> _Markdown transcription of Chris Mackay Financial Planning Limited's Public Disclosure Statement, version 2026-05-24. Source: https://mackay.co.nz/wp-content/uploads/2023/09/FAP-Disclosure-for-Chris-MacKay-Financial-Planning-Limited-v6-210525.pdf._ --- # What you need to know about us: ## Introduction Chris MacKay Financial Planning Limited (FSP No. 9821, trading as MacKay Financial Advice and Solutions) holds a licence issued by the Financial Markets Authority to provide financial advice services. ## Contact Information Contact details: Chris MacKay Financial Planning Limited (CMFP) is the Financial Advice Provider (FAP). You can contact us at: - Phone: 04 570 2233 or 0800 MACKAY (0800 622 529) - Email: office@mackay.co.nz - Address: Level 5, MacKay House, 92 Queens Drive, Lower Hutt, New Zealand ## Nature and Scope of the Advice Certain CMFP advisers (see page 3) provide advice to clients about their KiwiSaver Plans, Investments, Mortgages, Life insurance, Health insurance, Retirement Planning and Wealth Management. Not all our advisers provide all these types of financial advice, or deal with all the following companies. We only provide financial advice about products from certain providers. These are as follows: | KiwiSaver & Superannuation Providers: | Life, Trauma, TPD & Income Protection Providers: | |---|---| | AMP Wealth Management | AIA (who took over Sovereign). | | ANZ Investments/OneAnswer | Resolution Life (Who took over AMP, and former AXA and National Mutual policies). [Mainly 'legacy products' as there are restrictions on who can buy new policies.] | | Booster Financial Services | Asteron Life | | Fisher Funds | Chubb Life (who took over Cigna and former OnePath and Club Life policies). | | Generate | DPL Insurance. [Legacy products only.] | | Lifetime Asset Management (Manager of - several ex AMP schemes) | Fidelity Life (who took over Tower Life). | | Milford Asset Management | Partners Life | | NZ Funds Management | | | Summer KiwiSaver | | | Fund Managers / Platforms: | Medical / Health Insurance Providers: | |---|---| | AMP Wealth Management | AIA (who took over Sovereign). | | ANZ Investments/OneAnswer | Nib | | Booster Financial Services | Partners Life | | Lifetime Asset Management | Southern Cross | | Milford Asset Management | | | Select Wealth Management | | | Synergy Investments | | | Mortgage / Lending Providers: | | |---|---| | ANZ | Westpac | | ASB | ASAP Finance | | Bank of China | Avanti Finance | | BNZ | Bluestone | | Co-operative Bank | Cressida Capital | | Heartland Bank | DBR Finance | | SBS Bank | | ## How we operate To ensure that our financial advisers prioritise our client's interests above their own, we follow an internationally recognised professional advice process to ensure our recommendations are made based on our client's goals and circumstances. 1. Getting to know you, your situation, financial goals and objectives 2. Gathering relevant data on your currently situation 3. Analysing data and assessing viable solutions 4. Providing recommendations 5. Implementing recommendations 6. Ongoing review (where relevant) staying on track ## Our Registered and Qualified Financial Advisers - **Chris MacKay (FSP No. 26122)** Retirement Planning ▪ KiwiSaver ▪ Investments ▪ Wealth Management ▪ Insurance - **Blair Bennett (FSP No. 28641)** Mortgages ▪ Retirement Planning ▪ KiwiSaver ▪ Investments ▪Wealth Management ▪ Insurance - **Chris Cornford (FSP No. 49821)** Retirement Planning ▪ KiwiSaver ▪ Investments ▪ Wealth Management ▪ Insurance - **George MacKay (FSP No. 538967)** KiwiSaver ▪ Insurance https://www.mackay.co.nz/meet-the-team/ ## Fees or Expenses The nature and total amount of any fees that you will be charged for advice and/or services and when and how they must be paid, will be disclosed to our prospective clients by the relevant Financial Adviser. CMFP may be remunerated for the implementation and retention of some financial (usually insurance or mortgage) products by the product provider. This means that in many cases an upfront planning or advice fee is not required. Ongoing adviser fees for investment products and KiwiSaver plans are most often paid via the product provider. ### Planning and Advice Fees We may charge a fee for preparing Personal or Business Insurance Plans or Investment or Retirement Plans, to a maximum of $4,000 plus GST. We will agree the amount or basis of the calculation of any fee payable upfront and confirm the amount in our Scope of Engagement. We ask that you pay, or reimburse us for all charges, fees, in relation to services provided, as otherwise advised in the relevant invoice payable within 14 days. Where we have not charged a Planning or Advice Fee upfront and you have applied for a financial product and subsequently not accepted the product offered, assuming the terms are reasonable, or if you fail to complete the application process