Licensing Information

We are generally able to provide our advice and assistance to you free of charge because most of the lenders we work with pay us a commission if we settle a loan with them.

There are some situations where we may charge a fee:

1. When we provide advice or arrange a new loan (or arrange a change to, or restructure of, an existing loan) that doesn’t attract a commission from the lender, or if that commission is not sufficient for nature or scope of the service and advice we provide. We will discuss and agree any such fee in advance.

2. When we must repay commission to a lender. This occurs if you cancel your loan within a period of up to 28 months of inception. The fee we will charge will be based on the amount of commission Roost must pay back to the lender which reduces on a sliding scale based on the length of time you have had the loan. The closer to the end of the clawback period you are when the loan is repaid, the lower the fee. We will advise you of what this fee will be, as soon as it is known, and in advance of you providing us with your authority to proceed with putting the loan in place.

We receive commissions from most of the providers on whose products we give financial advice (the banks and lenders) when your loan settles.

We also receive referral fees from a number of our referral partners if you settle a product purchase with them.

We don’t think referral fees or commissions are a bad thing (because they mean we are generally able to offer our service and advice to you free of charge) as long as they don’t influence the advice you are given.

We manage potential conflicts by

• Putting your interests before all else.
• Following an advice process that ensures that the advice, recommendations and referrals you receive are made based on sound research, your personal circumstances and goals, and are in your best interests.
• Making you aware of the commissions and referral fees we will receive if you accept our advice, recommendations and referrals.
• Undertaking a compliance audit, and a review of our compliance programme annually.
• Requiring our financial advisers to undergo annual training about how to manage conflicts of interest.

If you are not satisfied with the advice service we provided, you can make a complaint by:

Emailing us at: complaints@roost.co.nz; or
Calling us at: +64 03 441 2227; or
Writing to us at: PO BOX 185, Arrowtown 9302, New Zealand.

After receiving a complaint, we will consider and follow our internal complaints process where we:

• Consider your complaint and let you know how we intend to resolve it. We may or may not contact you for further information about your complaint.
• We will aim to resolve your complaint within 10 working days from when the complaint was received, unless we contact you to let you know we need more time.
• We will contact you via email or phone to inform you whether we can resolve the complaint and how we intend to do so. If we cannot resolve your complaint, or you are not satisfied with the way we propose to do so, you can contact our external Disputes Resolution Scheme (DRS), the Insurance & Financial Services Ombudsman Scheme (IFSO).

The IFSO provides a free, independent dispute resolution service that may help investigate or resolve your complaint if we are unable to resolve your complaint to your satisfaction.

You can contact the IFSO at:
Phone number: 0800 888 202
Email: info@ifso.nz
Postal address: PO Box 10 845, Wellington, New Zealand, 6143

Roost and its advisers have duties under the Financial Markets Conduct Act 2013 relating to the way that we give advice. We have the duty to:

• Prioritise our client’s interests by taking all reasonable steps to ensure our advice isn’t prioritized and materially influenced by our own interests.
• Exercise diligence, care, and skill when providing you with financial advice at all times.
• Meet the standards of competence, knowledge, and skill set out in the Code of Professional Conduct for Financial Advice Services.
• Meet the standards for ethical behaviour, client care set out in 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 www.fma.govt.nz.