Disclosure Statement

This Disclosure Statement provides you with important information about the financial advice services provided by GM Financial Advisors Limited (‘GM Finance, ‘we’, ‘us’ and “our”). This Disclosure Statement was prepared on 23rd May 2024.  

About Us 

GM Financial Advisors Limited holds a Full License & is registered with the Financial Markets Authority Name of Financial Advice Provider: 

GM Financial Advisors Limited Trading as: GM Finance 

FSPR Number: FSP1007170

Address: 11 Johnny Bro Place, Rotouna North, Hamilton 3210

Phone: 021 321 893  

Email: [email protected]

Website: www.gmfinance.nz  

Licensing Information 

We operate under a Full License issued by the Financial Markets Authority in the name of: Spring Loans Limited to provide a financial advice service.  FSP Number: 1007170

Nature and scope of advice: 

The information below will help you understand what type of advice will be provided.  Services we provide Spring will help you choose a loan that is suitable for your purpose from a panel of lenders (see below). Once we have chosen a lender and loan terms that are suitable for you, we will help you to obtain an approval.  Banks and lenders we use We source loans from a panel of approved lenders. The current lenders we can use are:  

Banks and Lenders we use.

We source loans from a panel of lenders. The current lenders we can use are:

Products we can help you with

The types of financial advice products we can give advice on are:

• Housing Loans
• Business Loans
• Commercial Loans
• Asset Finance

Fees and expenses

Generally, we won’t charge you any fees for the financial advice we provide to you. This is possible because, on settlement of a loan, we usually receive commission from the lender [which is explained in the commission section of this Disclosure Guide]. Any exceptions to this general position are explained below. If these exceptions apply to you, we will let you know.

One-off fees

We may charge you a one-off fee if the following occurs:

1. When we don’t receive commission from the lender: If you request that we provide financial advice and we do not receive a commission from the lender, We may charge you a one-off fee. Any such fee would be agreed and authorized 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 lender that we do not hold an accreditation with, or a product that is outside our usual arrangements with my approved lenders.

1. When we have to repay commission to the lender: In the event that, in the 28-month period following drawdown of your loan, your loan is fully or partially repaid or the terms materially changed, and a lender requires that we repay the applicable commission to them, we may charge you a one-off fee. Any such fee would be no more than $2,500 (plus GST, if any) and would be

calculated based on a rate of $250 (plus GST, if any) per hour of our time spent providing financial advice to you in connection with the applicable loan. The fee we charge you will not exceed the amount of commission we have to repay to the lender.

You will be invoiced for any one-off fee and will be given 30 days to make payment.

Commissions & Incentives

On settlement of a loan, we usually receive a commission payment from the applicable lender. The commission is generally of an upfront commission payment, but we may also receive an ongoing trail commission payment. The upfront commission is calculated as a percentage of the loan at drawdown. A trail commission is calculated as a percentage of the loan outstanding at the relevant time We may also receive a fixed rate roll over fee from the applicable lender if we assist in refixing your loan. The maximum percentage that each lender uses to calculate upfront and trail commissions, and the maximum fixed rate roll over fees (refix fees), are set out in the table below. If there are any variations to these percentages or other commission payments that may apply, specific to your loan application, we will disclose this to you as part of my advice process.

We may also receive a referral fee or commission payment if we refer you to our referral partners listed above. We will give you more information about how that referral fee or commission is calculated, before proceeding

From time to time, we may receive incentives or rewards from lenders. For example, they may provide us with gifts, tickets to events or other incentives.

We manage the conflicts of interest arising from these commission payments by:

• Following an advice process that ensures we understand your needs and goals so that we always recommend the best product for you regardless of the type and amount of commission we will receive.
• Ensuring the amount of any loan is in accordance with your identified needs.
• Providing you with the table below showing commission rates and types by lender.
• Undertaking regular training on how to manage conflicts of interest.

Privacy policy

We will collect personal information about you in accordance with our Privacy Policy. We regard client confidentiality as of paramount importance. We will not disclose any confidential information obtained from or about you to any other person, except in accordance with our Privacy Policy. The electronic platform we use to store your personal information is secure and run on Amazon Web Services. 

Conflicts of Interest

If there are any conflicts of interest apart from commission that could potentially influence the advice that we give, these will be shown in your Financial Adviser’s Disclosure Guide.

If there are conflicts of interest that relate to the FAP and the service it provides, these should be disclosed here.

Complaints and Dispute Resolution

If you have a complaint about our service you need to tell us about it. You can contact our internal complaints service by phoning or emailing us (contact details are shown on this website) with the heading Complaint – (Your Name). Please set out the nature of your complaint, and the resolution you are seeking. We aim to acknowledge receipt of this within 24 hours. We will then record your complaint in our Complaints Register and notify our License Holder. We may want to meet with you to better understand your issues.

We will then investigate your complaint and provide a response to you within 7 working days of

receiving your complaint. If we need more time to investigate your complaint, we’ll 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 Limited [email protected]

0800 347 257

Our duties

Anyone within our business giving advice is bound by and supports the duties set out in the Financial Markets Conduct Act 2013. These duties are:

• Meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services (Code).
• Give priority to our client’s interests.
  
• Exercise care, diligence, and skill.

Availability of Information

This information can be provided in hardcopy upon your request.