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Code of Conduct

We pride ourselves on our code of conduct and abide by its objectives and rules at all times setting a new standard in Commercial Finance Funding in the New Zealand market.

Objectives:      

  • To maintain, promote and, when appropriate, enforce a Code of Conduct, for and on behalf of its Members (employees).
  • To achieve recognition of lenders, other professional bodies, the business community and the public, of the Code’s objectives and of Members’ professionalism.
  • To engage in discussions with lenders and their representative organisations to secure advantageous trading terms or other benefits to our clients.

Rules of Conduct

1 .2      No Member (Employee) shall conduct his business in such a way as to give Commercial Finance Group (ComFin) reasonable cause to believe that his actions:

1.2.1     involve dishonesty, dishonourable or deceitful behaviour, or are otherwise unfair to clients (whether or not criminal proceedings have been instigated) or;

1.2.2     in the reasonable opinion of ComFin bring, or are likely to bring, ComFin and its membership into disrepute or unacceptably prejudice or compromise its reputation or integrity.

2.          A Member (Employee) shall:

2. 1      not seek, or acquire, business using business methods which in the opinion of ComFin are (or are likely to be reasonably perceived to be) oppressive, dishonest, deceitful, misrepresentative or in any other manner contrary to the aims or standards of ComFin;

2.2       not propose to a prospective client terms and conditions for the provision of services which (applying standards recommended by ComFin from time to time) are anything other than fair and reasonable;

2.3       prior to the acceptance of a client’s instructions submit a memorandum of instructions (Success Fee Contract) summarising the material terms on which an approach to a funding source is to be based.

2.4       following submission to the client of the memorandum of instructions obtain his client’s written acceptance to his Terms of Business. It is the duty of the Member to inform the client, prior to acceptance, that acceptance of the terms of business will constitute a legally binding contract between Member and client.

2.5       not act in circumstances where the client cannot be represented with a standard of competence consistent with their professional status;

2.6       at all times and when representing his client’s interests use all due diligence, exercise reasonable care and skill in effecting his client’s instructions and keep his client properly and regularly informed including complying promptly with reasonable requests for information;

2.7       disclose in writing to his client any existing conflict of interest or any circumstances which might give rise to a conflict of interest;

2.8       disclose to his client all information within his actual knowledge which is material to the client’s seeking of finance according to the circumstances of his business;

2.9       in any matter treat clients and all other third parties at all times with standards of fairness and courtesy consistent with the Member’s professional status;

2.10     at all times respect (and ensure that his staff do likewise) the confidentiality of information supplied to him in the course of his business;

2. 11    not make any profit for his own or any other person’s purposes by the use of confidential information gained from the client;

2.12     give impartial and objective advice to his client free from any external or adverse pressures or interest which would destroy or weaken the Member’s independence or agency relationship with his client;

2. 13    at all times only refer commercial finance proposals to reputable lenders/funders;

2. 14    on receiving formal instructions to act for a client and having considered available comparable products appropriate to his client’s requirements, to advise the client to the best of his ability as to the product recommended by the Member;

2. 15    not advertise or promote his services in such a way as to cause offence, attract charges of poor taste or misrepresentation, or breaches of prevailing legislation, or advertise in any style or content likely to bring ComFin and its Membership into disrepute. Advertising will be conducted in accordance with principles specified by prevailing legislation or nationally recognised advertising Codes;

2.16     where client monies are held by a Member, for whatever period of time, maintain separate bank accounts in respect of client monies and the Member’s monies;

2. 17    avoid the charging or collection of any commission or other payment which might be perceived, or construed as being, excessive or incompatible with the prevailing terms of business normally applied in the industry;

2.18     not give any undertaking, or other assurance, to a client or other third party which cannot be discharged;

2.19     maintain proper records of all business undertaken on behalf of a client and disclose such information as the client may reasonably require subject to it arising exclusively from the contractual Broker Client relationship;

2.20     establish a complaints procedure which, if not providing satisfaction to the complainant, provides for a complaint to be made to ComFin;

2.21     Ensure that his staff are fully aware of the Member’s responsibilities under these Rules. The Member shall be deemed to be liable for any breach of these Rules by his staff and shall be accountable to ComFin accordingly.

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