FAP Disclosure for Pihi Limited

Introduction

Pihi Limited holds a licence issued by the Financial Markets Authority to provide financial advice services.

Contact Information

Contact details: Pihi Limited (FSP745431, trading as Pihi Limited is the Financial Advice Provider.

You can contact us at:    Phone: 021844927

Email: wiremu@pihi.co.nz

Address: 35 Rota Close

Nature and Scope of the Advice

Pihi Limited provides advice to our clients about their investments, mortgages, life insurance, health insurance and fire & general insurance.

Our financial advisers provide financial advice in relation to KiwiSaver, managed funds, some direct equities and bonds, residential & commercial mortgages, life insurance, health insurance and fire & general insurance.

We only provide financial advice about products from certain providers, these are as follows:

Mortgages	ANZ, ASB, Westpac, TSB, BNZ, Bluestone, Resimac, NZCU, Select, Co-operative bank
Investments (equities and bonds)	Booster
KiwiSaver	Booster
Risk & health Insurances	Asteron, AMP, Partners Life, Fidelity Life, Cigna, AIA, NIB, Southern Cross, Accuro
Fire & general Insurances	Ando, Vero, NZI

 

From time to time, some of the companies above are accessed through a third party.

Fees or Expenses

For investment advice, Pihi Limited will charge a fee for the financial advice provided to a client. This fee will be calculated on the following basis: an hourly rate of $250 per hour (+GST) capped at 10 hours.

This fee will be payable by the client by the 20th of the month following when the Statement of Advice is provided to the client. Pihi Limited may charge a fee for implementing the investment advice provided to a client where the hours worked exceed the estimate included in the scope of service.

Whether a fee will be charged will be advised before the work is performed. If such a fee is charged it will be calculated at $250 per hour (+GST). This fee will be payable by the client by the 20th of the month after an invoice is issued.

For Investment Advice, including KiwiSaver, $250 per hour (+GST) may also charge fees on the total amount invested. These are called an implementation fee and may be charged up to 3%. There may also be an on-going servicing fee charged up to 3%.

For Insurances and Health, Pihi Limited may charge a fee for the financial advice provided to a client where a client cancels a life or health insurance policy within two years of inception. Whether a fee will be charged and the manner in which it will be charged will be advised when the advice is provided to the client. This fee will be payable by the client by the 20th of the month after the policy is cancelled. This fee is also known as a clawback charge.

For mortgages, Pihi Limited may charge a fee for the financial advice provided to a client where a client cancels their lending within two years of the drawdown date. Whether a fee will be charged and the manner in which it will be charged will be advised when the advice is provided to the client. This fee will be payable by the client by the 20th of the month after the policy is cancelled. This fee is also known as a clawback charge.

Pihi Limited is part of a The NZ Financial Services group & remuneration can flow to the business from product providers via the Dealer Group, this is based on production of the group as a whole and Pihi Limited. The Business can also receive other services or benefits (related to being a FAP) from the dealer group.

Conflicts of Interest

For life insurance and health insurance, Pihi Limited and the financial adviser receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission to Pihi Limited and your financial adviser. The amount of the commission is based on the amount of the premium.

For mortgages, Pihi Limited and the financial adviser receive commissions from the banks with whom we arrange mortgages. If you decide to take out the mortgage, the bank will pay a commission to your financial adviser. The amount of the commission is based on the amount of the mortgage.

Wiremu Patrick is the sole Director of Pihi 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 annually by a professional compliance adviser.

 

Complaints

If you are not satisfied with our financial advice service you can make a complaint by emailing wiremu@pihi.co.nz, or by calling: 021844927

 

When we receive a complaint, we will consider it following our internal complaints process:

• We will consider your complaint and let you know how we intend to resolve it. We may need to contact you to get further information about your complaint.

 

• We aim to resolve complaints within 10 working days of receiving them. If we can’t, we will contact you within that time to let you know we need more time to consider your complaint.

