Important Information

Prosper Group Ltd (FSP81063) holds a licence issued by the Financial Markets Authority to provide financial advice. Onion Financial Services Ltd (FSP775014, trading as Onion Home Loans) is authorised by that licence to provide financial advice.

Our obligation to our clients is to ensure you are fully informed and have access to all relevant information about us. Please refer to our Financial Advice disclosure as follows:

Financial Advice – Disclosure

The information provided in this disclosure document is important

Licence status and conditions

Onion Financial Services Limited (FSP775014), trading as Onion Home Loans holds a licence issued by the Financial Markets Authority (FMA) to provide financial advice.

Nature and scope of the financial advice given

Onion Financial Services Limited provides advice to our clients about their residential and investment mortgage requirements. We refer our clients life and health insurances requirements to specialist advisers in this field outside of our business.

We provide financial advice about products from a large range of providers including registered NZ banks and non-bank lenders.

We do not provide advice on investment planning or products.

Any financial advice provided on our behalf will take account only of the information you have given us about your particular needs, financial situation or goals.

No fees, expenses or other amounts payable for our financial advice

We do not typically charge any fees, expenses or any other amounts for financial advice given to you. If a fee for our service is necessary, this will be disclosed to you and agreed prior to issuing our Scope of Engagement.

Conflicts of interest and commissions or other incentives

For mortgage products, Onion Home Loans Limited and the financial adviser receive commission from the banks and/or lenders from which we give advice on their products. If you decide to settle the lending recommended, the bank / lender will pay a commission to Onion Financial Services Limited and your financial adviser. The amount of the commission is based on the amount of the loan settled.

To ensure that our financial advisers prioritise the client’s interest above their own, we follow an advice process that ensures our recommendations are made on the basis of the client’s goals and circumstances. All our financial advisers undergo annual training about how to manage conflicts of interest. We undertake a compliance audit, and a review of our compliance programme annually by a reputable compliance consultancy firm.

Internal complaints process

If you have a problem, concern, or complaint about any part of the financial advice you have received from us, you may contact us using any of the following means:

  -  in writing:

              Complaints Officer

              Onion Financial Services Limited

              20 Monyash Road

              Manly

              Auckland 0930

  -  by telephone: 021 738 009

  -  by email: [email protected]

When we receive a complaint, we will consider it following 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 5 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 Insurance and Financial Services Ombudsman.

Dispute resolution process

If our internal complaints process does not resolve your complaint to your satisfaction, you can contact our external independent dispute resolution scheme. This service is free and may help investigate or resolve the complaint.

We are a member of the Financial Disputes Resolution Service approved dispute resolution scheme. You can contact the Financial Disputes Resolution Service at:

    Financial Disputes Resolution Service

    Level 4, 142 Lambton Quay

    Wellington Central

    Wellington 6011

    Telephone: 0508 337 337 (or if calling from outside New Zealand, call +64 4 910 9952)

    Postal: P O Box 2272, Wellington 6140

    Email: [email protected]

    Website: http://www.fdrs.nz

Our duties

Onion Financial Services Limited, and anyone who gives financial advice on our behalf, have 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
  • exercise care, diligence, and skill in providing you with advice
  • 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)
  • 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.

The Code of Conduct standards can be read here: https://www.fma.govt.nz/assets/assets/code-of-professional-conduct-for-f....

Contact Details

Onion Financial Services Limited (FSP775014), trading as Onion Home Loans and Insurances is the Licensed Financial Advice Provider.

You can contact us at:

Onion Financial Services Limited

20 Monyash Road

Manly

Auckland 0930

Phone number: 021 738 009

Email: [email protected]

Web address: https://onionhomeloans.co.nz/