Financial Advice – Public Disclosure Statement

This document sets out important information about the financial advice service provided by North Financial Ltd. It is intended to help you decide whether to seek or obtain financial advice from us. Please take the time to read it.

Licensing status

North Financial Ltd (FSP1011688) holds a Class 1 licence issued by the Financial Markets Authority (FMA) to provide a financial advice service.

There are no conditions on our licence that materially limit or restrict the advice we can give, other than as described under “Nature and scope of our advice” below.

Who provides the advice

Financial advice is provided to you by North Financial Ltd. Adam Clark (FSP1011687) gives financial advice on behalf of North Financial Ltd.

Nature and scope of our advice

North Financial Ltd provides financial advice on:

• KiwiSaver – including provider and fund selection, contribution rates, first-home and retirement planning; and
• Managed investment products (managed funds) and related investment planning.

Our financial advice is limited to the financial advice products offered by the following product providers:

• Milford Asset Management;
• Generate; and
• Other providers such as Simplicity that do not allow a direct relationship with financial advisers, but can still be indirectly advised on.

This means we do not consider every product available in the market. We only provide financial advice on products from the providers listed above.

We do not provide regulated financial advice on other types of financial advice products, such as personal insurance or mortgages.

From time to time we may also provide general guidance on direct property investment. Direct (physical) property is not a regulated financial advice product, and any such guidance is general in nature and does not form part of our licensed financial advice service.

Fees and expenses

How you pay for our financial advice depends on the advice you receive:

• Some advice is paid for through commission we receive from the product provider when you take out a product on our recommendation (see “Conflicts of interest and commissions” below).
• In some cases, advice may be paid for by a fee charged to you – for example, where you choose an investment that does not provide commission. Where a fee applies, we will tell you the amount (or how it is calculated) before you proceed, so you can decide whether to go ahead.

We will always explain how you will pay, and the actual or estimated cost to you, before any advice is given and before you act on it.

Conflicts of interest and commissions

From time to time North Financial Ltd may receive commissions from the providers whose products we advise on. If you decide to take out a financial product we have recommended, the provider will pay us a commission. Both Milford and Generate pay a 0.2% commission on funds under management for KiwiSaver products, which is built into the existing KiwiSaver management fee. For managed funds, that commission is added on top of the provider’s existing management fee.

To ensure our advisers prioritise your interests, we follow these steps to manage conflicts of interest:

• We follow an advice process that ensures our recommendations are based on your goals and circumstances;
• All advisers undergo annual training on how to manage conflicts of interest; and
• Our compliance arrangements are reviewed periodically to ensure our advisers give priority to your interests.

Our duties to you

North Financial Ltd and anyone who gives financial advice on its behalf have duties under the Financial Markets Conduct Act 2013 to:

• give priority to your interests by taking all reasonable steps to ensure our advice is not materially influenced by our own interests;
• exercise care, diligence, and skill that a prudent person engaged in giving financial advice would exercise in the same circumstances;
• meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (the Code), which ensures we have the expertise to provide you with advice; and
• meet the standards of ethical behaviour, conduct, and client care set out in the Code, which ensures 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 www.fma.govt.nz.

If something goes wrong – complaints

Even with the best of intentions, complaints sometimes arise. North Financial Ltd is committed to ensuring that all client complaints are handled and resolved in a professional, fair, and timely manner. If you are not satisfied with our financial advice service, you can make a complaint by contacting us:

Adam Clark, North Financial Ltd

Phone: 09 242 6300
Email: [email protected]
Post: PO Box 6044, Otaika, Whangarei 0147

When we receive a complaint, we will acknowledge it, consider it, and let you know how we intend to resolve it. We may need to contact you to obtain further information about your complaint. We aim to resolve complaints within 10 working days of receiving them. If we cannot, we will contact you within that time to let you know we need more time to consider your complaint. 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 cannot resolve your complaint to your satisfaction, or you are not satisfied with the way we propose to resolve it, you can contact our external dispute resolution scheme. North Financial Ltd is a member of the Financial Dispute Resolution Service (FDRS), membership number FM6944. FDRS provides a free, independent dispute resolution service that may help to investigate or resolve your complaint if we have not been able to resolve it ourselves. You can contact FDRS at:

Financial Dispute Resolution Service (FDRS)

Phone: 0508 337 337
Email: [email protected]
Website: www.fdrs.org.nz

How to contact us

North Financial Ltd (FSP1011688)
Financial adviser: Adam Clark (FSP1011687)
Phone: 09 242 6300
Email: [email protected]
Post: PO Box 6044, Otaika, Whangarei 0147
Website: www.northfinancial.co.nz