Our Public Disclosure
LICENSING INFORMATION
LICENSING INFORMATION
Adviser Aasheesh ( Ash) Teotia holds a licence issued by Financial Markets Authority to provide financial advice. FSPR number : FSP747831
Lending Hub Ltd holds a licence issued by Financial Markets Authority as an Authorised Body to provide financial advice. FSPR number : FSP767853
NZ Financial Services Group Limited holds the ultimate licence as the Financial Advice Provider (FAP) FSPR number : FSP286965
NATURE AND SCOPE OF THE ADVICE
LendingHub provides advice to our clients about life & health insurance and lending. Our financial advisers provide financial advice in relation to these financial advice products.
We only provide financial advice about products from certain providers:
- For life insurance, we work with 5 companies – AIA, Cigna, Fidelity Life, Partners Life.
- For health insurance, we work with 4 providers – AIA, nib, Partners Life.
- For Mortgages, we work with 11 providers – ANZ, ASB, Avanti, Bluestone, BNZ, Co-operative Bank, Resimac, Southern Cross Partners, Southland Building Society, Sovereign Home Loans, Westpac
In providing you with financial advice, we will only consider existing term life, trauma, income protection and health insurance policies (if any). We will not provide advice on existing whole of life or endowment products, so you will need to consult a specialist if you would like advice on those products.
DUTIES INFORMATION
LendingHub 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:
- give priority to your interests by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests
- exercise care, diligence, and skill in providing you with advice
- meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice)
- meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should and give you suitable advice).
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.
FEES & EXPENSES
For Life and Health advice, LendingHub does not charge fees, expenses or any other amount for any financial advice provided to its clients.
For Mortgage advice, generally we do not charge a fee; In the event a fee is charged this will be disclosed in writing at the time.
CONFLICTS OF INTEREST AND INCENTIVES
For life insurance and health insurance, Insurance People and the financial adviser receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission to LendingHub. The amount of the commission is based on the amount of the premium; On Life Insurance Policies between 180% and 245% (GST inclusive) and service commission on annual basis of between 7.5% and 10%. On Health Insurance policies between 30% and 140% and service commission on an annual basis between 7.5% and 33.5%.
For Mortgages, LendingHub receives commission from the lending institutions on whose lending products we give advice. If you decide to take out a mortgage, the lender will pay a commission to LendingHub. The amount of the commission is based on the amount of the loan and ranges between 0.003% and .0085% and service commission between 0.0012% and 0.0020%.
To ensure that our financial advisers prioritise our clients’ interests above their own, we follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances. 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 is undertaken annually by a reputable compliance adviser.
All our financial advisers undergo annual training about how to manage conflicts of interest.
COMPLAINTS HANDLING AND DISPUTE RESOLUTION
What if something goes wrong?
If you have a problem, concern, or complaint about any part of our service, please tell your adviser so they can try to fix the problem.
Alternatively, you can contact our Administrator directly:
Telephone: 0800 86 56 26
Address: 22A Central Ave, Manukau, Auckland 2025
Email: admin@lendinghub.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 20 days
If you are not satisfied with our response you have the right to refer your complaint to Financial Services Complaints Limited (FSCL). FSCL is an independent dispute resolution scheme approved by the Minister of Consumer Affairs and will help you to resolve your complaint. There is no cost to you to use the services of FSCL.
FSCL can be contacted on:
Telephone: 0800 347 257 | Email: info@fscl.org.nz
Address: PO Box 5967, Lambton Quay, Wellington 6011