through no fault of the product provider or CMFP or if you cancel the financial product within 24 months of its start date, we reserve the right to charge a Planning Fee of between $150 and $350 per hour plus GST depending on which adviser you are using (based on our time relating to the advice and implementation process for that product) to a maximum of $4,000 plus GST. In the case of an insurance product where we must refund some or all of any commission received, any fee you pay will be the amount that is clawed back. In the case of a mortgage product arranged through us, where a client moves their mortgage or pays off all or some of the loan within 36 months, most lenders claw back a proportion of the commission that is initially paid to the advisory company, CMFP reserves the right to charge the amount of the clawback to the customer, and this is to be paid within 14 days. A "clawback" is where a payment received from product providers for business placed, is reversed due to the policy being cancelled within a two or three-year period. ### Consultancy Fees Where one of our Financial Advisers is working on a consultancy basis, (generally when there will be no financial product purchased as a solution, or if any fees payable from a financial product are so low as not able to recompense CMFP for its adviser's time) an hourly rate of between $150 and $350 plus GST will be charged. The hourly rate for senior administration staff is $200 plus GST per hour and $150 plus GST per hour for general administration staff under the consultancy arrangement. A minimum of four hours for advisers and one hour for administration staff (or a maximum of $1,500 plus GST) should be allowed under the consultancy arrangement, to cover any meeting/s, setting up client files, resulting documentation and /or report writing and/or file notes. We will confirm the amount or basis of calculation of any fee payable upfront and confirm the amount in our Scope of Engagement if our Consultancy Fees will be more than $1,500 plus GST. ### Commission for Insurance Products Typically, for Insurance work, we are remunerated by way of commissions received directly from product providers. As we get to know you and what is important to you, we will provide more specific information in relation to any remuneration we receive as a result of any advice we provide. In line with the spirit of professional disclosure below are some guidelines. | Type: | Typical Range: | |---|---| | Upfront commission (upon implementation) | 30% - 230% of first year's premium | | Ongoing commission | 5% - 50% of subsequent years' premium | | Ongoing commission – Southern Cross | Approximately $140 per member (CPI'd each year) | **Examples:** Should you place insurances from our recommendations with an annualised premium of $1,000. We would be remunerated in the range of $500 - $2,300 in the first year and $50 - $500 in subsequent years. If you arranged some Southern Cross (SX) health insurance through us with an initial annual premium of $1,000, Southern Cross would pay us $300 upfront and $140 each year on renewal. ### Commission for Mortgages Typically, mortgage lenders pay us commission of between 0.60% and 0.85% of the mortgage arranged and a trail commission after 12 months of 0.0% pa- to 0.20% pa of the reduced principal owing. When we are assisting with a complex loan, we may charge an additional fee. This would be fully disclosed and discussed. **Example:** Should we assist you in arranging a mortgage of say $500,000, we would be remunerated in the range of $3,000 - $4,250 and between $0 and $1,000 pa in subsequent years. Our mortgage specialist would receive a percentage of this commission. ### Adviser Fees or Trail Commission for KiwiSaver Plans, Superannuation Plans or Investment Products Typically, KiwiSaver and Superannuation providers or Fund Managers pay us a monthly adviser fee or trail commission (all fully disclosed when products are recommended) of between 0.20% pa and 1.05% pa based on the funds that are invested. Some KiwiSaver providers also pay an upfront fee of up to $250. Some Financial Advisory firms charge an upfront implementation fee of between 1.0% and 3.0% of the amount invested for Superannuation Plans and Investment Products. We however tend to waive these. There are no contribution fees charged for KiwiSaver plans. On some retail investment platforms, we reserve the right to charge a 1.00% exit fee on a total funds' withdrawal. **Example:** If you have a KiwiSaver plan with a fund value of say $50,000 and where we are also noted as the Financial Advisers, our ongoing adviser fee may be between $8 and $21 per month. ## How Our Advisers get paid **Salaried advisers:** Our advisers are paid a salary with the potential of annual bonuses based on a balanced scorecard for their performance. **Contractor advisers:** Our contractor advisers receive