Initial Disclosure

 Licensing Information

Whiting Financial Services Limited (FSP 771976) holds a licence issued by the Financial Markets Authority to provide financial advice.


 Nature and Scope of Advice

Whiting Financial Services Limited (WFS) is primarily a provider of financial advice relating to commercial and business lending, asset finance, and equipment leasing.

From time to time WFS and our Financial Advisers may provide a regulated financial advice service (as defined by the Financial Markets Conduct Act 2013) in relation to consumer credit contracts including home loans (mortgages).  This advice may be on a stand-alone basis (advice relating solely to home loans) or where home loans are offered as part of a wider business lending solution.

We only provide financial advice about home loan products from certain Lenders including the following:

ANZ, ASB, BNZ, Westpac, Avanti Finance, Basecorp Finance, Liberty Financial, Resimac, Bluestone, Select, Pepper Money, NZCU Baywide, Southland Building Society, Nelson Building Society, and SCFL.

 For commercial, business, or asset finance lending products, and for vehicle, plant and equipment leasing, we use a large number of bank and non-bank lenders. These currently include:

BOQ Equipment Finance, Heartland Bank, Speirs Finance, UDC Finance, ORIX, Kiwibank, Flexi Commercial, Oxford Finance, Finance Now, Branded Financial Services, Partners Finance & Lease, Avanti Finance.

 At times we may introduce other lenders into the panel available.


 Fees and expenses

Service Fee:

WFS may charge a fee for the financial advice provided to the client in certain circumstances. Whether a fee will be charged will be advised before the work is started and agreed in writing with the client.  This fee will typically be charged where:

·         The lender has decided that there is no income available to WFS due to the particular type of loan it is;

·         The nature of work relating to the lending is particularly complex; or

·         The lending is expected to be repaid within a short time period and thus incur a full commission clawback.


Clawback Recovery Fee:

In the event that a client repays a loan early WFS may be required by a Lender to refund all of or a portion of any commission paid to it.  This is commonly referred to as a “Clawback”.   WFS may charge a client the amount of such refund in the event the Lender charges WFS (the Clawback Recovery Fee).   It should be noted that these Clawbacks are not charged in every case and are dependent upon the situation at the time.

For commercial, business or asset finance lending products, and leasing, WFS may, at its discretion, require the client to indemnify WFS for the full amount of such refund.  This Clawback Recovery Fee will be payable by the client either at the time the loan is early terminated, or by mutual agreement.


For Home Loans, an early repayment charge may be incurred where a client repays a Home Loan within the first 24 months of the loan being advanced. To ensure that WFS is fairly compensated for the services originally provided to it’s clients, we may seek to recover some or all of this cost from clients via a clawback recovery fee. If you are charged a clawback recovery fee, it will be charged at the lower of the actual commission clawback amount or 0.50% of the balance repaid. Some Examples of when we may charge you a clawback recovery fee includes but is not limited to the following: 

• The property is refinanced within the clawback period and WFS was not given a reasonable opportunity to arrange the refinance.

•  The loan is fully repaid within the clawback period.


 Conflict of interest & incentives

Whiting Financial Services Limited may receive a commission from the lenders we deal with if you decide to proceed with a new loan.

For home loans the amount of the commission is based on the amount of the loan.  This commission is typically a percentage of the loan value and may be paid upfront, or as a combination of upfront and trailing commission paid over the life of the loan.  The upfront commissions are between 0.55% and 0.85% of the value of the home loan — the amount depends on the individual home loan provider and  the type of home loan you choose. In addition we may receive a trail commission of between 0.0% and 0.2% of the remaining balance each year depending on the individual home loan provider.

 For asset finance and other lending products the lenders pay Whiting Financial Services Limited for business introduced to them, and also to manage the business throughout the term of the loan. The amount of commission paid varies  from lender to lender and varies based on the loan amount, repayment term, and interest rate charged

 To ensure that our financial advisers prioritise our clients’ interests above their own, we follow an advice process that ensures our recommendations are made on the basis of each client’s goals and circumstances. All our financial advisers undergo annual training about how to manage conflicts of interest.



 Complaints handling & dispute resolution 

We aim to behave in a way that does not cause complaints. However, we have a complaints policy and internal complaints process to ensure the efficient and effective handling of client complaints. We want to demonstrate our commitment to providing and improving a high-quality service to our clients. We see complaints as an important part of our client feedback and business improvement process.


 Do you have a complaint ?
We aim to provide you with the highest quality service and supportbut if you do have a complaint or encounter a problem, please let us know as soon as you can. Our complaints process aims to address your concerns.



Discuss your complaint with us and we will try to resolve it.



If your complaint is not resolved by Step 1, you can call, email or arrange to see Dave Whiting on 027 2058055, or by emailing or in writing to PO Box 39172, Wellington Mail Centre.

Dave will look into your complaint and give you a verbal initially and then a written response.



If your complaint has not been resolved in Steps 1 & 2 you may refer your complaint to Financial Services Complaints Ltd (FSCL) – A Financial Ombudsman Service. FSCL is our independent external ombudsman and dispute resolution service that has been approved by the Minister of Consumer Affairs under the Financial Service Providers (Registration and Dispute Resolution) Act 2008. FSCL’s service is free of charge to you.

 FSCL contact details are as follows :

 Address: PO Box 5967, Wellington 6110

Telephone number: 0800 347257

Email address:



Duties information 

WFS, and anyone who gives financial advice on our behalf, 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 by taking all reasonable steps to make sure our advice isn’t materially influenced by our own interests

·         exercise care, diligence, and skill in providing you with advice

·         meet standards of competence, knowledge and skill set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure that we have the expertise needed to provide you with advice)

·         meet standards of ethical behaviour, conduct and client care set by the Code of Professional Conduct for Financial Advice Services (these are designed to make sure we treat you as we should, and give you suitable advice).

This is only a summary of the duties that we have. More information is available by contacting us, or by visiting the Financial Markets Authority website at 


Contact Details

Trading Name: WFS

Physical address: Ground Floor, 1 Downer Street, Lower Hutt

Postal address: PO Box 39172 Wellington mail Centre, 5010

Phone: 04 568 5120