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News Round Up

Monday 30th of August 2010

Three bidders now vying for South Canterbury Finance
Three private bidders are seeking to invest in South Canterbury Finance, the chief executive of the beleaguered Timaru finance company, Sandy Maier, says. More details here

Share develops end-to-end advice process
Adviser group Share says it has developed an end-to-end advice project, which it describes as "a major step forward in the evolution of not only SHARE but also the industry itself."

The service includes The Risk Store, Strategi and Xplan. The process is automated on Xplan, is compliant with the new Code of Professional Conduct, integrates business best practice and will enable Share members to focus on building increased revenue, profitability and value in their business, the group's general manager Bronwyn Shanks says.

Strategic alliance creates new platform for advisers
A strategic alliance has been formed to bring coaching, upskilling and improved standards to the financial services industry, supporting both growing and established SMEs. The alliance between Brokers Independent Group (BIG) and Minerva PIS (NZ) gives national scale to the service offered by the combined entities.

The result of the alliance will include a diverse range of products and services in financial planning, insurance and mortgage broking, and combines the strengths of a number of well-known industry agencies and established sole-practice advisers.

 

Comments (1)
Clayton Coplestone
It would be useful to receive a thorough insight into how a finance company can mismanage the matching of assets and liabilities to the extent that SCF (and its predecessors) have done. Granted that the earlier finance company debacles were caught by the GFC, however the recent discovery occurred a full 3 years after this event, and enjoyed the ongoing support by mainlanders. The regulators are correct in turning a deaf ear to the emotive messages of hope within the media, and focusing on figuring out whether there was mischief involved by those in charge of SFC. In the unlikely event that anything wicked is discovered, the government must avoid being drawn into compensating any more than the guarantee that was promised to all investors. Investors in SFC have no excuses (other than their own desire for higher rates of return) following 3 years of well reported troubled-times for finance companies.
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14 years ago
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Latest Comments
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.
1 month 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