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News Bites

Barnes counter-sues Kerr over trustee company sale

2 min read
Barnes counter-sues Kerr over trustee company sale
Rabo puts Edmonds' funds on direct platform

1 min read
Rabo puts Edmonds' funds on direct platform
Win for Hawkes Bay advisers

1 min read
Win for Hawkes Bay advisers
UDC sees debenture book growth

1 min read
UDC sees debenture book growth
Macquarie launches roboadvice

1 min read
Macquarie launches roboadvice
Options paper coming

1 min read
Options paper coming
Top ratings for KiwiSaver schemes

1 min read
Top ratings for KiwiSaver schemes
4 of the best MJW quotes

1 min read
4 of the best MJW quotes
Chinese bonds offer returns, stability, ICBC says

New Zealand financial advisers are being asked to consider Chinese government and corporate bonds as a way to give their clients a stake in that country’s economic growth.
3 min read
Chinese bonds offer returns, stability, ICBC says
Listed debt market grows

1 min read
Listed debt market grows
NZX lists ETFs

1 min read
NZX lists ETFs
Partners, Ballantyne and Asteron pick up Awards

1 min read
Partners, Ballantyne and Asteron pick up Awards
Real estate index launched

1 min read
Real estate index launched
IRD seeks feedback on fees

1 min read
IRD seeks feedback on fees
Equity markets recover

1 min read
Equity markets recover
Squirrel Money launches

1 min read
Squirrel Money launches
NAB sale won't affect NZ

BNZ says NAB’s sale of its life insurance business to Nippon Life will not have an effect on its operations in New Zealand.
1 min read
NAB sale won't affect NZ
Former adviser sentenced

Former financial adviser and director of Strategic Planning Group Andrew Hrothgar Robinson has been sentenced to 12 months' jail. 
1 min read
Former adviser sentenced
Kiwibank warned over AML

Kiwibank has received a formal warning from the Reserve Bank over its failure to meet some requirements of the AML/CFT Act.
1 min read
Kiwibank warned over AML
TSB ups Fisher share

1 min read
TSB ups Fisher share
Goldman Sachs shifts trading

1 min read
Goldman Sachs shifts trading
AMP launches app

1 min read
AMP launches app
Most Ombudsman cases go in banks' favour

1 min read
Most Ombudsman cases go in banks' favour
Warminger date set

1 min read
Warminger date set
Latest News
The run of play is towards more and more underwriting, and not just at the traditional new business stage
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3 min read
Value of index tracking seen in the numbers, says Kernel
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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?
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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