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Public Disclosure Statement

Disclosures

Licensing information:

Lateral Partners Limited ((FSP719691), trading as Lateral Partners) holds a Financial Advice Provider licence issued by the Financial Markets Authority to provide financial advice.

Nature and scope of the advice:

Lateral Partners provides financial advice for the following types of products:

  • Residential Property/ Home Loans

Commercial Lending:

  • Business Loans
  • Development Finance
  • Property Investment Lending
  • Home Loans

Commission

Lateral Partners may receive commissions at settlement from the relevant lender if you choose to take out a mortgage or loan following our advice.

Depending on the lender, and the terms of the loan, the commission we receive would be between 0.60% and 1.50% of the initial mortgage balance or amount funded.

We may also receive an ongoing commission each year of 0.15% to 0.20% of the mortgage balance on each anniversary.

See our Lender Commissions table below for the exact commission rates for each of the main lenders we work with. If a lender we discuss with you is not included on this table, we will provide information about the commissions we will receive at the time we provide advice relating to that lender.

This commission is paid from the relevant lender to Lateral Partners. Lateral Partners receives all commissions and client fees that are generated by our advisers.

Conflicts of interest

Our financial advisers are employees of Lateral Partners and receive a salary from Lateral Partners. Our advisers are eligible to receive a bonus each quarter if they achieve a certain level of overall performance. Bonuses are determined based on many factors such as good conduct, compliance and behavioural competencies, as well as meeting sales targets.

Ben Pauley is a shareholder and director of Lateral Partners and is remunerated as shareholder and director, primarily by drawings and shareholder salary.

Lateral Partners and our advisers ensure that we prioritise your interests by following an advice process that considers your circumstances and goals. We research suitable products and providers to ensure the advice meets your needs.

Our advisers also undergo annual training on how to manage any conflicts of interest and record any conflicts in a register that we review and manage.

Lateral Partners is subject to a yearly audit and compliance reviews to ensure we meet our obligations, while doing right by our clients.

We have entered into a referral agreement with NZ Funds whereby if we refer you to NZ Funds for Kiwi saver advice, and you act on that advice, we may receive a payment from NZ Funds for that referral. If these circumstances arise, we will advise you of this referral relationship, obtain your consent, and only make a referral if we think it is appropriate to your circumstances.

Fees and Expenses

In general, Lateral Partners will not charge you a fee if you decide to take a loan with a lender that pays Lateral Partners commission.

However a fee may be charged in the following situations:

  • In the event the lender does not pay Lateral Partners commission, Lateral Partners may charge you a fee for the advice we provide, and this will be disclosed by Lateral Partners to you prior to the fee being incurred by you. If you decide to take up our advice and the lender agrees to pay us a commission, we will not charge a fee.
  • If you cancel or refinance your mortgage within the first two years after it settles, Lateral Partners may charge you a fee for the financial advice we provided.
    • This fee will be calculated on an hourly basis of $400 per hour, based on the time spent developing and providing the financial advice, or we will charge you based on the costs that the lender charges us for cancelling or refinancing the mortgage. Please see our clawback policy and and the clawback fees the Lenders charge Lateral Partners at the bottom of this page.
  • If you decide not to act on our advice, then Lateral Partners may charge you a fee for the services performed.
    • The fee will be based on the time it has taken to prepare our advice and will be charged on the hourly rate of $400 + GST per hour.
    • The average charge for this service is $2,800.00 which is calculated at 7 hours x $400per hour.

If a fee is payable, we will send you an invoice advising the details of the fee and how it has been calculated. The fee will be payable 10 working days from the date of the invoice, and details of how to make payment will be included on the invoice.

Complaints handling and dispute resolution:

If you are not satisfied with our service, you can make a complaint by emailing us at ben@lateralpartners.co.nz or by calling us at 0272535120.

You can also write to us at:

Lateral Partners Limited
Textile Lofts, Level 4, 1 Kenwyn Street, Parnell
Auckland, 1050.
New Zealand


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, 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 disagreements.

You can contact the FSCL at:
Address: PO Box 5967 Wellington 6140
Phone: 0800 347 257
Email: info@fscl.org.nz

Duties information:

Lateral Partners and our 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.

Lender Commissions:

Clawback Policy and Fees

If you cancel, refinance, or repay your loan within the first two years after it settles, Lateral Partners may charge you a fee for the financial advice we provided.

This fee will be calculated on an hourly basis of $400 per hour, based on time spent developing and providing the financial advice, or we will charge you based on the claw back fee’s the lender charges us.

A claw back fee will be charged by the Lenders to Lateral Partners for home loans that are cancelled, refinanced, or repaid within the first two years of settlement.

The charges we incur will vary from lender to lender, but generally lenders will charge 100% of the upfront commission if the loan is cancelled, refinanced, or re-paid within the first 0-15months or the fee can reduce to 50% of the upfront commission if within 15–28 Months.

NZ Funds Referral Fees

Lateral Partners have a referral relationship with NZ Funds. For each KiwiSaver and/or Investment Facility that is opened with NZ Funds via a referral from Lateral Partners, we are paid a fee equivalent to 1% of the balance. Half of this fee is paid on opening of the investment facility and the second half is paid at the end of 12 months based on the balance at that date.

There is a minimum fee paid to Lateral Partners on KiwiSaver Funds of $300.00.