Finance Bloom Disclosure Information
About Market Space Limited (T/A Finance Bloom)
Finance Bloom (FSP744211) is a Financial Advice Provider that holds a licence issued by the Financial Markets Authority (FMA) to provide financial advice services. You can find Finance Bloom listed on the Financial Service Providers Register at fsp-register.companiesoffice.govt.nz.
Finance Bloom provides Financial Advise for Life Risk & Medical Insurance, Mortgage Finance, Kiwisaver. Finance Bloom also provide Business Loans & Asset Finance however we don’t provide advise on these products. This is based your profile and credit score. Finance Bloom started in June 2020 however our Advisers got a experience of more than 4 years in this market. Finance Bloom goals is to provide best advise to our clients because we work for you and don’t charge anything except the Asset Finance.
The conditions of the Finance Bloom licence allow me to provide the following financial advice services:
- Mortgage
- Personal Life Risk & Medical Insurance
- General Insurance we Refer
- Asset Finance & Business loans
Mortgage products
– Residential Home Loans including top ups and fixed rate rollovers
– Business Loans
– Personal Loans
We provide advice in relation to products provided by the following lending companies:
ASB Bank
Heartland Bank
ANZ Banking Group Limited
Liberty Financial
BNZ Bank
Unity
AIA Home Loans
Sovereign Home Loans
Avanti Finance
Resimac
Bluestone Finance
SBS
The Co-Operative Bank
Southern Cross Partners
PepperMoney
Fees and expenses
Mortgage and lending service fee
Market Space Limited is usually remunerated by way of commission, by the providers of the loan products we recommend. On occasion, some providers may not pay a commission. In this situation, we will charge a fee for our advice. The fee payable will be a reflection of the time required to obtain a loan approval for you. Where a fee will be payable for the advice, your financial adviser will agree on the amount of the fee with you prior to obtaining a lending approval.
Fees can be added to your loan amount and will be paid to Market Space Limited on behalf of your adviser at the time your loan is advanced.
Insurance Service fee
Market Space Limited may charge a fee for financial advice provided to a client if the client cancels a life or health insurance policy within two years of inception. Specific fee information that will apply will be provided when the advice is provided. This fee will be payable by the client by the 20th of the month after the policy is cancelled.
Mortgage Service fee
Market Space Limited may charge a fee for financial advice provided to a client if the client cancels their mortgage within 27 months of inception. Specific fee information that will apply will be provided when the advice is provided. This fee will be payable by the client upon all parties agreeing and signing a fee mandate.
How I am paid
I do not charge any fees for providing general advice about KiwiSaver. Finance Bloom is paid through the providers who may pay an upfront fee and a small amount of ongoing commission based on funds under management.
Personal Life Risk & Medical Insurance
Finance Bloom provides personalised advice that takes into account your individual circumstances to determine the personal risk products that best meet your personal goals and needs.
I follow a documented advice process that uses your personal situation to work out what’s important to you, what products you need and how much cover you should have in place.
I then recommend the provider that offers the cover most suited to your stated preferences.
Providers Finance Bloom work with
Finance Bloom have chosen to work with the following personal risk insurers:
– AIA
– Cigna
– NIB
– Partners Life
– Asteron
– Accuro
This means that Finance Bloom will only consider the providers listed above when
recommending a product to meet your personal risk insurance needs.
How I am paid
Finance Bloom does not charge any upfront fees for my risk advice services. To ensure advice remains accessible, I am paid a commission by the provider of any product you put in place on the back of my recommendation.
There are two exceptions to this general position which are explained below.
We may charge you a one-off fee in the following situations:
No commission: If you request that we provide services in relation to a product or service and we do not receive a commission. Any such fee would be agreed and authorised by you in writing before we complete the services, and would be based on an estimate of the time spent providing the advice. This may arise in the rare event that you request that we provide Services in relation to either a product that is offered by a provider that we do not hold an accreditation with, or a product that is outside our usual arrangements with our product providers.
