Disclosure Statement
TSB Qualifying Financial Entity (QFE)
Effective 25 November 2019
TSB Bank Limited ("TSB") has been granted Qualifying Financial Entity (QFE) status on 2 April 2012. TSB takes responsibility for the financial adviser services provided by its employees and maintains procedures to meet its obligations under the Financial Advisers Act. TSB Bank is permitted to provide financial adviser services on a range of products.
What is this Disclosure Statement for?
This Disclosure Statement lets you know:
- what product and services we offer; and
- what you can do if you have any concerns with our products or services.
Under the Financial Advisers Act there are two categories of products: Category 1 products (which are more complex) and Category 2 products (which are simpler).
Category 1 products
TSB offers the Fisher Funds KiwiSaver Scheme (the Scheme) which is registered under the KiwiSaver Act 2006 and provided by Fisher Funds Management Limited (Fisher Funds). For the purposes of the Financial Advisers Act 2008, TSB Bank only provides class advice for the Scheme. Customers will also be provided with specific information relating to the Scheme including a Product Disclosure Statement and information about the exact service we can offer.
TSB receives commission from Fisher Funds in respect of each customer it enrols in the Scheme. Customers do not pay any more fees by joining the Scheme through TSB as our service to you is free.
TSB does not guarantee the capital value of any contribution made to the Scheme or any investment return.
For more Information visit www.tsb.co.nz/kiwisaver, your nearest branch, or phone 0800 872 226.
This Disclosure Statement is important and is intended to assist you in making an informed decision about who to use as your financial adviser.
Category 2 products
- investment and deposit products (including certain portfolio investment entity (PIE) products);
- transaction accounts and associated payment facilities;
- insurance products such as general and life insurance products;
- consumer credit products such as overdrafts, credit cards, personal loans and mortgages; and
- other banking products, such as Foreign Currency, FX Travelex Cash.
What services do the QFE provide?
TSB provides financial adviser services primarily in relation to TSB financial products both in Category 1 and 2 products.
Who provides the services?
All financial adviser services in relation to Category 1 and 2 products are provided by selected TSB staff (QFE advisers) acting on behalf of TSB.
Details of any material influence on the QFE or the QFE adviser, including any interest, incentives, remuneration, relationships or associations.
TSB's QFE adviser's remuneration is made up of:
- fixed pay (base salary and superannuation); and
- bonus reward (performance-based remuneration).
Bonuses are discretionary payments given only when an employee exhibits exceptional performance or high achievement over and above their job requirements, and encourage the employee to meet expected quality and compliance standards.
Non-financial rewards, such as prizes, recognition events and promotions, also require staff to meet quality and compliance standards. The TSB recognition schemes operate with a quality overlay of risk and compliance standards.
What to do if you have a problem or complaint?
Your satisfaction is our priority, if you have any concern or problem whatsoever, let us know, and we'll do our best to resolve it.
You can do this:
Internal complaints process
The following procedure should be followed to register a complaint:
- A complaint should be directed to either the website, Branch Manager or submitted in writing to the email or postal address above. The complaint will be recorded, reviewed and we will attempt to resolve it with you.
- A complaint can also be made directly to the Banking Ombudsman at any time (contact details are listed below)
- If you are dissatisfied with the Bank's decision you may refer the matter in writing to TSB via the email or postal address above.
- If the matter remains unresolved, you may refer it to the Banking Ombudsman. Contact details are as follows:
Banking Ombudsman
The Banking Ombudsman Scheme is an approved dispute resolution scheme, of which TSB is a participant.
How TSB is regulated?
TSB is licensed as a QFE and regulated by the Financial Markets Authority to provide financial adviser services. TSB's QFE status can be checked at https://fsp-register.companiesoffice.govt.nz/fsp.
TSB carries out business as a bank (a 'licensed service' under the FAA) and is accordingly registered as a bank by the Reserve Bank of New Zealand under the Reserve Bank of New Zealand Act 1989.