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KiwiSaver

Friday 20th of January 2006

17 January 2006

FOR IMMEDIATE RELEASE

A new initiative by two finance industry personalities aims to bring industry heavy weights together to discuss how best to tackle issues that face it.

Financial services consultant, Russell Hutchinson and former Financial Planners and Insurance Advisers Association Chief Executive, Phillip Matthews have joined forces in the venture they call Executive Forums.

“The Executive Forum is not just another financial services conference where attendees listen to someone speak” said Hutchinson.

“We want to bring together a small group of top industry players to brainstorm how the industry can best tackle issues and challenges that face it”

“The first Executive Forum will be held in February 2006 and will focus on Kiwisaver and how the financial services industry can make the most of the opportunities it presents,” said Matthews.

“We have assembled a group of individuals that represent a cross section of those who will be involved with or affected by Kiwisaver. Attendees will include representatives of the Ministry Of Economic Development, Inland Revenue and Consumer Affairs, product manufacturers and ISI, consumer representatives, employers and legal experts.”

Hutchinson said they also have several international guests attending the Forum.

“We have two Australian experts in this field joining us as well as a gentleman from the United Kingdom by the name of Nicholas Hillman. Nicholas is a Policy Adviser on the Private Pensions Framework at the Association of British Insurers (ABI) We believe their knowledge and expertise will add greatly to the outcomes of the Forum.”

The first Forum is to be held at Hotel du Vin, south of Auckland on 9 February
The Executive Forum is being sponsored by Fidelity Life, AXA New Zealand, Investmentlink, Chatswood Consulting and Cornwall Capital.

For Further Information contact:
Russell Huthinson 021764606
Phillip Matthews  021 715765

NOTE: Additional information and biographies of the Executive Forum’s international speakers may be obtained by phoning the above contacts.

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New customers locked out of ASB’s pre-approvals
As much as I disapprove of the ASB stance, I totally understand it, ESPECIALLY as the ComCom expect us to put an application to 4-5 banks, and not just the one we believe to suit the client the best. By demanding this, we would be tying the banks up with 4-5 times the applications necessary to secure a settlement. Banks would know that only 20-25% of applications are going to make it through to settlement. This shotgun approach is why banks are overloaded.
2 months ago Andy Phillipson
New customers locked out of ASB’s pre-approvals
This is pure BS from the major banks. In front of ComCom earlier in the year they denied any policy of channel inequality yet there clearly is from some (at board level) both in turnaround times and cashbacks for example. They need to staff up, sort their antiquated IT and give Advisers the respect they deserve. New Zealand borrowers are voting with their feet and using Advisers more and more. Are some banks starting their pushback? One as done it before so no surprise there.
2 months ago Jeff Royle
New customers locked out of ASB’s pre-approvals
As a financial adviser, business owner and ex-banker/home lender in NZ & Australia with almost 20 years experience I can tell you that this is very concerning for several reasons - first one being that as bank staff you still get paid regardless of whether you put the approval thru, lazy/incompetent/time poor bankers are often declining loans rather than taking the time to push a difficult deal thru as they get paid either way, as a financial adviser who doesn't get paid unless the deal settles we are more committed to securing an approval which is why more volume now comes thru the broker channels. This feels like it's the banks way of reducing costs by not having to pay brokerage to advisers when bank lenders doing nothing should be sitting on the broker overflow lines. This directly affects small businesses and is another example of banks playing God & redirecting profit margins back to their own coffers - there is no valid excuse for branch lenders doing nothing to not be sitting on these overflow lines. It makes a mockery of giving the choice back to the clients who are already typically having poor banking experiences when dealing direct with bank staff.l and in no way supports small businesses already doing it tough.
2 months ago Natasha Viliamu
New customers locked out of ASB’s pre-approvals
Another major bank today has announced no pre approvals via Advisers for under 80% LVR. That's at least 3 of them. All applications whether direct or through Advisers should be given the same priority and go through the same assessment process. Banks don't appear to have invested (enough) in staff or technology and given how much money they make, it is unacceptable. Lets hope it gets sorted soon!
2 months ago Craig Pope
New customers locked out of ASB’s pre-approvals
Sorry I don’t believe ASB are overrun with applications as we are traditional in a slow market so I think this” high volume “ excuse is rubbish, ASB will still post a massive profit due margins being so high but they can’t hire extra staff?? This is a disgrace! for consumers that choose to go through an independent mortgage adviser ASB are turning them away, but an ASB branch can write that deal no problem? , what happened to offering choice to the consumer? And being competitive? Are Comcom silent on this? Are the dealer groups /master FAP’s who have a monopoly over mortgage advisers’ access to bank mortgage lending silent on this? Why do we pay dealer groups /Master FAPs thousands in fees and costs if they can’t or don’t want to even back the people that pay their wages. All mortgage advisers want is an even playing field no more no less. How would ASB feel if all mortgage advisers in NZ stopped sending business to them for a few months?
2 months ago Valkyrie Vulcan