Disclosure

Financial Advice Provider Disclosure Statement

Licence status and conditions 

Cartwrights Limited (we, our), FSP713431 trading as Cartwright Insurance and Mortgage Advisers, holds a Class 2 Financial Advice Provider licence, issued by the Financial Markets Authority, to provide financial advice on Insurance and Mortgage Finance/Lending products. Our Financial Advice Provider licence is subject to conditions contained in the Act, imposed by regulations and imposed by the FMA under section 403 of the Act. 

We are regulated under the Financial Markets Conduct Act 2013 (FMC Act), as amended by the Financial Services Legislation Amendment Act 2019 (FSLAA). We engage financial advisers to offer this financial advice on our behalf. All our financial providers are registered with the Financial Markets Authority. 

We are a Financial Advice Provider licenced to provide advice on Insurance and Mortgage Finance/Lending products. We do not provide advice on investing, investments and investment products. We have access to a range of providers. A full list can be found on our website www.cartwrights.co.nz. 

Reliability history 

We, nor any of our subsidiary companies, have ever been publicly disciplined, convicted, had civil proceedings bought against us, been bankrupt or insolvent. 

Conflicts of interest or other incentives 

We ensure we prioritise your interests above our own, by following an advice process that ensures our recommendations are made based on your goals, circumstances and requirements. We complete training to understand and manage conflicts of interest and we review our compliance programme annually. 

A financial adviser may have a conflict of interest in circumstances where financial advice has been provided to two clients who later have a dispute, including in respect of liability. In this instance the adviser would clearly disclose the conflict of interest to the clients and would refer one of these clients to another of our financial advisers for further advice and assistance. 

We are a member of Steadfast NZ Limited (Steadfast). Steadfast supplies technology platforms, management, marketing, professional, technical, and buying benefits and services to support us in providing our financial advice services. Steadfast has arrangements with insurance companies under which Steadfast receives a professional services fee of up to 1.5% of the premium paid for each policy arranged by us with those insurers. Steadfast may also receive a fee of 0.5% of any amount a customer has funded through a premium funder, not Cartwright Finance Limited. These payments are used to operate Steadfast. 

We (or our shareholders) own Cartwright Finance Limited, a premium funding company. This company may fund your premium allowing you to spread the payments over the term of your policy with the flexibility to tailor payments to suit your budget. We may arrange your premium funding with this company if you wish. The details of your premium funding arrangement will be set out in your separate agreement with the premium funder. 

Fees, commissions or other amounts payable 

We may charge a fee for implementing any advice we have given you, if you instruct us to place insurances as recommended, once a lending application is submitted, the continuation of service we provide to you and if we provide any other services outside the standard scope. This fee is based on the amount of work and time required to provide our advice and service to you and will be shown on our invoice to you. The amount of this fee will be disclosed either at the time we know the scope and nature of the advice required, in our formal quote or in your confirmation paperwork. 

We receive commission from the providers of the products that we place with them on your behalf. The commission ranges from 5% to 30% of the company premium they charge or the mortgage/lending amount that is drawn down. The amount of commission will depend on the different providers. The amount of this commission will be disclosed to you before any product is implemented 

There may be times that a fee may be charged for additional services provided that are not part of the usual process details in the scope of service. This fee will be disclosed and agreed on before any work is performed. If a fee is required this will be charged at $250 + GST per hour. 

There is a $400 plus GST fee for submission of all and any applications for Mortgage Finance or Lending. This fee is waived in full if and when the loan or lending is drawdown or settled. 

If a loan we arrange for you is paid back within the first 36 months from drawdown, then the lender can require us to repay the commission we received when we arranged your loan. If this happens, we may charge you a recovery fee. The amount of this fee will be calculated based on the time spent on the original application (calculated at $250 plus GST per hour) and the actual amount required to be repaid to the lender. 

Complaints and dispute resolution 

Please refer to our website for information in respect of making a complaint and our internal complaints process. Contact details of our external dispute resolution scheme, that offers a free service to help investigate and resolve any complaint if we have not been able to resolve this to your satisfaction, are also available on our website. 

Duties 

Cartwrights Limited and our financial advisers are bound by the following duties under the Financial Markets Conduct Act 2013 to: 

  • Meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (Code of Conduct), which forms part of the wider regulatory regime for financial advice and ensure we 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 our 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 we should and to provide you with suitable advice. 

We review our compliance and legislation program regularly and make changes to our policies and disclosures as required. The latest versions of our policies and disclosures will always be available on our website. We reserve the right to amend our policies and disclosures, and you are advised to review these policies, procedures and disclosures available on our website periodically for any changes. 

Contact details 

Cartwrights Limited, FSP713431 trading as Cartwright Insurance and Mortgage Advisers is the Financial Advice Provider. We can be contacted as follows: