Legal & Compliance
Mutual Solutions Limited, Financial Advice Provider, FSP 729871 · Upmeet Sodhi, Financial Adviser, FSP 250405
Under the Financial Markets Conduct Act 2013, we are required to give you this information before providing financial advice. Financial advice is provided by Upmeet Sodhi on behalf of Mutual Solutions Limited, which holds a full Financial Advice Provider licence issued by the Financial Markets Authority.
Mutual Solutions Limited is a member of NZ Financial Services Group Limited (NZFSG) for compliance, technology and brokerage services in relation to home loan advice only. Home loan advice is provided under a separate Home Loan Disclosure Guide, which we give you before any mortgage engagement.
We share office space with Manawatu Insurance for convenience only. We do not share a licence, systems, clients, advice processes or responsibility for financial advice, and there is no referral or remuneration arrangement between us.
Neither Mutual Solutions Limited nor Upmeet Sodhi has been subject to any reliability event that would materially affect your ability to rely on our advice. If any part of this disclosure is given to you verbally, you can ask for it in writing at any time.
Mutual Solutions provides personalised financial advice in the areas below. We recommend products from the providers available to us, and we will tell you if we ever recommend a product from outside that list and why.
Where something is outside our scope, we will tell you and, where we can, refer you to a suitable specialist. We do not execute investment transactions on your behalf.
Information on this website is general in nature. It becomes personalised advice only once we have agreed a written scope of service with you and you have received a Statement of Advice.
Mutual Solutions works with a selected group of insurers, lenders, KiwiSaver providers and investment providers. Our recommendations are made from the providers available to us, not from every provider in the market.
These arrangements are reviewed from time to time. If we recommend a product from a provider not listed here, we will disclose that to you and explain why.
For standard advice, you usually do not pay us a fee. Instead, the product provider pays Mutual Solutions a commission when a policy, loan, KiwiSaver membership or investment is put in place through us. Commission rates vary by provider and product, and we will show you the specific commission that applies to any recommendation in your Statement of Advice.
For a plain-English explanation of how this works, see How commissions work.
A full provider-by-provider commission and fee schedule is available free of charge on request.
Any fee payable by you must be agreed with you in writing before you become liable for it. Client-paid fees may apply in these situations:
When an insurance policy is cancelled or materially reduced within the first 24 months, the insurer can require Mutual Solutions to repay some or all of the upfront commission it received. This is called a clawback.
Recoupment fee
What you may be invoiced
If you cancel or materially reduce an insurance policy within 24 months of its start date and the insurer claws back commission, Mutual Solutions may invoice you the lesser of:
(a) the actual commission amount clawed back by the provider; or
(b) $3,000 + GST.
For example, if $1,500 of commission is clawed back after 15 months, you may be invoiced $1,500 + GST, payable on the 20th of the following month.
This fee applies only where it has been properly disclosed to you and agreed in writing before your cover starts. No recoupment fee applies once a policy has been in force for longer than the 24-month clawback period, and none applies where the insurer does not claw back commission.
Because product providers pay us commission, and because we work with a selected group of providers, conflicts of interest can arise. Providers may also offer training, hospitality, technology support or other small benefits from time to time. Any benefit that could reasonably influence our advice will be disclosed to you in writing.
If you are not happy with our service or advice, please tell us as soon as possible so we can put it right.
Step 1
Contact Mutual Solutions first
Email: info@mutuals.co.nz
Phone: 0800 67 55 55
Post: Mutual Solutions Limited, Level 2, 26 Broadway Avenue, Palmerston North 4410
We will acknowledge your complaint as soon as practicable, and we aim to resolve it within 20 working days. If we cannot resolve it to your satisfaction, we will explain why and tell you how to take it further.
Step 2
Financial Services Complaints Limited (FSCL)
If your complaint is not resolved, you can contact FSCL, our independent dispute resolution scheme. This service is free to you. Mutual Solutions is FSCL member #4573.
Phone: 0800 347 257
Email: complaints@fscl.org.nz
Post: PO Box 5967, Wellington 6140
Website: fscl.org.nz
Mutual Solutions Limited collects and uses personal information so that we can give you financial advice and arrange and service products for you. This policy explains what we collect, why, who we share it with, and your rights under the Privacy Act 2020.
We never sell personal information. Third parties who receive your information may use it in line with their own privacy policies, for example an insurer's medical assessors in the event of a claim.
Some of your information is stored or processed using secure cloud services such as Google Drive, Microsoft 365, Dropbox, our CRM, our website enquiry form service and similar systems. Some of these services store data outside New Zealand. Where that happens, we take reasonable steps to make sure appropriate protections apply, including encryption in transit and at rest, multi-factor authentication, and Privacy Act 2020 safeguards in our supplier agreements.
We keep client records for at least seven years after our relationship ends, as required by law and regulation, and then destroy them securely.
You can ask to see the personal information we hold about you and ask us to correct it. Contact us at info@mutuals.co.nz and we will respond within 20 working days. You are not required by law to give us personal information, but if you choose not to, we may not be able to provide advice or arrange cover or lending for you.
You can opt out of marketing communications at any time by using the unsubscribe link in any email or by contacting us.
If you have a concern about how we have handled your personal information, please contact us first at info@mutuals.co.nz or 0800 67 55 55. If you are not satisfied with our response, you can contact the Office of the Privacy Commissioner at privacy.org.nz or 0800 803 909.
If a privacy breach is likely to cause serious harm, we will notify the people affected and the Office of the Privacy Commissioner as soon as practicable, in line with the Privacy Act 2020, and act to reduce any risk.
This website uses cookies and Google Analytics to improve how it works. You can disable cookies in your browser, although some features may not work fully.
The current version of this policy is always available at mutuals.co.nz/disclosure.html#privacy. Our privacy officer can be contacted at info@mutuals.co.nz.
Mutual Solutions Limited is a reporting entity under the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 where required. This means we may need to collect identity information from you, verify your identity (including electronically), complete sanctions and politically exposed person checks, and keep AML/CFT records.
Where lawful and appropriate, we may rely on identity verification already carried out by an insurer, lender, KiwiSaver or investment provider, and we may share verification information with those providers or with identity verification providers so they can meet their own obligations.
Under the Financial Markets Conduct Act 2013, Mutual Solutions Limited and anyone giving advice on its behalf must:
More information about these duties is available from the Financial Markets Authority at fma.govt.nz.
By using this website and engaging our services, you agree that: