Disclosure

Licence and status conditions

Staircase Financial Management Limited (Staircase) FSP666491 holds a Financial Advice Provider licence issued by the Financial Markets Authority (FMA).

Our financial advisers are either engaged by us directly, or through an authorised body named on our financial advice provider licence, to provide financial advice on our behalf.

Insure Me Limited (FSP691891) is an Authorised Body under the Financial Advice Provider licence held by Staircase Financial Management Limited.

Nature and scope of our financial advice services

Staircase help our clients with their lending and mortgage needs, and their personal risk insurance covers. The types of financial products we can help you with include the following:

We work with the following product providers:

Fees and expenses

Staircase do not typically charge our clients any fees, expenses or other amounts for financial advice. Instead, our services are paid for through the commissions we receive from product providers we engage with; to assist you in obtaining finance from, and from the insurers whose policies we help you take out.

The following circumstances are the main exceptions to our no fees policy: 

• A conditional or unconditional approval is obtained by Staircase and the applicant(s) withdraw their application for any reason
• If you repay/refinance your loan either in part or in full before 27 months of draw down date and part or full amount of brokerage is clawed back by the bank.
• You cancel a personal risk insurance policy within two years of cover commencing.

An indication of such a cancellation fee amount will be advised at the time our advice is provided to you. 

Conflicts of interest and incentives

Staircase receives commissions from the relevant product provider on whose products our financial advisers give financial advice. In lieu of you paying us a fee for our advice service, the relevant provider will pay a commission to Staircase. This commission is only paid to us if you decide to take out insurance or a mortgage. The amount of commission is based on the amount of the premium or mortgage. More specific detail is provided at the time our advice is given.  From time to time, product providers may also reward us for the overall business we provide to them.  They may give us tickets to sports events, hampers, or other incentives. 

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 maintain registers of conflicts of interests, and a record of the gifts and incentives we receive. Staircase monitors these registers and provides additional training where necessary.  

Complaints handling and dispute resolution

We’re committed to making sure our products and services meet your expectations.

We understand that things don’t always go to plan and there may be times when you feel we’ve let you down. If this happens, we want you to tell us. We’ll do our best to put things right as soon as possible or explain something we could have made clearer.

What you can expect to happen

Step 1: Let us know what your concerns are.

Contact us on 09 966 5560, email complaints@staircase.co.nz, or write to us (address to: Complaints Manager – Staircase Financial Management Limited, PO Box 1790, Shortland Street, Auckland 1140). We will acknowledge your complaint within five business days of receiving it.

Step 2: If we are unable to come to a resolution together, you will be referred to our Complaints Manager. Our aim is to investigate and resolve your complaint within two weeks. If this is not possible, we will advise you of progress within 10 business days.

Step 3: If after working with the Complaints Manager, we have not been able to make it right, we will advise you in writing.  If you are not happy with the outcome of your complaint, you can choose to refer the matter to our external disputes resolution scheme, the Financial Dispute Resolution Service (FDRS).

FDRS helps resolve complaints between consumers and their financial service providers. It is a free, independent dispute resolution service that will carry out an impartial investigation.  Find out more about the FDRS and how to make a complaint by visiting https://fdrs.org.nz/complaints/ or by emailing enquiries@fdrs.org.nz.

Our duties

Staircase, and anyone who gives financial advice on its behalf, has 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); and
• meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services.

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.