Disclosure Statement (PDF)


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PAA MORTGAGE / RISK ADVISOR'S PERSONAL DISCLOSURE STATEMENT Name of Advisor: Kaushik Gorasia Name of Firm: Life-N-Loans Limited Address: 153B Bucklands Beach Rd, Bucklands Beach, Auckland Tel No: 09 5334000 Email Address: [email protected] Client's Name:

NATURE OF BUSINESS 1. I am a practising Professional Advisors Association (PAA) mortgage & risk advisor/ broker, arranging home loan facilities, providing risk protection solutions for clients. I have access to the following loan facilities: Lender: ANZ, ASB, LIBERTY FINANCIAL, NBNZ, SOVEREIGN HOME LOANS, WESTPAC, NEW ZEALAND FINANCE, GENERAL FINANCE, PSIS AND OTHERS. Operated as mortgage advisor/ broker since: April, 2006 2. Generally I hold broker agreements directly with lenders I direct business to and/or am a member/franchisee/ representative of an aggregator/franchisor/company or firm (listed below) which holds such agreement. Name of Group: APFS Ltd Address: APFS Wholesale Ltd

P O Box 38762 Howick Auckland

Tel: 09 5334000 Fax: 09 5334005 Email: [email protected]

P O Box 82080 Highland Park Auckland - 2143

PERSONAL HISTORY 3. I have the following relevant experience: o

Qualifications – B.Com ANZIIF; Introduction to Underwriting, Life Underwriting. Studying towards National Certificate in Financial Services – Level 5 (Registration as an Authorised Financial Adviser)

o

Relevant Experience – More than 9 years of experience in the New Zealand finance industry

o

Membership of relevant professional body – PAA, TNP

o

Other Awards – Various sales awards.

MEMBERSHIP OF INDUSTRY ASSOCIATION 5. I hold a current practicing certificate with the PAA and my business complies with the Association's Code of Ethics. A copy of the Code of Ethics is available from www.paa.co.nz. The PAA has a no cost formal complaints process for the protection of clients. A copy of the complaints procedure and reasons to make a complaint are available on the PAA website - www.paa.co.nz. Complaints must be made in writing to; The Chief Executive Officer PAA P.O.Box 38105 Wellington www.paa.co.nz

PROFESSIONAL INDEMNITY INSURANCE 6. For your protection, I have Professional indemnity Insurance Policy of underwritten by Vero Liability Insurance Ltd for $2 million. This insurance policy protection from financial loss due to fraud, gross negligence, gross misrepresentation, etc, (where claims are proven).

REMUNERATION * 7. In the normal course of business, I receive commission from the lenders that I place client's home loans with. This is confirmed by the Authority & Declaration signed by my client(s) on the PAA application form or loan application form*. A copy is presented at the time of application and includes the words: I understand that the advisor/ broker does not charge me for these services (unless specifically negotiated in advance), but receives a commission from the lender providing the loan.

Tel: 09 5334000 Fax: 09 5334005 Email: [email protected]

P O Box 82080 Highland Park Auckland - 2143

I may charge a one off fee for work completed for clients which does not attract a broker payment from the lender or is in addition to the broker commission. This charge, if applied, will be agreed in advance with you before any work is started. I may also receive a commission for the placement of insurance products for my client(s) (Fire & General, Personal Risk), either directly (if an agency is held) or indirectly if a referral is made to a specialist insurance adviser. Similarly, I may make payments to those who refer clients to me. Such payments are made solely at my discretion and are in no way detrimental to my clients.

PRIVACY ACT 8. All discussions and information shared with me are subject to the Privacy Act 1993. You are entitled to access to and information from your file upon request. A detailed description of the authorised use of the information you supply is covered in the Authority & Declaration you sign with each application you make with me.

OTHER MATTERS REQUIRING CLARIFICATION/RECOMMENDATION. 9. Legal and Accounting issues any discussions on legal and accounting issues do not replace advice from professionally qualified specialist advisers (solicitors and accountants). I strongly recommend that you obtain such independent and specialist advice. 10. Professional Risk Insurance Clients should review their personal risk insurance requirements. Making a financial application in no way implies that such a review has been applied for with me and specialist advice should be obtained.

