Here is some essential information about Finax to help making an informed and confident choice when engaging us.
Finax Limited (Finax) holds a Full Financial Advice Provider(FAP) license (Class2) issued by the Financial Markets Authority (FMA) to provide financial advice services. Our Financial Services Provider (FSP) number is FSP763671.
The full FAP license was obtained on 19th Jan 2022.
A Class 2 licence covers the service of a financial advice provider (whether the licence holder or any authorised body) providing regulated financial advice to retail clients:
There are no conditions attached to this licence on the financial advice that may be given under our licence from the FMA.
You can find more information about our individual advisers on our website, under ‘MEET THE TEAM’ section.
You can reach us at:
Address: Level 2/205 Great South Road, Greenlane, Auckland.
Phone: 09 258 4988
Financial Advice and Product Providers
Finax provides financial advice on Lending and Insurance products. The product types an individual adviser can give advice on, and the relevant product providers will be disclosed at an adviser level in the Disclosure Guide (Hello Book). Our Financial Adviser will provide their Disclosure Guide to you when you engage with them, or you can request a copy from us at any time to see the list of product providers. The product provider and products we advise on are listed below.
For lending, we work with the following banks and non-bank lenders:
|ANZ||ASAP Finance Limited|
|Sovereign||First Mortgage Trust|
|Heartland Bank||Liberty Financial|
|The Co-operative Bank||NZCU Baywide|
|Heartland Bank||Zip Business|
|SBS Bank||Basecorp Finance|
|Bank of China||CFML|
|China Construction Bank||Southern Cross Partners|
|Industrial and Commercial Bank of China||Pepper Money|
The main bank lenders that we do not have agencies with: KiwiBank, TSB.
For life and health insurance, we work with the following companies:
In providing you with financial advice, we will consider existing term life, trauma, income protection and health insurance policies.
Limitations: We will not provide advice on existing whole of life or endowment products, so you will need to consult a product specialist if you would like advice on those products.
If you proceed with a product based on financial advice received from one of our Financial Adviser, Finax usually receives commission from the applicable product provider. The commission is generally of an upfront nature but may also include a renewal or trail commission. For any loans facilitated through us, the commissions from the lender are paid to the NZ Financial Services Group Limited (KAN). These commissions are then transferred to Finax.
This commission is used to remunerate the Financial Adviser that provides the financial advice to you, and to pay the expenses associated with running our business including any rent, staff costs and IT resources. The Financial Advisers at Finax are paid a salary and are eligible for a bonus based on various criteria. Any commissions received are paid to the FAP either directly or through KAN.
Finax may also receive a referral fee or commission payment if we refer you to our referral partners (listed below).
We will give you more information about how the referral fee or commission is calculated, before proceeding.
For services in relation to insurance and loan products, commissions may be paid by the product provider as follows:
Fees and Expenses
Generally, Finax does not charge you any fee for the advice and transactional solutions provided to you. This is possible because we receive commission from the applicable product provider as described above. There are three exceptions to this general position which are explained below.
You may be charged a one-off fee in the following situations:
Conflicts of Interest and Incentives
As noted above, Finax usually receives commissions from the providers on whose products we give financial advice (the insurers, banks and non-banks). If you decide to take out insurance or a loan, the provider will pay a commission to Finax. The amount of commission is based on the amount of the premium or loan.
From time to time, product providers may also reward us for the overall business we provide to them. Some examples may include but not be limited to: tickets to sports events, coffees, meals, or free conferencing and travel.
Finax takes serious steps to ensure that the receipt of commissions or other incentives does not in any way influence the financial advice given to you and that our Financial Advisers prioritise your interests by recommending the best product for your purpose regardless of the type and amount of commission that may be received. These steps include:
Complaints and Dispute Resolution
If you have a complaint that relates to us, or if you are unhappy with how our Financial Adviser has dealt with you or our financial advice service, you can contact Finax’s internal complaints service by emailing us at support@Finax.co.nz with the heading Complaint – (Your Name), or by calling 09 258 4988.
Please set out the nature of your complaint, and the resolution you are seeking.
When we receive a complaint, we will consider it following our internal complaints process:
FSCL provides a free, independent dispute resolution service that may help investigate or resolve your complaint if we have not been able to resolve your complaint to your satisfaction.
You can contact FSCL by emailing firstname.lastname@example.org or calling FSCL on 0800 347 257. Alternatively, you can complete their complaints form available on www.fscl.org.nz.
Finax and the financial advisers providing financial advice on behalf of Finax are bound by and supports the duties set out in the Financial Markets Conduct Act 2013. These duties are: