Public Disclosure Statement
Licensing information
Financial Advice Provider: Vive Financial Services Limited
Trading As: Vive Financial Advisers, Vive Capital and Vive Mortgages.
FSP Number: FSP761391
Vive Financial Services Limited holds a license issued by the Financial Markets Authority to provide financial advice.
Contact details
You can contact us at:
Vive Financial Advisers
14/1797 Great North Road, Avondale, Auckland 1026
admin@vivenz.co.nz
0211502327 or 0224784182
Nature and scope of advice
Lending Advice
We can provide advice on:
Home loans
Business loans
Property development/ Construction loans
Bridging Loans
Commercial loans
Insurance Advice
We can provide advice on:
Personal Insurance:
Life insurance
Health insurance
Critical illness/ Trauma insurance
Income protection insurance
Mortgage protection insurance
Total and permanent disablement insurance.
Business/ Self-employment insurance:
Key person cover
Sharholder protection cover
Business income protection
Employer group schemes
Our product providers
We use the following product providers to provide financial advice in lending and insurance.
Lending Advice:
ANZ
ASB
BNZ
Westpac
AIA Home Loans
ASAP finance
Avanti Finance
Basecorp
The Co-operative Bank
Cressida Capital
DBR
First Mortgage Trust
Funding Partners
Liberty
Pallas Capital
Pepper Money
Plus Finance
Prospa
SBS Bank
Southern Cross Partners
Unity
Personal and Business Insurance
AIA
Asteron Life
Chubb Life
Fidelity Life
nib NZ
Partners Life
Fees Part 1
Lending & Insurance Advice:
Vive Financial Services Limited is usually paid commission by the Lender or Insurer for implementing your loan/ insurance policy.
However, we may charge a fee in the following circumstances:
Where the lender or insurer does not pay a commission.
Additional work beyond standard services.
The fee will be communicated and disclosed up front so you can make an informed decision before proceeding with advice.
We will invoice you for the fees charged in the scenarios above as it occurs.
The invoice is payable seven days after we send the invoice. Details of how to make payment will be included in the invoice. Flexible payment plans are available on request.
Fees Part 2
Clawback Policy
Clawback Policy
If a mortgage loan is cancelled, refinanced, or repaid early within 27 months of implementation, OR if an insurance policy lapses or is cancelled within 24 months of implementation, Vive Financial Services Limited may be required to repay part or all of the commission received from the lender or insurer.
This is referred to as a clawback.
If a clawback happens, we may charge a fee to cover the time and costs involved in setting up your original loan or insurance policy as a service fee.
Our clawback fees are:
Lending Advice
If a mortgage is repaid within 27 months, we may charge a fee of up to $2,500 (including GST), based on 10 hours of work at $250 per hour.
Insurance Policies (Personal or Business)
If an insurance policy is cancelled or lapses within 24 months, we may charge a fee of up to $2,500 (including GST), based on 10 hours of work at $250 per hour.
When Clawback Fees Will Not Apply
A clawback fee will not be charged in the following circumstances:
You allowed us the chance to arrange replacement finance or insurance, but we were unable to secure approval.
An upfront fee was already paid when the original loan was set up.The loan or policy ended early because of a major, unexpected change in your personal circumstances.
We review this on a case-by-case basis.
We will invoice you at the time the fee applies. Payment is due within seven days of the invoice being sent. Flexible payment plans are available on request.
We will always let you know about any fees before giving you advice so you can decide whether to proceed.
Conflicts of interest, commissions and incentives
Vive Financial Services Limited will receive commissions from the lender or insurer upon settlement of a loan or insurance policy.
The amount of commission is based on:
Lending advice:
Residential Home Loans:
Up to 0.85% of the total lending amount.
We will also receive 0.15% to 0.20% of the loan balance on each anniversary as renewal commission.
Business/ Commercial loans:
Up to 0.55% of the total lending amount.
Insurance advice:
Up to 250% of the first year's policy premiums for all personal & business insurance cover types except medical insurance;
Up to 140% of the first year’s policy premiums for medical insurance only;
We will also receive between 3% to 30% of annual premiums for ongoing servicing.
We take steps to make sure our financial advisers put our clients’ interests first.
Our advice is based on each client’s goals and circumstances, not personal gain.
All advisers complete annual training on identifying and managing conflicts of interest.
We engage a reputable external compliance provider to provide ongoing checks of our advice.
From time to time, we may receive certain non-monetary benefits from product providers.
This could include gratuities such as a bottle of wine at Christmas time, a free calendar, pen or book, the occasional luncheon, drinks after a briefing session, invitations to sporting events, subsidised professional development, discounted training courses or office supplies etc.
Duties information
Vive Financial Services Limited, and anyone who provides financial advice on our behalf, must follow the duties set out in the Financial Markets Conduct Act 2013. These include:
Putting your interests first: taking all reasonable steps to ensure our advice is not influenced by our own interests.
Acting with care, diligence and skill when providing advice.
Meeting competence, knowledge and skill standards set by the Code of Professional Conduct for Financial Advice Services to ensure we have the right expertise to give advice.
Meeting ethical behaviour, conduct and client care standards set by the Code of Professional Conduct for Financial Advice Services to ensure we treat you properly and provide suitable advice.
Complaints handling and disputes resolution
Making a Complaint
If you are unhappy with our financial advice or service, you can make a complaint in any of the following ways:
Email: complaints@vivenz.co.nz
Phone: 021 150 2327
Post: 14/1797 Great North Road, Avondale, Auckland 1026
What happens when you complain
1. We will review your complaint using our internal complaints process.
2. We may contact you for more details if we need extra information.
3. We aim to resolve complaints within 10 working days. If we need more time, we will let you know and give you an expected timeframe.
4. We will contact you by phone or email to explain the outcome and how we plan to resolve your complaint.
If we can’t resolve your complaint
If you are not happy with our response, you can contact our external dispute resolution scheme, Financial Services Complaints Limited (FSCL).
FSCL is free and independent, and they may be able to investigate or resolve your complaint.
Email: complaints@fscl.co.nz
Phone: 0800 347 257
Post: PO Box 5967, Wellington 6145
Website: www.fscl.org.nz
Our Reliability history
A reliability event is something that may materially influence your decision on seeking advice from Vive Financial Advisers or our advisers . Some examples of reliability events:
legal proceedings against Vive Financial Advisers or their adviser/s
If Vive Financial Advisers or their adviser/s have been bankrupt in the last four years.
Neither Vive Financial Advisers nor any of our advisers have been subject to a reliability event.
