Mortgage Recommendation Default Template
Commissions or other Incentives
I will receive $x from [Lender] at settlement if you decide to apply for this mortgage and it is accepted by the lender. I may/ will also receive x% of the mortgage balance on each anniversary.
From the commissions and fees I receive, I will share (insert %) with Mortgage Lab for providing me with compliance support, training, and back-office support.
Conflicts of Interest
I am paid a commission or a fee by [Lender] when a mortgage settles and in some cases at the mortgage anniversary each year.
I ensure that I prioritise your interests by following an advice process that considers your circumstances and goals. I research suitable products and providers to ensure the advice meets your needs.
I also undergo annual training on how to manage any conflicts of interest and record any conflicts in a register that we review and manage.
Mortgage Lab is subject to a yearly audit and compliance reviews to ensure we meet our obligations while doing right by our clients.
Fees and Expenses
I do not charge you a fee if you decide to take a loan. The lender may pay us a commission if you decide to take up our advice and when your loan settles. However, I may charge you for the financial advice that I provide if you cancel or refinance your mortgage within the first two years after it settles. We will use the following formula to calculate the fee:
Cancellation fee = $3,000 for 12 hours of work calculated at $250 per hour
We will invoice you for this fee and it will be payable on the 20th of the month following the cancellation of your policies. Details of how to make payment will be included on the invoice.
If you decide not to act on my advice, then I may charge you an hourly fee of $250 per hour for the services performed. This will be based on the time it has taken to prepare my advice. The average charge for this service is $3,000 which is calculated at 12 hours x $250 per hour.
Complaints
If you are not satisfied with my service you can make a complaint through the following methods:
By logging into the Trail client portal and pressing on the “Make a Complaint” button on the bottom right of the page.
By contacting me directly
By sending an email to Jarrod Kirkland on jarrodk@mortgagelab.co.nz
Once we receive a complaint, we follow an internal procedure to ensure we address the issue. Our process will:
Acknowledge your complaint within 2 working days
Inform you how we will address the complaint
Gather any information that will help us resolve the complaint
Aim to resolve the complaint within 2 weeks.
If we cannot resolve the complaint within this timeframe, we will update you regarding the next steps.
If you are not satisfied with how we addressed or resolved your complaint, you can contact the Financial Services Complaints Limited. They are an independent dispute resolution service that costs you nothing to use and will help us resolve any disagreements or finalise outstanding complaints.
Their contact details are: https://fscl.org.nz/
Your Next Review
Going forward I will contact you 90 days before your next mortgage renews. If your financial position changes or you would like advice relating to your mortgage at any time, please get in touch with me.
Duties
I, (adviser name), am bound by the duties of the Financial Markets Conduct Act to:
Meet the standards of competence, knowledge and skill set out in the Code of Conduct
Give priority to the clients’ interests and
To exercise care, diligence, and skill in regards to the advice we provide and
Meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct.