Licensing & Complaints

How do we deal with Conflict 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 would follow the six-step advice process that ensures we understand our clients’ needs and goals so that we always refer our clients to the companies with the highest quality and compliance standards, and recommend the best product for the 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 Financial Limited’s Service Provider number is: FSP 774403. 

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

Complaints procedure

If you have a complaint about my financial advice or the service I gave you, you need to tell me about it. You may contact our internal disputes service by telephoning 02825514375, by email 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. I aim to acknowledge receipt of this within 24 hours. I will then record your complaint in our Complaints Register and will work with you to resolve your complaint. I may want to meet with you to better understand your issues. I aim to provide an answer to you within 7 working days of receiving your complaint. 

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

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 to you. This is possible because, on settlement of a loan, we usually receive commission from the lender Any exceptions to this general position are explained below. If these exceptions will apply to you, I will let you know. 

One-off fees 

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

(a) When I don't receive commission from the lender: If you request that I provide financial advice and I do not receive a commission from the lender, I may charge you a one-off fee. Any such fee would be agreed and authorised by you in writing before I 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 I provide services in relation to either a product that is offered by a lender that I do not hold an accreditation with, or a product that is outside my usual arrangements with my approved lenders. 

(b) When I 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 materially changed, and a lender requires that I 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 my time spent providing financial advice to you in connection with the applicable loan. The fee I charge you will not exceed the amount of commission I have to repay to the lender. 

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

My 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 my client’s 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. 

The commission is generally of an upfront commission payment but we may also receive an ongoing trail commission payment. The commission is generally of an upfront commission payment but we may also receive an ongoing trail commission payment. 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 upfront and trail 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 give provide our clients with more information about how that referral fee or commission is calculated, before proceeding. 

We take steps to make sure that we 

Always recommending the best product for clients’ purpose regardless of the type and amount of commission I will receive.

Ensuring the amount of any loan is in accordance with clients’ identified needs.

Providing clients with information about commission rates and types by product provider 

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 an approval.  

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

Tower - F&G 

Asset Finance 

Ray White 

UK Pension Transfers 

XE Money