Terms Of Engagement

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Who we are

Adviser:      Beryl Colley

Company:      360 Consulting Group Ltd  trading as Bricks & Mortgages

Contact Details:

Level 2, 20 Daly St, Lower Hutt,
Ph 04 9719990, Fax. 04 970 5715, Cell 0212431135
Email:  [email protected]

www.bricksandmortgages.co.nz

What we do

I am a registered Financial Adviser (FSP# 132544) who specialises in providing advice and transactional solutions for clients in the areas of Mortgages & Risk Insurance services.

How we work

I work in the following manner;

  • We will agree on areas of advice requirements & establish our terms of our engagement.
  • I will get to know you and gather  all necessary  facts  of your  situation  and identify  your  specific needs and objectives.
  • I will then recommend strategies to meet your needs and objectives.
  • I will facilitate the application process for agreed products and services.
  • I will monitor the implementation & review these strategies and actions on a regular basis as you require.
  • I also provide an ongoing service of assisting you in managing the re fixing of your mortgage facilities and processing any insurance claims requirements you may have.

Experience and Qualifications

I founded Bricks & Mortgages in 2007 after having 3 years experience in the mortgage industry.

Prior to that I had managerial positions in a large retail chain.   I have passed 4 of the courses towards the National  Certificate  in Financial  Services.  Through  my years as a broker  I have attended  industry related personal development days and lender training days.

I also have the following qualifications.

  • Advisor Link Essentials of Mortgage Broking
  • Sovereign Broker Certification

Memberships

  • I am a member of the Financial Services Complaints Ltd (FSCL)
  • I am a member of the New Zealand Financial Services group (NZFSG) – Mortgages Aggregation Group

Product Providers

I am an Accredited  Adviser with the following  companies  and recommend  the products  & solutions  I

think best fit your circumstances and requirements: Mortgage Providers

ANZ Bank, ASB Bank, Westpac, Sovereign Home Loans, The Co‐Operative Bank, Avanti Finance, General Finance,  Liberty Finance,  NZ Mortgage  Income  Trust, PSIS, Public Trust, Southern  Cross Finance  , SBS Bank, Sentinel, Resimac Home Loans, NZCU Baywide and from time to time other Non‐bank lenders

Risk Insurance Providers

AMP, One Path, Sovereign, and Partners Life, Fidelity Life, AIA

How we get paid

  1. In the normal course of business, I receive commission from the lenders that I place client’s home loans with. The nature of this commission can be a single upfront commission (Percentage of the  loan  facility),  and  ongoing  (trail)  commission  (percentage  of the  loan facility), or a mix of both. I may charge a one off fee for work completed for clients which does not attract a broker payment from the lender. This charge, if applied, will be agreed in advance  with  you  before  any  work  is  started.  I  may  also  receive  a  commission  for  the placement  of insurance  products  for my client(s)  (Fire and General,  Personal  risk), either directly  (if an  agency  is held)  or indirectly  if a referral  is made  to a specialist  insurance adviser. Similarly I may make payments to those who refer clients to me; such payments are solely at my discretion  and are in no way detrimental  to my clients.  From time‐to‐time,  I may receive certain monetary or non‐monetary benefits from lenders. Such regular benefits do not influence the placements of client applications.
  2. Where a commercial  loan applies  or I am dealing  with a Non‐Bank  or private  funder  and they do not pay a commission,  a separate  fee is applicable.  That  fee generally  does  not exceed 1% of the loan amount except where disclosed in advance.
  1. Where in good faith substantial  work has been applied  towards  a loan approval  on your request  and the application  is either withdrawn  by you or not utilised by the expiry date then I reserve the right to recover from you costs up to $1,500
  1. Occasionally a lender may apply a remuneration  claw back from the advisor when the loan is not retained with the lender for a minimum period (normally 2 years) Commission reimbursements  most  often  apply  when  the  purchaser  chooses  to  sell  or  refinance  the property  shortly after the loan has drawn down. Where a commission  reimbursement  (or partial   reimbursement   )   applies   you   may   be   invoiced   directly   for   any   shortfall   in remuneration of a home loan for a maximum of 18 months commission at a maximum rate of .05% and not to exceed the total claw back by the lender.
  1. Similarly, insurances are paid on a commission basis, sometimes entailing a upfront and/or a combination of upfront and trail commission. Trail (or renewal) commission is viewed as a method to encourage  long term client relationships.  Insurance  is a long term proposition and we recommend that you maintain all of your policies permanently (or until maturity). If you are considering surrendering or cancelling any of the policies we ask that you contact us before doing so, so we can advise you on all available options. Please note that we have not charged you a fee for our professional  advice. Our fee is covered by the insurer who pays me a commission.  However, if you surrender your policies within 2 years I will be required to pay back all or part of the commission we have been paid. If this happens we reserve the right to charge you a fee for the professional service we have provided you. Our hourly rate is $195.
  2. Similarly, I may make payments to those that refer to me. Such payments are made solely in my discretion and are in no way detrimental to my clients.
  3. I also do receive a fixed rate roll over fee from some providers if I assist in re fixing your loan.
  4. If no new lending is required, but a re‐structure within the same lender, or a 1 on 1 strategy consult, a one off fee may be charged. This will be disclosed at the time.

A full schedule of all providers and their commission rates is available on request.

