Disclosure Statement Panda Mortgages South Island Limited  trading as Lumen Financial.

This document sets out the information that our business is required to make publicly available in accordance with the Financial Markets Conduct Regulations 2014 to help you 

Company Name: Panda Mortgages South Island Limited Trading as Lumen Financial  

FSP Number: 763672  

Phone Number” 0800 10 10 60  

Email: info@lumenfinancial.co.nz  

Licensing information  

We operate as an Authorised Body under a Financial Advice Provider licence issued by the Financial Markets Authority in the name of NZ Financial Services Group Limited (NZFSG) (FSP286965)  

There are no conditions attached to this licence on the advice that may be given.  

Our Duties  

 Panda Mortgages South Island / Lumen Financial and anyone who gives financial advice on our  behalf, have duties under the Financial Markets Conduct Act 2013.  

These duties are to:  

• Meet the standards of competence, knowledge, and skill and the standards of ethical behaviour,  conduct, and client care set out in the Code of Professional Conduct for Financial Advice Providers.  • Give priority to your interests  

• Exercise care, diligence and skill  

Our Products and Product Providers  

We provide advice to our clients about home loan products.  

We provide advice about products from certain providers.  

For lenders we work with: AIA Go Home Loan, ANZ, ASB, ASAP Finance Limited, Avanti  

Finance, Bank of China, Basecorp Finance, BIZCAP, BNZ, CFML, China Construction Bank (New Zealand  Limited), Cressida Capital, DBR, Finbase, First Mortgage Trust, General Finance, Heartland Bank, Kiwibank,  Liberty Financial Limited, Midlands Funds Management, Pallas Capital, Pepper Money, PROSPA, SBS Bank,  The Co-operative bank.  

The specific product types and product providers each adviser can give advice on will be disclosed at an adviser level in their individual Disclosure Guide. Our advisers will provide their individual  Disclosure Guide to you when you engage them, or you can request a copy from them at any time. 

Fees and Expenses  

Generally we won’t charge you any fees for the advice that we provide to you. This is possible  because, if you act on the advice given, we usually receive commission from the applicable product  provider on settlement of a mortgage. There are some exceptions to this general position which are  explained below.  

We may charge you a one-off fee in the following situations:  

 (a) No Commission: If you request that we provide services in relation to a product service and we do not  receive commission. Any such fee would be agreed and authorised by you in writing before we complete  the services, and would be based on an estimate of the time spent providing advice.    

This may arise in the rare event that you request that we provide Services in relation to either  a product that is offered by a provider that we do not hold an accreditation with, or a product that is  outside our usual arrangements with our service providers.  

(b) Repayment of commission: If a product or service provider requires that we repay commission  commission within 28 months of settlement of your mortgage. Any such fee would be no more than $3,000  (plus GST if any) and would be calculated based on a rate of $250 (plus GST if any) per hour of the financial  adviser’s time spent providing services to you in connection with the applicable mortgage. The fee charged  will not exceed the amount of commission clawed back from the lender.    

(c) We may also charge an hourly fee for our services should you not continue with a pre-approval, or allow  the preapproval to lapse without renewal. This may be charged at a rate of up to $250 per hour (plus  GST, if any), capped at $3,000 (plus GST, if any) for up to 12 hours work.  

Should we need to charge you a fee, you will be invoiced and will be given 30 days to make payment.  

Commissions and other incentives  

If you proceed with a product on the basis of financial advice given by your adviser, the  adviser, adviser business, and/or the licensee usually receives commission on settlement of a loan. We may  also receive commission payments or referral fees for business related to other business.    

The types of payments that may be received include:  

Upfront commission (calculated as a percentage of the first year's premium (in the case of  insurance products) or a percentage of the loan at drawdown (in the case of a loan)).   Renewal or trail commission calculated as a percentage of the premium paid for each year the  policy is in force (in the case of insurance products) or a percentage of the loan outstanding at the  relevant time (in the case of a loan)).  

Fixed rate roll over fee (from some product providers if we assist in refixing your loan). 

Referral fees.  

Other incentives or rewards, for example gifts or tickets to events.  

Further information about the commissions and incentives that are relevant to the advice you may receive,  including the maximum percentages used to calculate the commissions, will be given to you by your  Financial Adviser. 

This commission is used to remunerate the financial adviser that provides the advice, and to pay the  expenses associated with running our business including any rent, staff costs and IT resources. From this  commission we also pay NZ Financial Services Group Limited for services they provide to us in connection  with our authorisation under their licence from the Financial Markets Authority.  

Conflicts of Interest  

We may attend events hosted by industry associations, product providers, and NZFSG, at which product  providers discuss and provide information about their products. We manage this potential conflict of  interest by ensuring we follow an advice process that ensures we prioritise your interests and recommend  products that are suitable for you regardless of the information received at such events.  

We take steps to ensure that the conflicts of interest, including receipt of commissions or other incentives,  does not influence the advice we give to you and that our advisers prioritise your interests by  recommending the best product for your purpose regardless of the type and amount of commission we or  they may receive.  

We do this by:  

● Ensuring our advisers follow an advice process that ensures they understand your needs and goals and  that their recommendations meet those needs and goals.  

● Ensuring our advisers receive regular training on how to manage conflicts of interest.  ● Providing you with a schedule showing commission amounts and types by product provider. This  schedule is contained within each Financial Adviser’s personalised Disclosure Guide. A Financial Adviser will  provide you with more information about commissions during the advice process.  

If there are any conflicts of interest apart from commission that could potentially influence the advice that  we give, these will be shown in your Financial Adviser’s Disclosure Guide.  

Complaints  

If you have a complaint about our service you need to tell us about it. You can contact our internal  complaints service by phoning us on 0800 10 10 60 or emailing us at info@lumenfinancial.co.nz with the  heading Complaint - (Your Name).  

Please set out the nature of your complaint, and the resolution you are seeking. We will acknowledge  receipt of this within 24 hours. We will then record your complaint in our Complaints Register and notify our  Licence Holder. We may want to meet with you to better understand your issues. We will then investigate  your complaint and provide a response to you within 7 working days of receiving your complaint. If we  need more time to investigate your complaint, we’ll let you know.  

If we cannot agree on a resolution you can refer your complaint to our external dispute resolution service.  This service is free and independent and will assist you to resolve things with us.  

Details of this service are:  

Financial Services Complaints Limited (FSCL)  
Phone: 0800 347 257  
Email: complaints@fscl.org.nz

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