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Financial Advice Provider Disclosure

DISCLOSURE

Diamond Financials Limited FSP 1009405

This document provides important general information about Diamond Financials Limited. It sets out our licensing, the scope of the financial advice we provide, our fees, the commissions and referral fees we receive, how we manage conflicts of interest, and what to do if you have a complaint.

01Our Licence

Diamond Financials Limited is a Financial Advice Provider licensed by the Financial Markets Authority (FMA) to provide financial advice services. Our Financial Service Provider (FSP) number is 1009405.

02Our Contact Details

Company
Diamond Financials Limited
Address
32A Elliot Street, Papakura, Auckland 2110
Phone
0800 23 13 13
Email
info@diamondfinancials.co.nz

03Nature and Scope of Our Financial Advice Services

We provide financial advice on the following products:

1. Mortgages and Lending

Products
Residential mortgages Commercial lending Business lending Construction loans
Lenders we may recommend include
ANZ, ASAP Finance Limited, ASB, Avanti Finance, Basecorp Finance, BIZCAP, BNZ, CFML, Cressida Capital, DBR, Finbase, First Mortgage Trust, Funding Partners, General Finance, Heartland Bank, Kiwibank, Liberty Financial, Midlands Funds Management, Oxford Finance, Pallas Capital, Pepper Money, Prospa, SBS, Southern Cross, The Co-operative Bank, TSB, Unity, Westpac.

Note: The list of lenders may change from time to time.

2. Personal Risk Insurance

Products
Life Insurance Trauma Cover Total & Permanent Disability Insurance Income Protection Mortgage Protection Health Insurance
Insurers we may recommend include
AIA, Chubb Life, Fidelity Life, nib.

Note: The list of insurers may change from time to time.

3. Vehicle and Asset Finance (Referral Only)

We do not provide financial advice on vehicle or asset finance. Where a client needs a car loan or other asset finance, we refer them to an asset finance company. We receive a referral fee from these companies for referrals that proceed. You are under no obligation to use any provider we refer you to.

04Products We Do Not Advise On

We do not provide financial advice on KiwiSaver. We also do not advise on investments, superannuation schemes, or fire and general insurance. If you need advice in these areas, we can refer you to an appropriately licensed adviser.

05Our Fees

Fee for Financial Advice

In most cases we are paid by commission from the lender or insurer, and you will not pay us a fee for our advice. Where a fee does apply, our fee structure is $3,000 for 10 hours of service, calculated at an hourly rate of $300 per hour.

If you engage our services and we obtain a conditional approval for you, or we have invested significant time and effort on your application, but you then choose to proceed with another mortgage adviser or settle your loan directly with the lender, we reserve the right to charge a fee of up to $3,000 for the services and time we have dedicated to your application.

If any additional costs arise during the advisory process, we will inform you in advance and seek your approval before incurring them.

Mortgage Commission Clawback

Diamond Financials Limited may receive a commission from the lender if you choose to follow our advice and proceed with a loan.

If you cancel or refinance your mortgage within 27 months of settlement, Diamond Financials Limited reserves the right to charge a fee for the financial advice provided.

If the lender claws back any commission paid to Diamond Financials Limited because the loan is repaid, refinanced, or materially reduced within the clawback period, you will be charged a fee equal to the amount of commission clawed back by the lender.

Insurance Commission Clawback

If you cancel or close a life, disability, or health insurance policy within 24 months from the commencement date of the policy, the insurance provider may claw back some or all of the commission initially paid to Diamond Financials Limited.

If the provider claws back any commission because the policy is cancelled or materially reduced within the clawback period, you will be charged a one-off fee equal to the amount of the commission clawed back.

06Commissions and Other Incentives

Mortgage Commissions

Where you proceed with our advice, we may receive commission from the lender on settlement of your mortgage. These commissions typically range between:

  • 0.55% – 0.90% of the initial mortgage balance funded (upfront); and
  • 0.15% – 0.20% per annum of the outstanding loan balance (trail commission), paid on each anniversary of the loan.

Insurance Commissions

We may receive commission from the insurance provider when your policy is placed. These commissions typically range between:

  • 0% – 230% of the annual policy premium (upfront); and
  • 0% – 10% of the annual premium each year when the policy renews (trail commission).

Referral Fees

We receive a referral fee from asset finance companies when we refer a client to them for a car loan or other asset finance and that referral proceeds.

We may also receive referrals from real estate agents and other professionals, and we may refer you to third parties for fire and general insurance or other related services. In some cases we may pay or receive a referral fee in connection with these referrals.

07Conflicts of Interest or Other Incentives

We are here to act in the best interests of our clients. While we maintain professional relationships with product providers, your interests remain our priority. From time to time:

  • Product providers may contribute to conferences and professional development training for our advisers.
  • Product providers may provide us with hospitality, gifts, or other incentives.
  • We may pay or receive referral fees, as described above.

08How We Manage Conflicts of Interest

To ensure our advisers prioritise our clients' interests:

  • We follow a structured advice process that ensures our recommendations are suitable for our clients' goals and circumstances.
  • All advisers undergo regular training on managing conflicts of interest.
  • We maintain registers of conflicts of interest and of gifts or incentives received.
  • These registers are monitored and reviewed regularly.
  • We undertake an independent Compliance Assurance Review annually.

09Our Duties and Obligations to You

We are bound by the duties of the Financial Markets Conduct Act 2013 (sections 431I, 431K, 431L and 431M) to:

  • Meet the standards of competence, knowledge and skill set out in the Code of Professional Conduct for Financial Advice Services.
  • Give priority to the client's interests.
  • Exercise care, diligence and skill.
  • Meet the standards of ethical behaviour, conduct and client care set out in the Code of Conduct.

10Our Duty of Care

Diamond Financials has established the following principles to guide our financial advisers and authorised bodies when working with clients:

Our goal is always to get the best result for our clients. As financial advisers we put our clients' needs first. We will always act honestly, with good intentions, and in a way we believe is best for our clients.

Our relationship with clients is based on trust. It is very important that our clients trust our services. We will always be discreet and use our expertise to benefit our clients.

We follow the rules set by the industry's Code of Conduct. As financial advisers we must meet the professional and ethical standards required by the Financial Markets Conduct Act 2013 (FMCA), the Financial Services Legislation Amendment Act 2019 (FSLAA), and any rules made under these laws.

We always treat our clients fairly. We will treat our clients with respect and fairness, without bias, no matter what factors may arise.

We advise only within our licence. We will only give advice on financial products and services we are qualified for, permitted to offer under our licence, and have agreed on with the client.

11How to Make a Complaint

If you have a problem, concern, or complaint about any part of our advice or service, please let us know so we can try to resolve the issue.

Our Internal Complaints Process

Complaints Manager
Harjeet Singh
Email
harjeet@diamondfinancials.co.nz
Phone
0800 23 13 13
  • Send your complaint to harjeet@diamondfinancials.co.nz.
  • We will acknowledge receipt of your complaint within 2 working days.
  • We will gather the information we need and aim to resolve your complaint within 10 working days. If we need more time, we will let you know.

Our External Complaints Process

If we cannot resolve your complaint internally, or you are not satisfied with the outcome, you can contact our external dispute resolution scheme. This service is free of charge and will help investigate or resolve the complaint.

Scheme
Financial Services Complaints Limited (FSCL)
Address
PO Box 5967, Wellington 6140
Phone
0800 347 257
Email
complaints@fscl.org.nz

For further enquiries, please feel free to reach out using the contact details at the top of this document.