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Traction Financial Services

Public disclosure.

Important information about our business, the financial advice we provide, how we are paid and what to do if you have a complaint.

Our business   /   Our services   /   Our responsibilities

Important information about our business

Traction Financial Services Limited holds a Financial Advice Provider licence issued by the Financial Markets Authority (FMA) to provide financial advice services.

FSP number
FSP1013239
NZBN
9429053876546

Our office contact details

Address
21 Humphreys Drive, Ferrymead

Nature and scope of financial advice services

Our Services

  • Debt management (including borrowing for personal and investment purposes)

Products we can provide financial advice about

  • Mortgage Advice

Product providers we might recommend

  • ANZ
  • ASB
  • BNZ
  • Westpac
  • Cooperative Bank
  • Kiwibank
  • TSB
  • SBS
  • Pepper Money
  • Generate
  • Milford Asset

Our fees

In most cases, Traction Financial Services will not charge the client a fee for our service.

Other costs

Some lenders do not pay us a commission, so in certain cases we may charge a fee for our service. This will be clearly outlined before any proceedings.

Commissions

For services in relation to loan products, commissions may be paid by the product provider as follows:

Initial Commission

A percentage of the value of your loan balance.

Ongoing Commission

A percentage of the value of your outstanding loan amount, usually calculated at the end of each month in which you hold the loan.

Conflicts of interest or other incentives

We are here for our clients and to advise you as best we can. Your interests are our priority although we do have business relationships with product providers also.

From time to time our product providers assist us with funding so we can bring our advisers together for conferences and professional development training.

We are paid a referral fee by our risk insurance partner which is based on a percentage of your insurance premium. This is so we can refer to a trusted professional who specializes purely, instead of offering it in house as part of our service.

Traction Financial Services takes feedback from clients on their experiences with our referral partners seriously, and referral partners are vetted beforehand.

How we manage any conflicts of interest

To ensure our advisers prioritise our clients’ interests:

  • We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances.
  • All our advisers undergo annual training about how to manage conflicts of interest.
  • We maintain registers of conflicts of interest and the gifts and incentives we receive. These registers are monitored regularly, and additional training is provided as required.
  • We undertake an annual independent Compliance Assurance Review.

Our duties and obligations to you

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

  • Meet the standards of competence, knowledge, and skill set out in the Code of Conduct
  • Give priority to the clients’ interest, and
  • Exercise care, diligence and skill, and
  • Meet the standards of ethical behaviour, conduct, and client care set out in the Code of Conduct.

Our internal complaints process

If you have a problem, concern, or complaint about any part of our advice or service, please tell us so that we can fix the problem.

Our internal complaints manager is Patrick Sargisson who can be reached via email at hello@tractionfinancialservices.co.nz or 022 076 0524. Patrick will reply to you within 24 hours.

Our internal complaints handling process is as follows:

  1. Assess complaint & take reasonable time to determine the cause of the complaint.
  2. Contact client to determine a suitable resolution.
  3. Come to a Win/Win agreement with the client where the complaint is understood by all parties & we can move forward with the process.

Our external complaints process

If we cannot agree on how to fix the issue, or if you decide not to use the internal complaints scheme, you can contact our external disputes resolution scheme: Financial Services Complaints Limited (FSCL). This service will cost you nothing, and will help us resolve any complaints.

You can contact Financial Services Complaints Limited (FSCL) at:

Membership
9767
Postal address
PO Box 5967
Wellington 6140
Phone number
0800 347 257

Questions about this information? Email Traction or call 022 076 0524.

You can request a copy of this disclosure at no cost.