In June 2015, Caleb spoke with a broker about securing finance to purchase a property to eventually develop. Caleb signed a mandate agreement setting out the finance terms he sought. The day before the property settlement the broker presented a finance offer on significantly different terms, and his brokerage fee of $23,500. Was Caleb required to pay the full fee?
Bridget and James met with a financial adviser to review their current life, trauma and income protection insurance cover. After more meetings and completing an application for a new policy with the company, Bridget and James decided to back out, thinking that they were not yet locked in.
Maureen thought her car was insured for an agreed value and was shocked when her insurer only paid the market value of her car when it was written off in an accident.
Keith and Nicole changed health insurers in 2014. After submitting a claim later that year to their new insurer, Keith’s medical records were reviewed, and the new insurer limited and placed exclusions on Keith’s policy. Keith and Nicole complained that their adviser’s advice to change insurers was inappropriate. Was the adviser liable?
A valuable client complains you failed to provide them with the service they requested and they have suffered a loss because of it. You’re confident that you acted correctly and without written confirmation you were not obligated to provide the service. How can you handle the complaint to satisfy your client and ensure that you are not paying for something you didn’t do?
You’ve discovered you may not have the cover your adviser said you did, and your adviser will not communicate with you. FSCL investigates.
Tim and Caroline said they were given advice that they would be able to claim back the GST component of a proposed property purchase, amounting to $112,500. When the IRD confirmed that Tim and Caroline could not claim back this amount, they make a complaint about John, their financial adviser.
A mortgage and insurance broker did not give her customer adequate information about the potential for her to charge a fee when the customer cancelled the mortgage finance and insurance after a short period of time
You instruct a mortgage broker to arrange bridging finance for you, you’re happy with the terms provided and accept the offer. Before drawing down the loan, you are able to arrange a better deal on different terms. Has the broker acted reasonably?
An insurance adviser failed to note a pre-existing condition on an insurance application form. A claim was declined and insurance cancelled when the insurer discovered the non-disclosure causing loss.
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