Disclosure Statement

Licence Information

Cooper Group Limited (FSP1003095, trading as Cooper) is a financial advice provider (FAP) licenced and regulated by the Financial Markets Authority (FMA) to provide financial advice services. 

Nature & Scope of Advice

We provide advice services about: 

 

Mortgage products 

Personal loan products 

Personal risk insurance 

Kiwisaver/investment advice. 

We can provide mortgage & loan advice from these providers:

AIA Go home loans (formerly Sovereign home loans)  

ANZ Bank   

ASB Bank   

Avanti Finance Limited  

Bank of China  

Basecorp  

Bizcap  

BNZ Bank   

CCB  

CFML (Conrad funds management)  

Cressida Capital  

First Mortgage Trust  

Heartland Bank (Reverse Mortgage)  

ICBC  

Kiwibank  

Liberty  

Pallas Capital

Pepper Money   

Prospa  

SBS Bank  

Simplify   

The Cooperative bank   

TSB Bank Limited  

Unity money  

Westpac  

Xceda Finance 

We can provide personal risk insurance advice from these providers:

Accuro  

AIA  

Asteron Life  

Chubb Life  

Fidelity Life  

NIB (still waiting for agency completion) 

Partners Life 

We can provide KiwiSaver investment advice from these providers:

Always-Ethical Kiwisaver  

Booster  

Fisher Funds  

Generate  

GoalsGetter  

Milford Asset Management  

NZ Funds  

Pathfinder  

SBS Wealth 

We do NOT provide financial advice related to the following:

Estate planning (including wills, enduring power of attorney, trusts, and contracts, of any kind) 

General insurance products (i.e., car, house) 

Fees:

In most cases we don’t charge you any fee for the advice we provide to you. This is because we usually receive commission from the applicable provider. 

There is three exceptions to this which is explained below. We may charge you a one-off fee in the following situation: 

1. No commission:  

If you request that we provide services in relation to a product or service and we do not receive a commission. Any fee would be agreed and authorised by you in writing before we complete the services. The fee would be based upon an estimate of the time needed to provide the advice. 

2. Clawbacks (repayment of mortgage commissions)

If a mortgage is repaid within 28 months of your mortgage settlement, Cooper Mortgages will have to repay some of the 'upfront' commission received. This is known as ‘commission clawback'.  If Cooper Mortgages is charged with a commission clawback due to early settlement of the mortgage arranged for you, then Cooper Mortgages will ask you to repay the commission that has become repayable to the Lender, to a maximum of $3,000.00* (incl GST), as cost recovery for the service provided. *This has been calculated on an average of 12 hours of advice, negotiation, and administration to complete and submit your loan application to the provider, at our hourly rate of $217.50.00 per hour + GST.  

3. Cost recovery only applies if Cooper Mortgages is not given the opportunity to arrange the refinance.   

We may also charge you a fee for the time spent assisting you, if you do not progress with an unconditional home loan approval. 

4. Clawbacks (repayment of insurance commissions):

If you cancel the policy within first two years of its inception we will have to repay some or full of the upfront commission received. This is known as commission clawback. If Cooper Insurance is charged with a commission clawback due to the cancellation of policy then we will ask you to repay the commission that has become repayable to the insurer or maximum of $2,530 (incl GST). This amount is based on an average of 11 hours of professional time (including advice, research, negotiations with providers, preparation of your Statement of Advice, and administration to complete your application) at our hourly rate of $200.00 + GST per hour. 

5. Clawback fee for KiwiSaver Service:

If you choose to close your KiwiSaver account within the first 12 months, we may charge a one-off fee of up to $150 to cover the initial advice and administration costs. 

 

Comissions:

Mortgage Commission: 

 

Upfront commission: Upfront commission on mortgages ranges from 0.55% to 0.9% of the loan value. This is a one-off fee paid out by the winning lender.  

 

Ongoing/Trail commission: Some financial institutions pay an ongoing commission which ranges from 0% to 0.25% P/A until the loan is repaid in full. 

Insurance Commission: 

 

Upfront commission: Upfront commission on insurnace ranges from 25% to 230% of the first-year premiums. This is a one-off payment.

 

Ongoing/Trail commission: Ongoing trail commission which ranges from 5% to 25% until the policy remains in place. 

KiwiSaver Commission: 

 

Upfront commission: Upfront commission on KiwiSaver ranges from $0-$400 as a one-off fee.

 

Ongoing/Trail commission: Ongoing service commission of 0.20%-0.50% per annum of your KiwiSaver Balance. 

 

Conflicts of interest (If any)

We are here for our clients to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also. The advice we provide is based on understanding your goals and circumstances and providing recommendations which are based on research. 

Complaints process & disclosure

Our internal complaints process 

Our internal complaints manager is Michael Cooper who can be reached via email at [email protected] or 020 414 11008. He will reply to you within 2 working days. 

 

Our internal complaints handling process is as follows: 

We will review the complaint and discuss with you how we will resolve it and obtain any additional information if required. 

We aim to resolve any complaints within 5 working days. 

If we cannot resolve the complaint in a manner which is acceptable, then you can contact our free independent dispute resolution service. 

 

Our external complaints process 

If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme – Financial Services Complaints Ltd. This service will cost you nothing, and will help us resolve any complaints. 

You can contact Financial Services Complaints Ltd at:

 

Address: Financial Services Complaints Limited 
Level 4, 101 Lambton Quay 
Wellington 6011 

Phone number: 0800 347 257 
+64 4 472 3725 

Email address: [email protected]

Referral Fees:

We do reward our clients who refer business to us by way of a $250 gift card, when they refer friends and family to us for their mortgage or insurance needs. This is paid out when the referred client moves forward with our advice and settles. 

 

We also receive referral commission from real estate agents for introducing clients who want to sell their homes, property managers for introducing people who want them to manage their homes, and other third-party members depending on the service required by the client. Full disclosure will be made in writing to the client on the nature and purpose of the referral and with the interested party with the commission amount to be received. 

Duties Information:

We am bound by the duties of the Financial Markets Conduct Act 2013 to: 

 

Meet the standards of competence, knowledge and skill and the standards of ethical behaviour, conduct and client care set out in the ‘code of professional conduct for financial advice providers’ 

Give priority to the clients interest 

Exercise care, diligence and skill and meet the standards of ethical behaviour, conduct and client care set out in the code of conduct.