RISK PROTECTION & INSURANCES Our preferred suppliers I hold relationships with a number of quality financial institutions. In particular I have contractual agreements with each of the following       

AIA Fidelity Life Onepath Ltd Sovereign Assurance Company Limited Asteron Southern Cross Healthcare Partner’s Life

These relations give me access to a number of products. These products include insurance products such as life, trauma and income protection insurance and health insurance.

Tel: 09 5334000 Fax: 09 5334005 Email: [email protected]

P O Box 82080 Highland Park Auckland - 2143

Background & Experience My main area of business is Mortgages, Insurances, Car and Personal Finance. I am accredited to PAA (Professional Advisers Association) and are under the aggregation group, The National Partnership. I, Kaushik Gorasia, work as the risk and mortgage consultant for the business. I have more than 9 yrs of experience in the insurance industry and have worked for Combined Insurance Company of New Zealand, Southern Cross Healthcare Ltd and Finance Biz Ltd. I am a qualified underwriter with Certificate of “Introduction to Underwriting” & “Life Underwriting” modules from The Australia and New Zealand Institute of Insurance and finance, which has given me an in depth knowledge of the various products and policies. I am a registered financial adviser under the Financial Service providers register and my registration number is FSP17301. How we handle our client monies We have strict procedures around how we handle client monies. All cheques are made payable to the insurance company. We do not accept cash or cheques in our companies name or personal names. How we are paid We are paid in a variety of ways. Payment may be based on: 1. 2. 3. 4.

fees charged by us to you (this may be for an in-depth financial plan); a commission paid by the product supplier (when we place a product with a supplier they release a commission to us); a mix of fees and commissions; and Referrals from other professionals.

For each of the suppliers listed – we hold contractual agreements. Under the terms of the agreements we may also qualify for bonuses, conferences and assistance with promotional and marketing material. These incentives may vary time to time. Upon request, we can supply you with a detailed appendix of the commission we receive for any product you select.

COMPLAINTS If you are not satisfied with the service you have received from us you should contact us. We have an internal complaints process and undertake to investigate your concerns promptly and fairly. You may contact us to make a complaint by telephone, by email or in writing. We are a member of an independent dispute resolution scheme operated by Financial Services Complaints Ltd (“FSCL”) and approved by the Ministry of Consumer Affairs. We have 40 days to respond to your complaint. If you are not satisfied by our response, you may refer the matter to FSCL by emailing [email protected] or calling FSCL on 0800 347257. Full details of how to access the FSCL scheme can be obtained on their website www.fscl.org.nz. There is no cost to you to use the services of FSCL

Tel: 09 5334000 Fax: 09 5334005 Email: [email protected]

P O Box 82080 Highland Park Auckland - 2143

PERSONAL DISCLOSURE 11. I hereby certify that in the preceding five (5) years, I have not been:

   

a.) The subject of a successful claim (for dishonesty, negligence or misrepresentation) under any Professional Indemnity Insurance Policy held by more or on behalf of me. b.) Convicted of an offence of dishonesty or any relevant offence under any Act or law applying in New Zealand, nor been a director of a company so convicted. c.) Adjudicated bankrupt, nor are an un-discharged bankrupt, nor have had a bankruptcy discharged. d.) Prohibited by law from taking part in the management of a company.

Nor are there any proceedings currently being taken against me, (or any company of which I am a director) under any of the above (a – d) or with respect to my accredited membership of the Professional Advisors Association.

DECLARATION I declare that this PAA Disclosure Statement meets the minimum disclosure requirements of the PAA's Membership Rules. Dated: Signed by the Advisor/ Broker: Full Name: Kaushik Gorasia

CLIENT ACKNOWLEDGEMENT I /We acknowledge that we have received and read the disclosure document and privacy statements. I /we * acknowledge that our Mortgage & Risk Advisor/ Broker has explained the contents of this Personal Disclosure Statement and given me/us * a copy. Dated: Signed: Full Name:

In the course of business Life-N-Loans collects personal information about their clients. This information is collected by Life-N-Loans for the purpose of providing advice for clients. Clients have the right to ensure the information is correct and their authorization is sought before information is released to a third party. The information collected is held at our Bucklands Beach business premises. Clients have certain rights of access to and collection of this information under the Privacy Act 1993.

Tel: 09 5334000 Fax: 09 5334005 Email: [email protected]

P O Box 82080 Highland Park Auckland - 2143