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News Bites

FSLAB submissions sought

1 min read
FSLAB submissions sought
ANZ Investments' profit drop

1 min read
ANZ Investments' profit drop
KiwiFund moves closer

1 min read
KiwiFund moves closer
Hanover investors sought

1 min read
Hanover investors sought
nib gets tick

1 min read
nib gets tick
Focus on financial crime

1 min read
Focus on financial crime
Stars align for Constellation Capital

1 min read
Stars align for Constellation Capital
Debenture funding down at UDC

1 min read
Debenture funding down at UDC
AML warning for broker firm

1 min read
AML warning for broker firm
Consilium adds advice firms

Consilium has signed Cliffe Consulting Limited and Alistair Bean & Associates Financial Services Limited.
1 min read
Consilium adds advice firms
ANZ sells sharetrading business to FNZC

2 min read
ANZ sells sharetrading business to FNZC
ANZ KiwiSaver gets top awards...again

1 min read
ANZ KiwiSaver gets top awards...again
Email address update for Vodafone users

1 min read
Email address update for Vodafone users
Have your say on Fintech

What would you like to see developed in the fintech space? Fill in this survey and go in the draw to win some great wine.
1 min read
Have your say on Fintech
Smartshares hits $2b FUM

NZX exchange-traded funds business Smartshares has ticked over $2 billion in funds under management.
1 min read
Smartshares hits $2b FUM
Russell rolls out low carbon fund

1 min read
Russell rolls out low carbon fund
PAA AGM fails to hit quorum

The PAA’s latest annual general meeting did not go ahead because too few members showed up.
1 min read
PAA AGM fails to hit quorum
Robo-advice: The democratisation of professional financial advice

1 min read
Robo-advice: The democratisation of professional financial advice
Perpetual Guardian steps up in the Know Your Customer space

1 min read
Perpetual Guardian steps up in the Know Your Customer space
BNZ signs on to AML tool

1 min read
BNZ signs on to AML tool
Jail for $5.4m Ponzi

1 min read
Jail for $5.4m Ponzi
New nib partnership to target visitors

1 min read
New nib partnership to target visitors
Russell McVeagh acts on Sovereign deal

1 min read
Russell McVeagh acts on Sovereign deal
SBS offers 10-year bond

SBS has launched a new 10-year capital bond.
2 min read
SBS offers 10-year bond
Latest News
The run of play is towards more and more underwriting, and not just at the traditional new business stage
The run of play is towards more and more underwriting, and not just at the traditional new business stage
3 min read
Value of index tracking seen in the numbers, says Kernel
Value of index tracking seen in the numbers, says Kernel
3 min read
NZ sharemarket starts week up 0.6%
NZ sharemarket starts week up 0.6%
4 min read
Can Games Teach Financial Literacy?
Can Games Teach Financial Literacy?
4 min read
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.
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