In the rare event  that you may require  me to act on your  behalf  in a transaction  whereby  I do not receive a commission from the above panel of providers or you request me to act on your behalf with a provider we do not hold an accreditation with, I may charge a one off fee for this work to be completed. Any such fee would be agreed in advance and authorised by you in writing.

Your Obligations

Any advice or product implementation provided as a result of this needs analysis can only be as good as the information received from you so I ask that you provide me with the information I request. Without relevant  and  correct  information  about  your  personal  and  financial  situation  I run  the risk of giving advice that is not appropriate  for your needs. If you are unsure as to why I need certain information please ask so that I can explain.

Privacy Act

  1. It  is  understood   that  any  information   gathered  for  this  needs  analysis  is  personal  and  I undertake to keep this information confidential and secure.
  1. The Privacy Act 1993 gives you the right to request access to and correction of, your personal information.
  1. Information provided by you and or any authorised agent will be used by me and any members of my staff for the purpose of providing advice to you and may also be used by any:
    1. Product or service  provider  when  implementing  any  of my/our  recommendations  or variations thereof
    2. Compliance advisers, assessors or by any claims investigators  who may need access to such information
    3. Other professionals such as solicitors,  accountants,  finance  brokers,  financial  Planners when such services are required to complement this advice and as requested by you
  1. The information will be held by me / us at:        Level 2 / 20 Daly St Lower Hutt

Other Matters

  1. Legal  and accounting  issues  – any discussions  on legal  and  accounting  issues  do not replace advice from professionally qualified specialist advisors (solicitors and accountants). I strongly recommend that you obtain such independent and specialist advice.

Scope of Service and Engagement

The following are the areas or advice or product that you are requesting from me, subject to any specific objectives or limitations of our engagement.

Unless noted below, our discussions  and my advice will be in relation to securing a mortgage or other finance for you as requested and or assisting you to manage you and / or your families financial security through risk insurance.

  • House or Business funding (Mortgage)
  • Suffering a serious illness or disability (Trauma Insurance)
  • Suffering a permanent disability (Permanent  Disability Insurance)
  • Loss of income through sickness or disability (Income Protection Insurance)
  • Requiring timely hospital or specialist treatment (Health Insurance)
  • Untimely Death (Life Insurance)

 

Acknowledgements

I may be required to evidence that I have explained specific requirements  or obligations and provided certain information to you. Can you please acknowledge by signing below that these requirements have taken place?

Disclosure Statement

I / We acknowledge that I / we have received a Disclosure Statement from the adviser named in this document (attached below). This document was current and dated:

22/03/2012 Version 3

Provision of Information

I / We acknowledge the advantages of undertaking a suitability (needs) analysis and the need to provide relevant personal and financial information  and by not doing so I / we risk receiving advice or product recommendations  that may not be appropriate to my / our needs.

Scope of Service

I / We understand the services being provided are restricted to the scope of service or subject to specific limitations indicated on the previous page.

Privacy Act

I / We acknowledge  I / We have read and understood the information relating to the Privacy Act 1993 and how this information may be used.

Adviser Remuneration

I / We acknowledge I / We have had the basis of adviser remuneration explained and I / we agree to the option indicated on the previous page.

Disclosure Statement for Beryl Colley

Mortgage  Broker  at  360  Consulting  Group  Ltd  T/A  Bricks  and  Mortgages

Email:                 [email protected]

Phone                 (04)971 9990

Mobile:               021 2431135

Address:               Level 2 20 Daly St, Lower Hutt, Postal:    PO Box 30‐105 Lower Hutt, Web:       www.bricksandmortgages.co.nz

It is important that you read this document

This information will help you to choose a financial adviser that best suits your needs. It will also provide some useful information about the financial adviser that you choose.

What sort of adviser am I?

I am a registered, but not authorised, financial adviser. I can give you advice about category 2 financial products such as life insurance, health insurance, risk insurance, consumer credit contracts, home loans, mortgages, and other insurance products.

I  am  a  specialist  mortgage broker  and  personal risk  adviser  and  I  can  provide  you  with  advice  as  well  as transactional services relating to mortgages, life insurance disability and medical insurance.

What should you do if something goes wrong?

If you have a problem, concern, or complaint about any part of my service, please tell me so I can try to fix the problem. You may contact our internal disputes service by telephoning 04 971 9990, by email [email protected] or in writing to PO Box 30‐105 Lower Hutt 5040.

If we cannot agree on how to resolve the issue, you can contact Financial Services Complaints Ltd. This service will cost you nothing, and will help us resolve any disagreements. You can contact Financial services Complaints Ltd. Email: [email protected]

Phone:                            0800 347257

Or in writing to:            PO Box 5967, Lambton Quay, Wellington 6145.

How am I regulated by the Government?

You  can  check  that  I  am  a  registered  financial  adviser  at http://www.fspr.govt.nz . The Financial Markets Authority regulates financial advisers. Contact the Financial Markets Authority for more information, including financial tips and warnings.

You can report information or complain about my conduct to the Financial Markets Authority, but in the event of a disagreement, you may choose to first use the dispute resolution procedures described above (under “What should you do if something goes wrong?”).

Declaration

I, Beryl Colley, declare that, to the best of my knowledge and belief, the information contained in this disclosure statement is true and complete and complies with the disclosure requirements in the Financial Advisers Act 2008 and the Financial Advisers (Disclosure) Regulations 2010.

Signed Beryl Colley

beryl-sig

 

 

This Disclosure Statement, (version 3,) was prepared on 22nd March 2012.

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