 

• We will contact you by phone or email to let you know whether we can resolve your

complaint and how we propose to do so. If we can’t resolve your complaint, or you aren’t satisfied with the way we propose to do so, you can contact our dispute resolution service, Insurance and Financial Services Ombudsman Scheme

 

Insurance and Financial Services Ombudsman Scheme provides a free, independent dispute resolution service that may help investigate or resolve your complaint, if we haven’t been able to resolve your complaint to your satisfaction. You can contact Insurance and Financial Services Ombudsman Scheme by emailing info@ifso.co.nz, or by calling: 0800 888 202. You can also write to them at:         Insurance & Financial Services Ombudsman Scheme
                            PO Box 10-845
                            Wellington 6143
                            NEW ZEALAND

Duties Information

Pihi 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 behaviour, 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 https://www.fma.govt.nz.

 

 

 

 

Privacy Policy

1. Our commitment to protect your privacy

We understand how important it is to protect your personal information. This document sets out our privacy commitment in respect of personal information we hold about you and what we do with that information.

It is important to us that you are confident that any personal information we hold about you will be treated in a way which ensures protection of your personal information.

Our commitment in respect of personal information is to abide by the Privacy Principles set out in the Privacy Act 2020 (or any successor legislation) (the Privacy Act) and all other applicable laws.  This Privacy Policy applies in addition to, and does not limit, our rights and obligations under the Privacy Act and other applicable laws.

2. Who are we

References in this Privacy Policy to “we", “us” and “our” means Pihi Limited, acting through a Financial Adviser.

3. Your authorisation  

By providing us with personal information, engaging us to provide you with services, or by using our website, you consent to the collection, use, storage and disclosure of personal information in accordance with this Privacy Policy.

4. Changes to our Privacy Policy

We may change our Privacy Policy from time to time, by publishing an updated version on this page, to reflect changes in the law and also our business needs so long as the changes do not disadvantage you.  By continuing to engage us or use our website you will be deemed to have accepted the updated Privacy Policy.

5. What personal information do we collect?

When we refer to personal information we mean information that identifies, or is capable of identifying, you.  This includes, for example, your name, date of birth, address, contact details, account details and occupation.

If you engage us to provide services to you, we may collect personal information about your financial situation or goals in order to recommend mortgage and insurance products that we are permitted to advise on (Products). 

6. Why do we collect your personal information?

We collect your personal information for the purposes of our and relevant third parties’ services and relationship with you (refer to section 9 below: “Who do we disclose your personal information to?”).  For example:

• responding to your requests or inquiries;
• providing services to you (e.g. to enable us to recommend Products to you);
• sending communications and direct marketing to you about products and services we think may be of interest to you (whether through mail, telephone or electronic means (including email and SMS/MMS);
• market research; and
• any other purpose authorised by you or the Privacy Act.

If you do not wish to receive marketing information, you may ‘opt out’ at any time by notifying us. 

We may also collect personal information (including credit information and health information) on behalf of the lenders, insurers and other providers of Products that you choose to apply for (Product Providers).  Product Providers will have their own Privacy Policy that applies to the information that we collect on their behalf.

7. How do we collect your personal information?

Generally we will collect your personal information directly from you. For example, we collect your personal information directly from your use of our website and the information that you submit to the website. We also collect your personal information if you use the “contact us” functionality on our website and you provide the personal information during conversations between you and us.

We may also collect your personal information from:

• NZ Financial Services Group Limited (NZFSG) and its related bodies corporate;
• credit reporting agencies;
• with your authorisation, banks (e.g. through the use of illion Bank Statements) and employers;
• Product Providers (e.g. during the term of any loan or insurance we have arranged on your behalf, in order to answer your queries or assist you with your financial arrangements as your circumstances change).  If applicable, the Product Providers may also periodically disclose your loan balance or premium to us in connection with the payment of ongoing commission to us over the term of your loan or insurance; and
• any other person authorised by you or the Privacy Act.

If you provide any personal information about anyone else to us, you confirm that you have collected that personal information in accordance with the Privacy Act and that the individual concerned has:

• authorised the disclosure to us and the collection, use and disclosure of their personal information by us in accordance with this Privacy Policy; and
• has been informed of their right to access and request correction of their personal information.

8. Updating your personal information

We will generally rely on you to ensure the information we hold about you is accurate. If any of your details change, please let us know as soon as possible by contacting us.

