Disclosure Statement

Licensing information
 

Penguin Financial Services Limited, FSP Number 710951, holds a licence issued by the Financial Markets Authority to provide financial advice.
 

CONTACT DETAILS
 

Penguin Financial Services Limited is the Financial Advice Provider.

You can contact us at:
 

Name: Udita Sood

Phone: 021 0250 7297

Email: udita@penguinfinance.co.nz

Address: 147 Tiriwa Drive, Massey, Auckland 0614

Nature and scope of advice

Penguin Financial Services Limited advisers provide advice about:
 

  • Home Loans, Business & Commercial Loans, Personal loans.

  • Personal insurance (risk), including health insurance 
     

We provide advice in relation to the following Mortgage products:
 

  • Home Loan, construction loan, top up loan for home renovations or debt consolidations, business loan, commercial loan, refinance, Mortgage refix and restructure, Personal loan
     

We provide advice in relation to mortgage products provided by the following companies:
 

  • ANZ Bank

  • ASB Bank

  • BNZ Bank

  • Westpac Bank

  • SBS Bank

  • Co-operative Bank

  • AIA Go Home loans 

  • Heartland Bank

  • Bluestone Mortgages NZ 

  • Resimac

  • NZCU Baywide

  • Liberty Finance 

  • Avanti Finance

  • First Mortgage trust

  • Prospa

  • DBR
     

We provide advice in relation to the following Insurance products:
 

  • Life cover, Trauma cover, Total and Permanent Disability, Income Protection, Mortgage Cover, Health Cover, Personal Risk Insurances, Business Risk Insurances.
     

We provide advice in relation to Insurance products provided by the following companies:
 

  • NIB 

  • Fidelity Life 

  • AIA 

  • Partners Life 

  • Cigna
     

Fees and expenses
 

Service fee 
 

Penguin Financial Services Limited may charge a fee for financial advice provided to a client if the client cancels a life or health insurance policy within two years of inception. Fee may be charged for financial advice provided to the client if the loan is repaid either in part or full before 28 months of drawdown. Whether a fee will be charged, and the amount of the fee will be advised when the advice is provided. This fee will be payable by the client by the 20th of the following month.
 

Conflicts of interest
 

For Mortgage, Penguin Financial Services Limited and the financial adviser receive commissions from the Banks and financial institutions whose products we can recommend. If you decide to take out mortgage that we recommend, the banks and financial institutions will pay a commission to Penguin Financial Services Limited and/or the adviser who provides your advice. The amount of the commission is based on the amount of borrowing from financial institutions; specific commissions will be advised to you when advice is provided.
 

For life insurance and health insurance, Penguin Financial Services Limited and the financial adviser receive commissions from the insurance companies whose policies we can recommend. If you decide to take out insurance that we recommend, the insurer will pay a commission to Penguin Financial Services Limited and/or the adviser who provides your advice. The amount of the commission is based on the amount of premium associated with your cover; specific commissions will be advised to you when advice is provided.

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 and to manage the potential conflicts of interest as disclosed above, all Penguin Financial Services Limited advisers follow an advice process that ensures personalised recommendations are made based on the client’s goals and circumstances, as advised by the client. Penguin Financial Services Limited financial advisers complete regular training, including how to manage conflicts of interest. Each adviser has a regular compliance review of their advice process and our compliance programme is reviewed annually by our external compliance adviser.

 

Disputes and complaints
 

If you are not satisfied with our financial advice service, you can make a complaint by emailing udita@penguinfinance.co.nz or by calling 02102507297. You can also write to us at 147 Tiriwa Drive, Massey, Auckland 0614. When we receive a complaint, we will consider it using 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 the Insurance and Financial Services Ombudsman. IFSO 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 IFSO by email on info@ifso.nz, by phone on 0800 888 202 or by post at PO Box 845, Wellington 6143.

 

Duties information
 

Penguin Financial Services Limited, and anyone who gives financial advice on our 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 (431K)
 

• exercise care, diligence, and skill in providing you with advice (431L)
 

• 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) (431I
 

• 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.

A PDF version of this disclosure statement is available to download here