: 0800 347 257

Fees and Other Expenses

Generally, we won't charge you any fees for the financial advice we provide. This is possible because, on settlement of a loan, we usually receive a commission from the lender. Any exceptions to this are explained below. If these exceptions apply to you, we will let you know.

One-off fees

We may charge you a one-off fee if the following occurs:

(a) When we don't receive commission from the lender: If you request that we provide financial advice and we do not receive a commission from the lender, we may charge you a one-off fee. 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 rare event that you request that we provide services in relation to either a product offered by a lender that we do not hold an accreditation with, or a product that is outside our usual arrangements with our approved lenders.

(b) When we have to repay commission to the lender: In the event that, in the 28-month period following drawdown of your loan, your loan is fully or partially repaid or the terms are materially changed, and a lender requires that we repay the applicable commission to them, we may charge you a one-off fee. Any such fee would be no more than $2,500 (plus GST, if any) and would be calculated based on a rate of $250 (plus GST, if any) per hour of our time spent providing financial advice to you in connection with the applicable loan. The fee we charge you will not exceed the amount of commission we have to repay to the lender.

You will be invoiced for any one-off fee and will be given 30 days to make payment.

Our Duties

We are bound by and support the duties set out in the Financial Markets Conduct Act 2013. These duties are to:

  • Meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services.
  • Give priority to our clients’ interests.
  • Exercise care, diligence, and skill.
  • Meet the standards of ethical behaviour, conduct, and client care set out in the Code.

Commissions & Incentives

On settlement of a loan, we usually receive a commission payment from the applicable lender.

We generally receive an upfront commission and may also receive an ongoing trail commission. The upfront commission is calculated as a percentage of the loan at drawdown. A trail commission is calculated as a percentage of the loan outstanding at the relevant time.

We may also receive a fixed-rate roll-over fee from the applicable lender if we assist in refixing your loan.

The maximum percentage that each lender uses to calculate commissions and the maximum fixed-rate roll-over fees will be disclosed to all our clients as part of our advice process.

We may also receive a referral fee or commission if we refer clients to our referral partners. We will provide our clients with more information about how that referral fee or commission is calculated before proceeding.

We take steps to ensure that we:

  • Always recommend the best product for the client’s needs.
  • Ensure loan amounts match client needs.
  • Disclose commission info clearly.

Nature and Scope of Advice

Services we provide

We provide advice to our clients about Home Loans, Investment Loans, Construction Loans, Personal & Car Loans, Business Loans, and Commercial Loans.

We will help clients choose and apply for a loan that is suitable for their purpose from a panel of lenders. Once we have chosen a lender and loan terms that are suitable for our clients, we will help them obtain approval.

We can help clients with other services through our referral partners set out below:

  • Tower - Fire & General Insurance
  • Asset Finance
  • Ray White
  • UK Pension Transfers
  • XE Money

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