a percentage of the commission that is paid to the FAP. ## Conflicts of Interest We take any perceived or real conflicts of interest very seriously and have a dedicated policy for dealing with such issues whereby we avoid, disclose and/or manage any conflicts so that our client's interests are placed first and foremost. Chris MacKay is the sole Director of CMFP. Chris MacKay or a Trust of which Chris MacKay or George MacKay is a beneficiary, owns shares directly, indirectly, or beneficially in AMP, Booster, Fidelity Life, Retirement Income Group Ltd, ANZ (owner of OneAnswer Ltd), Suncorp (owner of Asteron and Vero), and Rothbury Wellington Holdings Ltd. For Life insurance and Medical/Health insurance, CMFP receive commissions from the insurance companies on whose policies we give advice. If you decide to take out insurance, the insurer will pay a commission to CMFP who may pay a percentage of this to a contractor adviser and maybe to an employee adviser. The amount of the commission is based on the amount of the premium. For KiwiSaver Plans, Superannuation Plans and investments, CMFP receives an ongoing adviser fee or trail commission based on funds under management. A marketing fee or upfront fee may also be received for new KiwiSaver plans introduced. If we refer any UK or other pension transfer case to another Financial Adviser or another Financial Advice Provider, they may make a payment to our firm plus an ongoing trail commission if any business results. For Mortgages, CMFP receive commissions from the banks with whom we arrange mortgages. If you decide to take out the mortgage, the bank will pay an upfront and possibly ongoing commission to CMFP who will pay a percentage of this to a contractor adviser and maybe to an employee adviser. The amount of the commission is based on the amount of the mortgage. If we are assisting with an "execution only" share or bond market transaction through Direct Broking/Jarden, they will pay our firm half the brokerage fee that they charge. If we refer any fire and general insurance business to Rothbury Insurance Brokers, they may pay our firm or individual contractors a percentage of any commission they are paid. If we assist in selling a Whole of Life or Endowment policy, Policy Exchange (PE) will pay our firm a flat 2% commission of the unenhanced cash value. This does not diminish the extra cash value that you may receive from PE and is not payable if the sale isn't proceeded with. To ensure that our financial advisers prioritise our client's interests above their own, we follow an advice process that ensures our recommendations are made on the basis of our client's goals and circumstances. All 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. We monitor these registers and provide additional training where necessary. We undertake a compliance audit, and a review of our compliance programme annually by a reputable compliance adviser. From time to time, product providers may also reward us for the overall business we provide them. They may give us tickets for sporting events, hampers, discounted conference attendance including airfares and other giveaways and entertainment. ## Complaints If you are not satisfied with our financial advice service, you can make a complaint by emailing office@mackay.co.nz, or by calling: 04 570 2233 or 0800 622 529. You can also write to us at: PO Box 31-440, Lower Hutt 5040. If we receive a complaint, we will acknowledge it within two business days or possibly immediately if it's verbally, and we will consider it following our internal complaints' process. We will let you know how we intend to resolve it. We may need to contact you to get further information about your complaint. We aim to resolve complaints within 10 working days of receiving them. If we can't, we aim to contact you within that time to let you know that we need more time to consider or to resolve your complaint. We will contact you by phone, email, or post to let you know whether we can resolve your complaint and how we propose to do so. If we can't resolve your complaint, or you aren't satisfied with the way we propose to do so, you can contact our dispute resolution service, Insurance and Financial Services Ombudsman. Insurance and Financial Services Ombudsman provides a free, independent dispute resolution service that may help investigate or resolve your complaint if we haven't been able to resolve your complaint to your satisfaction. You can contact Insurance and Financial Services Ombudsman by emailing info@ifso.co.nz, or by calling: 0800 888 202. You can also write to them at: Insurance & Financial Services Ombudsman PO Box 10-845 Wellington 6143 NEW ZEALAND ## Duties and Conduct Information Chris MacKay Financial Planning and anyone who gives financial advice on our behalf, has 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 https://www.fma.govt.nz.