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News Bites

FSC welcomes super move

1 min read
FSC welcomes super move
US rate rise likely this month

1 min read
US rate rise likely this month
Renfrew's firm joins Consilium platform

1 min read
Renfrew's firm joins Consilium platform
Asteron rating affirmed

1 min read
Asteron rating affirmed
MJW makes statements available

1 min read
MJW makes statements available
IFA/PAA conference registrations open

Registrations have opened for this year’s combined IFA and PAA conference.
1 min read
IFA/PAA conference registrations open
Synergy takes pension transfers

Synergy Investments is now accepting UK pension and New Zealand superannuation transfers through the i-Select Supernanuation scheme.
1 min read
Synergy takes pension transfers
ASB happy with Aegis

ASB Bank chief executive Barbara Chapman says its platform business, Aegis, is "performing well" at the moment.
1 min read
ASB happy with Aegis
Ponzi scheme alleged

1 min read
Ponzi scheme alleged
Bad fish

1 min read
Bad fish
Philip's Christmas message

As the year draws to a close and you get ready for Christmas, all of the team at Good Returns would like to wish you the best for the festive season.
2 min read
Philip's Christmas message
Cigna Life

2 min read
Cigna Life
Milford Private Equity Fund II oversubscribed

1 min read
Milford Private Equity Fund II oversubscribed
Another Ozzy fund turns up

1 min read
Another Ozzy fund turns up
Second global investor join AMP Capital property portfolio

1 min read
Second global investor join AMP Capital property portfolio
Ralph Stewart-associated super fund gets QROPs licence

Garrison Bridge, the super fund associated with Ralph Stewart's Lifetime Group, received its QROPS registration last week.
1 min read
Ralph Stewart-associated super fund gets QROPs licence
UDC Finance posts record net profit

1 min read
UDC Finance posts record net profit
TSB cops formal AML warning

1 min read
TSB cops formal AML warning
Heartland interested in UDC

1 min read
Heartland interested in UDC
Castle Point appoints distributor

1 min read
Castle Point appoints distributor
Bentley adds new manager

1 min read
Bentley adds new manager
Bill introduced to lift adviser requirements

1 min read
Bill introduced to lift adviser requirements
Asteron offers quake help

1 min read
Asteron offers quake help
Milford to establish private equity fund

Milford Asset Management is currently aiming to raise $100 million for a new private equity fund.
1 min read
Milford to establish private equity fund
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