Advisers reject ComCom emphasis on price, multiple applications
“The statement that ‘mortgage advisers should also put more emphasis on price’, is in some ways irresponsible, as every borrower is different,” says Finance and Mortgage Advisers Association of New Zealand (FAMNZ) country manager Leigh Hodgetts.
“While the interest rate is important, there are many other factors around individual circumstances that must be considered when a consumer takes a loan,” Hodgetts said.
Adviser Sarah Curtis, who was instrumental in getting the commission to back down on a number of aspects of its interim report in May, also criticised the commission's continued emphasis on price in its final report.
“Reducing the value we add in the adviser space to 'fighting for better rates' doesn’t fairly reflect the work advisers do in providing advocacy, supporting clients through the process step by step, or the time spent on building better financial literacy outcomes for New Zealanders,” Curtis said in a post on LinkedIn.
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