Important Information

Important information that you might like to know about us before we bring our journey together.

Licence status and conditions

Discovery Financial Services Limited (FSP150464, trading as Discovery Financial Services) holds a licence issued by the Financial Markets Authority (FMA) to provide financial advice. Discovery Mortgages Limited (FSP1001261) is authorised by that licence to provide financial advice.

Nature and scope of the financial advice given

Discovery Financial Services provides advice to our clients about their life, disability and health insurances, KiwiSaver and home loans.
We only provide financial advice about products from certain providers:

Any financial advice we provide will take only take into account the information you have given us about your particular needs, financial situation or goals.

Our Duties

Discovery Financial Services 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 www.fma.govt.nz.

The Code of Conduct standards can be read here.

No Fees, Expenses or other amounts payable for our Financial Advice

We will not charge any fee, expenses or any other amounts for financial advice given to you. If the financial adviser recommends any insurance policies for you, you will be informed of the costs of the policies.

How we are Remunerated

Discovery Financial Services Ltd and our financial advisers receive commission from the providers on whose products we give financial advice (the insures, lenders and KiwiSaver providers). If you decide to take out insurance, home loan or our KiwiSaver advice, the provider will pay a commission to Discovery Financial Services Ltd and to your adviser. The amount of commission is based on the amount of the premium, loan size or KiwiSaver balance.

Insurance Commission
The financial adviser will receive commission from the relevant insurance company if you take out insurance following their advice. The commissions are between 35% and 170% of the first year’s premiums of your policy – the amount depends on which insurance company and which insurance policy you choose. The financial adviser will also receive a commission of between 10% and 30% of the premium for each year the policy remains in force.

In addition, Discovery Financial Services Ltd receives commission of between 20% and 70% of the first year’s premium of your policy, depending upon which insurance company and which policy you choose.

KiwiSaver Commission
For KiwiSaver the adviser receives $20-$120 for enrolment, then 0.25% of the fund balance.

Home Loans
The financial adviser will receive commission from the relevant lender if you take out a new home loan following their advice. The commissions are between .50% and .85% of the loan balance – the amount depends on which lender you choose. The financial adviser will also receive a commission of between .10% and .25% of the loan balance for each year the lending is in place.

From time to time, product providers may also reward us for the overall business we provide to them. They may give us tickets to sport events, Hampers or other incentives.

How we Manage any Conflicts of Interest or other Incentives

To ensure that our financial advisers prioritise the client’s interest above their own, we follow an advice process that ensures our recommendations are made on the basis of the client’s goals and circumstances.

All our financial advisers undergo annual training about how to manage conflicts of interest.

We also undertake a compliance audit, and a review of our compliance programme annually by a reputable compliance consultancy firm.

Our Internal Complaints Process

If you have a problem, concern, or complaint about any part of the financial advice you have received from us, you may contact us using any of the following means: in writing, by telephone or by email. Here are our contact details.

Our Complaint Handling Process

When we receive a complaint, we will consider it following our internal complaints process:

• We will consider your complaint and let you know how we intend to resolve We may need to contact you to get further information about your complaint.
• We aim to resolve complaints within 15 working days of receiving If we can’t, 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
• If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact Financial Services Complaints Limited.

Dispute Resolution Process

If our internal complaints process does not resolve your complaint to your satisfaction, you can contact our external independent dispute resolution scheme. This service is free and may help investigate or resolve the complaint.

We are a member of the Insurance & Financial Services Ombudsman approved dispute resolution scheme. You can contact the Insurance & Financial Services Ombudsman at:

Contact Details

Discovery Financial Services Limited (FSP150464, trading as Discovery Financial Services) is the Licensed Financial Advice Provider. Discovery Mortgages Limited (FSP1001261) is authorised by that licence to provide financial advice.

You can contact us at:

Address:         Building 8, 15 Accent Drive, East Tamaki, Auckland 2013

Telephone:     09 271 2570

Email:            admin@discoveryfinancialservices.co.nz

Website:        www.discoveryfinancialservices.co.nz