The nature and scope
of the advice we provide.
SERVICES WE PROVIDE
At Roost, our financial advisers (we) arrange approvals for new loans, negotiate rates and terms, advise on lending structure and arrange loan documentation so that the loan can be settled.
We also review, renegotiate and restructure existing loans whether they be loans we arrange, or loans that pre-date our engagement.
We can also introduce you to other specialists to provide you with advice in areas outside of our expertise.
The financial advice products we advise on
We provide advice to our clients about the following financial advice products:
1. Home loans, whether that be
- A new loan or one you already have, and whether it be for
- A first home, or a next home
- An investment property
- A property that is existing or is yet to be constructed
- A renovation or addition to a property
- Your retirement
- An investment
2. Commercial or development loans
3. Business loans
4. Asset loans
5. Personal loans
The financial advice product providers we work with
- ASAP Property Finance Specialists
- Asset Finance
- Avanti Finance
- Basecorp Finance
- China Construction Bank (NZ) Ltd
- Cressida Capital
- Conrad Funds Management Limited
- DBR Property Financiers
- First Mortgage Trust
- General Finance
- Funding Partners
- Heartland Bank
- Liberty Finance
- NZCU Baywide
- Midlands Mortgage Trust
- NZ Mortgages & Securities Limited
- Pepper Money
- Zip Business
- SBS Bank
- Southern Cross Partners
- Sovereign Home Loans
- The Cooperative Bank
- TSB Bank
We don’t provide financial advice about products from the following providers
The referral partners we work with
We believe in specialisation. That’s why we stick to providing advice on loan products. We don’t provide advice about other financial advice products such as insurance, investments (including KiwiSaver), or in other specialist areas such as international money transfer, pension transfers, accounting, valuation and legal services. We can assist in these areas via our referral partners, some of whom are listed below. A number of these referral partners pay us a referral fee, which we will disclose to you when we make the referral.
- Maddison Financial Services
- Rothbury Insurance Brokers
- XE Money Transfers
- UK Pension Transfers
- Select Asset Finance and Loanspot
- Motor Trade Finance (MTF)
We are generally able to provide our advice and assistance to you free of charge because most of the lenders we work with pay us a commission if we settle a loan with them.
There are some situations where we may charge a fee:
1. When we provide advice or arrange a new loan (or arrange a change to, or restructure of, an existing loan) that doesn’t attract a commission from the lender, or if that commission is not sufficient for nature or scope of the service and advice we provide. We will discuss and agree any such fee in advance.
2. When we must repay commission to a lender. This occurs if you cancel your loan within a period of up to 28 months of inception. The fee we will charge will be based on the amount of commission Roost must pay back to the lender which reduces on a sliding scale based on the length of time you have had the loan. The closer to the end of the clawback period you are when the loan is repaid, the lower the fee. We will advise you of what this fee will be, as soon as it is known, and in advance of you providing us with your authority to proceed with putting the loan in place.
We receive commissions from most of the providers on whose products we give financial advice (the banks and lenders) when your loan settles.
We also receive referral fees from a number of our referral partners if you settle a product purchase with them.
We don't think referral fees or commissions are a bad thing (because they mean we are generally able to offer our service and advice to you free of charge) as long as they don’t influence the advice you are given.
We manage potential conflicts by
- Putting your interests before all else.
- Following an advice process that ensures that the advice, recommendations and referrals you receive are made based on sound research, your personal circumstances and goals, and are in your best interests.
- Making you aware of the commissions and referral fees we will receive if you accept our advice, recommendations and referrals.
- Undertaking a compliance audit, and a review of our compliance programme annually.
- Requiring our financial advisers to undergo annual training about how to manage conflicts of interest.
If you are not satisfied with the advice service we provided, you can make a complaint by:
After receiving a complaint, we will consider and follow our internal complaints process where we:
The IFSO provides a free, independent dispute resolution service that may help investigate or resolve your complaint if we are unable to resolve your complaint to your satisfaction.
Roost and its advisers have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice. We have the duty to:
- Prioritise our client’s interests by taking all reasonable steps to ensure our advice isn’t prioritized and materially influenced by our own interests.
- Exercise diligence, care, and skill when providing you with financial advice at all times.
- Meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services.
- Meet the standards for ethical behaviour, client care set out in the Code of Professional Conduct for Financial Advice Services.
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.