Important information about FoxPlan

About us, our licence and our advisers

FoxPlan Limited (FSP39630) is a Financial Advice Provider (FAP) licensed and regulated by the Financial Markets Authority to provide financial advice.

Our People

FoxPlan Limited (the licensed FAP) engage financial advisers to provide financial advice on their behalf.

Our advice

FoxPlan provides financial planning services and provides financial advice about personal and business insurance, general insurance (home, contents, car), KiwiSaver, investments and home loans.

Not all of FoxPlan’s advisers provide all these types of financial advice. The person that you are dealing with may only be able to provide some types of advice. Once we have talked to you and found out what you need, we will make sure that the right person works with you to provide the appropriate type of advice.

*click here to see the full list of home loan providers we can provide advice on.

 

Fees or expenses

Generally, we will not charge fees in relation to advice for insurance, KiwiSaver and home loan products because we will be paid a commission by the product providers.

We may charge you a fee for some investment and home loan products advice, however we will agree this with you in your scope of advice and provide you more details of this before we proceed.

We will charge you a fee if we provide you with a financial plan.

  • This fee will be based on scope, nature and complexity and will be for the initial advice, ongoing advice or annual advice and services associated with your financial plan.

  • We will confirm with you the exact fees we will charge before we proceed and at the time the advice is provided.

We will charge you a fee for any financial advice provided on a consultancy basis

  • This fee may be a fixed fee, or it may be charged on an hourly rate. We will let you know before we commence our services that we will be charging a fee for our consultation and provide you an estimate of the amount.

For some investment products, if you invest your funds through certain product providers, you will be charged an “Adviser Fee” which is based on the value of your funds over management. The provider will deduct this Adviser Fee from your funds under management and then pay a percentage of this to FoxPlan Ltd (the Licensed FAP). This will be an ongoing monthly cost to you.  We will provide more specific details about how the Adviser Fee is calculated and whether it applies to you once we know more about your needs.

We will provide more specific details of the relevant fee amounts when we know more about your needs and at the time our advice is given. 

‘Clawback costs’ for some home loan and insurance products

If you cancel certain home loan or insurance products within a specified time period, we may have to make a payment to the product provider to reimburse them some of the commission they have paid us. If this occurs, we will invoice you for the same amount. We will give you more information about this, which products and product providers it applies to, and the relevant time periods that apply once we have an understanding of your needs.

 

Conflicts of interest and commissions

Commissions

FoxPlan Ltd (the licensed FAP) receives a commission from the product providers through which FoxPlan places business. The amount of the commission received usually depends on the type and value of the business placed with them.

  • Typically, for insurance products we receive an upfront initial commission based on the value of the premium and an annual ongoing commission, for every year the premium is in force.

  • Typically, for home loan products we receive an upfront initial commission based on the amount borrowed and we receive an annual ongoing commission from some lenders, for every year the lending is in force.

  • Typically, for KiwiSaver products we do not receive an upfront initial commission, but we receive an annual ongoing commission based on a percentage of the total amount of the investment.

We will provide more specific details of the relevant commission amounts when we know more about your needs and at the time our advice is given.

 

Remuneration and bonuses

  • The financial advisers engaged by FoxPlan Ltd (the licensed FAP) receive either self-employed remuneration or salary. They will also receive a percentage of the fees and commissions generated from their advice

  • The authorised bodies engaged by FoxPlan Ltd (the licensed FAP) will also receive a percentage of the fees and commission generated from advice provided by the authorised body’s financial advisers.

  • Bonuses - All financial advisers engaged by FoxPlan Ltd (the licensed FAP) are eligible to receive a bonus if a certain level of overall performance is achieved. Whether a bonus is granted is based on many factors, such as quality of advice, client service, client care, compliance as well revenue exceeding base remuneration.

Referral to other professionals

If at any time the potential need arises for the use of another professional, we will undertake to refer you to an appropriate professional. If an appropriate professional cannot be located, we will undertake to advise you as soon as possible so that you may engage a professional of your choice.

Fire and General referrals

We have referral relationships for Fire and General insurance, to whom we refer our clients for Fire and General insurance products. They provide the advice. For this referral service we may receive a referral commission and an annual ongoing commission, for every year the policy is in force. We will provide further information to our clients when this is applicable.

Other conflicts of interest

From time to time, product providers may also assist FoxPlan with funding to sponsor our annual client event or reward us for the overall business we provide to them. They may give us tickets to sports events, hampers, or other incentives.

 

How we manage conflicts of interest

To ensure our financial advisers prioritise clients’ interests:

  • We follow an advice process that ensures our recommendations are made appropriately, based on clients’ goals and circumstances.

  • Our financial advisers undergo annual training about how to manage conflicts of interest.

  • We maintain registers of conflicts of interests and the gifts and incentives we receive over the value of $300. These registers are monitored regularly, and additional training is provided as required.

  • We undertake an annual independent Compliance Assurance Review by Strategi.

 

Complaints handling and dispute resolution

 If you are not satisfied with our service or financial advice, please tell us as soon as possible.

Call: 04 918 4659

Email: info@foxplan.nz

Write to: PO Box 2795. Wellington 6140

 

When we receive a complaint:

  • We will consider your complaint and let you know how we intend to resolve it. Where possible, we try to resolve your complaint immediately.

  • If we are unable to resolve your complaint immediately, we will acknowledge your complaint within 2 business days. We may contact you to get further information about your complaint.

  • We aim to resolve complaints within 10 working days of receiving them. If we need more time to investigate your complaint, we will let you know when you can expect to receive a response to your complaint

  • We will contact you by phone, email or letter to let you know whether we can resolve your complaint and how we propose to do so.

 

If we cannot agree on how to fix the issue, you can contact our external disputes resolution scheme, Financial Dispute Resolution Scheme (FDRS).  FDRS provides a free and independent dispute resolution service that may help to resolve your complaint. To contact FDRS:

Call: 0508 337 337

Email: enquiries@fdrs.org.nz

Write to: Freepost 231075, PO Box 2272, Wellington 6140.

  

Duties information

FoxPlan Ltd and our financial advisers 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

  • exercise care, diligence, and skill

  • meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services

  • meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services

 

For completeness I note that in July 2021, FoxPlan Ltd was censured under s75D(2)(f) of the Financial Adviser Act 2008. More information about this is available on the Financial Markets Authority website at www.fma.govt.nz.

 

Contact details

FoxPlan Limited (FSP39630) is the Financial Advice Provider.

 

Call: 04 918 4659 or 0800 NO STRESS (0800 667 873)

Email: info@foxplan.nz

Write to: PO Box 2795, Wellington 6140

Visit us on: Level 8, 138 The Terrace, Wellington 6011