9. Who do we disclose your personal information to?

We may disclose your personal information to the following people if we consider it necessary to do so for the purposes described in section 6 above:

• NZFSG and its related bodies corporate;
• Product Providers and other prospective lenders, third parties or other intermediaries in relation to your finance or insurance requirements (including a prospective lender’s mortgage insurer (if any), any person with whom a lender or insurer proposes to enter into contractual arrangements, any person who provides a guarantee or security and any trustee and any assignee or potential assignee of a lender’s or insurer’s rights);
• our referral partners who can help you with other services;
• contractors or service providers;
• investors, or any entity that has an interest in our business or any entity to whom we consider assigning or transferring any of our rights or obligations or selling all or part of our business;
• anyone who we are legally required or authorised to share your information with, including regulators and government agencies;
• to auditors (such as NZFSG) to ensure we are providing services to you that are in your best interests, and in accordance with current regulations;
• your employer and referees, as well as credit reporting and identity verification agencies; and
• any other person or entity authorised by you or the Privacy Act.

You acknowledge and agree that credit reporting agencies may hold your credit information (including default information) on their systems and use such information to provide their credit reporting services, which may include providing your credit information (including default information) to their customers.

Prior to disclosing any of your personal information to another person or organisation, we will take all reasonable steps to satisfy ourselves that the person or organisation has a commitment to protecting your personal information at least equal to our commitment.

10. Do we disclose your personal information to anyone outside New Zealand?

We may use cloud storage to store the personal information we hold about you. The cloud storage and the IT servers may be located outside New Zealand.

We may also disclose personal information to NZFSG and its related bodies corporate, and third party suppliers and service providers located overseas for some of the purposes listed above.

11. Our Website

Cookies and IP addresses

When you access our website, we may send a “cookie” (which is a small summary file containing a unique ID number) to your computer. This enables us to recognise your computer each time you visit our website. We also use cookies to measure traffic patterns, to determine which areas of our website have been visited, to measure transaction patterns, to analyse trends, administer the website, track users’ movements and gather broad demographic information. We use this to research our users’ habits so that we can improve our website and our service offering. Our cookies may record information such as your Internet Protocol (IP) address (that is, the electronic addresses of computers connected to the internet), your device and browser type, operating system, the pages or features of our site to which you have browsed and the time spent on those pages or features, the frequency with which the site is used by you, the search terms that you have used, the links on our site that a you have clicked on or used, and other usage statistics.

While our cookies do not collect personal information, if you submit your name and email address as part of your usage, then we will link that personal information with the cookies information that we have previously collected from you.

If you do not wish to receive cookies, you can set your browser so that your computer does not accept them.

Security

As our website is linked to the internet, and the internet is inherently insecure, we cannot provide any assurance regarding the security of transmission of information you communicate to us online. We also cannot guarantee that the information you supply will not be intercepted while being transmitted over the internet. Accordingly, any personal information or other information which you transmit to us online is transmitted at your own risk.

Links and third party advertisements

Our website may contain links to other websites operated by third parties. Our website may also display advertisements, which are hosted by third parties.

We make no representations or warranties in relation to the privacy practices of any third party website or advertisement providers and we are not responsible for other privacy policies or the content of any third party website or advertisements. Third party websites are responsible for informing you about their own privacy practices.

Our online advertising network partner may use cookies, web beacons or other web tracking techniques to collect non-personally identifiable information about your activities on the website and other websites that you may visit to provide you targeted advertising based upon your interests.

12. Are you required to provide personal information to us?

You are not required to provide any personal information to us but if you choose not to it might affect our ability to provide services to you and your ability to obtain finance, insurance and other Products from Product Providers.

In most circumstances it will be necessary for us to identify you in order to successfully do business with you.  However, where it is lawful and practicable to do so, we will offer you the opportunity of doing business with us without providing us with personal information, for example, if you make general inquiries about interest rates or current promotional offers.

You may choose to interact with our website anonymously, but we will not be able to contact you unless you provide your personal information.

13. Access and correction to your personal information

You may access and request correction of any of the personal information that we hold about you at any time by contacting us. We may charge a fee for our reasonable costs of retrieving and supplying the information to you.

14. Further information

If you have any questions on our Privacy Policy or your personal information please contact us.

This Privacy Policy was last updated on August 2020.

 

Disclosure statements:

Please request by emailing wiremu@pihi.co.nz