Repayment of commission: If a product or service provider requires that we repay commission within 24 months of settlement of your issuance of your risk insurance policy. Any such fee would be no more than $2,000.00 (plus GST) and would be calculated based on a rate of $280 (plus GST) per hour of the financial adviser’s time spent providing services to you in connection with the applicable insurance. The fee charged will not exceed the amount of commission clawed back from the provider. Should we need to charge you a fee, you will be invoiced and will be given 30 days to make payment.
General Insurance
Finance Bloom works with different referral partners and we get paid commission split from them.
How I am paid
In place of an upfront fee, Finance Bloom is paid a commission by the recommended Referral partner from their commission.
Asset Finance & Business loans
Finance Bloom provides advice that takes into account your individual circumstances to determine the secured or unsecured loans that best meet your personal goals and needs, based on your credit history and your ability to repay any lending.
Finance Bloom does not offer financial advice, they only present the offers available to them from the relevant providers so that you can make a choice whether to proceed with one of the lending contracts offered..
Providers Finance Bloom works with
Finance Bloom has chosen to work with the following Lenders:
– Oxford Finance
– Auto Finance Direct
– Finance Now
– MTF
– Branded Financial
– Avanti Finance
– Efco Finance
– The Heartland Bank
– Brodland Financial
– Aotea Finance
– Get Capital
– Spotcap
– Prospa
This means that Finance Bloom will only consider the providers listed above when recommending a loan to meet your needs.
How am I paid
Finance Bloom charges from $195-$395 upfront fees for some Loan services which will be charged by the finance company. To ensure advice remains accessible, I am paid a commission by the provider of any product you put in place on the back of my recommendation.
How I manage conflicts of interest and put your interests first
The services Finance Bloom offer are provided free of charge to my clients. This is because Finance Bloom is paid by the providers when one of their products is taken up on the back of my recommendation.
Although Finance Bloom is paid by the providers, I always put your interests first:
- I follow a proven 6-step advice process that puts my client’s needs at the heart of the advice process
- I identify and disclose the maximum level of commission I may get on the back of my recommendation
- If my recommendation involves replacing the cover, I will provide a comparison of covers and explain what the recommended provider offers that your existing cover does not. I will also let you know if there is anything your existing provider covers that recommended provider will not.
- All my recommendations are provided in writing with an explanation as to how they are based on your individual needs
- Finance Bloom completes internal and external reviews of my advice process to ensure I follow a thorough review process that puts client interest first.
Duties
Under the Financial Markets Conduct Act 2013, it is the duty of Finance Bloom to ensure I meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (Code of Conduct), which form part of the wider regulatory regime for financial advice and ensure I have the expertise necessary to provide you with advice; and give priority to your interests by taking all reasonable steps to ensure that the advice given to you is not materially influenced by my own interests or the interests of any other person connected with the giving of advice; and exercise care, diligence, and skill that a prudent person engaged in the occupation of giving related financial advice would in the same circumstances; and meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct, to treat you as I should and to provide you with suitable advice.
What if something goes wrong
I value the ability of my clients to provide feedback about the service they have received as well as the opportunity to put it right when they are unhappy with any aspect of my service.
If you would like to raise concerns about the service you have received, I have an internal complaint process that I will follow when I receive your formal complaint.
My internal process involves:
- Requesting your complaint in writing
- Acknowledging the receipt of your complaint within 2 working days of receiving it.
- Investigating your concerns by speaking with all the involved parties and reviewing all the documentation I hold on file.
- Providing a formal written response within 28 days of acknowledging your concerns.
If you would like to make a complaint, please email: adi@financebloom.nz
If you are unsatisfied with the outcome of my internal complaints process, you are able to escalate it to my dispute resolution scheme:
Scheme: Financial Dispute Resolution Service
Address: Freepost 231075
PO Box 2272
Wellington 6140
Telephone number: 0508 337 337
Email address: enquiries@fdrs.org.nz
They are an independent dispute resolution service provider that helps resolve complaints about financial service providers, free of charge.
