Financial Advice Provider information for dm consult (nz) limited

Download the DMConsult – Disclosure Statement

Licensing information
dm consult (nz) limited (FSP716311) trading as dm consult mortgages + insurance, holds a license issued by the Financial Markets Authority to provide financial advice services.

dm consult has been a full Class 2 license holder since 10th August 2021.

Contact Information
dm consult (nz) limited (FSP716311) trading as dm consult mortgages + insurance, is the Financial Advice Provider.

You can contact us at:
P 06 877 0271  / 0800 030 149 | E admin@dmconsult.co.nz A 1st Floor, 1 Napier Road Havelock North

Nature and Scope of advice service

• We provide advice for Consumer Credit Contracts, specifically for the following: residential home loans, rental investment finance, top up finance, personal loans and business loans.
• We refer clients to our business partner BCIA Ltd for risk insurance advice. Brad Collett of BCIA Ltd is an expert in the area of risk insurance and provides excellent service to our mutual clients.
• We refer clients to our business partners’ Tower Insurance and Rothbury’s Ltd for Fire & General insurance advice.

Financial Institutions we work with:
ANZ, ASB, Avanti, BNZ, Co-operative, Cressida, DBR, First Mortgage Trust, General Finance, Heretaunga Building Society (HBS), Kiwibank, Liberty, Midlands Mortgage Trust, NZCU Baywide, Prospa, Resimac, SBS Bank, Select, Sovereign Home Loans, TSB Bank, Westpac, Basecorp Finance, Heartland (reverse mortgages) Southern Cross Partners, Spotcap and Flexigroup.

Fee’s and expenses/Commissions and other incentives 

Download our commission schedule

• dm consult (nz) limited is remunerated by way of commissions from financial institutions for the business we place with them.
• We may charge an hourly fee for our services should the client not continue with a pre-approval, or allows the pre-approval to lapse without renewal. This may be charged up to a rate of $250 per hour, capped at $3,000 (being 12 hours) by invoice to the client, payable within 20 days.
• We may also charge the client for time if we are only engaged to assertain the maximum borrowing potential for the client, based on the above hourly rate.
• If the commission doesn’t reflect the time spent on the advice given then we reserve the right to charge a fee based on the above hourly rate. This will be discussed with you and agreed upon before we agree to any contract of services.
• A copy of the expected fees and charges will be provided to you in full when we determine the Nature and Scope of the engagement.
• If we successfully implement finance for you, the financial institution will pay us a commission based on the total value of the loan. The commission ranges from 0.45%-0.85% of the total loan value.
• We may invoice the client the clawback fee* charged by the bank, to a maximum of $ 3,000.00 if the loan we organize for you is repaid within 27 months after settlement of your loan. The Financial Institution will clawback any commission they had paid dm consult (nz) limited for organizing the finance for the client.  There will be no additional charges added to the clawback fee.  dm consult reserves the right to waive this fee at discretion if the client continues to use the company’s services to organize replacement finance.
• dm consult (nz) limited will receive upfront commission and trail commission from Tower and Rothbury’s (up to 25% of the upfront commission receive by Rothbury’s and renewal commission) if they organize fire and general insurance for any of our clients referred to them.
• dm consult (nz) limited will receive 30% up front commission and 50% renewal income from BCIA Ltd for risk insurance they have organized for any clients referred to them.
• There are no incentive programmes offered by the main banks to the adviser industry.
• Non-bank lenders may offer small incentive programs from time to time which we will disclose to our clients if or when applicable to the transaction.
• From time-to-time Tower Insurance may run a promotion with an incentive being offered. We will disclose to our clients if or when an incentive program is being offered by Tower Insurance.

*When we have to repay commission to the lender

Conflict of interest

• Our contracted advisers may hold interest (by way of shares) with financial institutions that they have a contractual relationship with. Should this be of a material nature, it will be further disclosed in the Scope of Service document.
• Darrin McCormack is the sole Director of dm consult (nz) limited.

To ensure that our financial advisers prioritise the client’s interests 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 undertake a compliance audit, and a review of our compliance programme is undertaken every 2 years by a professional external compliance adviser.

Duties Information
dm consult (nz) limited, 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 behavior, 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.

Complaints Handling Process and Dispute Resolution Scheme

If you have a complaint about our financial advice or service, you need to tell us about it.

You can contact our internal complaints service by phoning us on 0800 030 149 or emailing us at admin@dmconsult.co.nz or your personal adviser using the heading Complaint – (Your Name).

Please set out the nature of your complaint, and the resolution you are seeking.

We will acknowledge receipt of this within 24 hours. We will then record your complaint in our Complaints Register and will work with you to resolve your complaint. We may want to meet with you to better understand your issues.

We aim to resolve a complaint within 20 working days at the most. If we need more time to investigate your complaint, we will let you know.

If we cannot agree on a resolution, you can refer your complaint to our external dispute resolution service. This service is independent and will cost you nothing and will assist us to resolve things with you. Details of this service are:

Financial Services Complaints Ltd (FSCL) – A Financial Ombudsman Service
complaints@fscl.org.nz
Call: 0800 347 257

Availability of Information:
If you would like a printed copy of this information, we will provide this free of charge upon request.