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News Bites

Assets of FX trader seized

1 min read
Assets of FX trader seized
Defence Force seeks AFAs

1 min read
Defence Force seeks AFAs
Cancer cover suits direct market

Cigna Life has launched Cigna Cancer Cover Insurance, which it says is well suited to the direct market.
1 min read
Cancer cover suits direct market
Wealth Defender IPO successful

Listed investment company Wealth Defender Equities Limited has achieved a successful capital raising of A$125.7 million, more than double the minimum target of A$50 million set out in the initial public offer prospectus.
1 min read
Wealth Defender IPO successful
CFA putting investors first

1 min read
CFA putting investors first
Insurance jobs up

1 min read
Insurance jobs up
NZF in administration

1 min read
NZF in administration
PGC seeks $22 million from Bath St Capital

1 min read
PGC seeks $22 million from Bath St Capital
First NZ censured, fined

First NZ Capital securities has been publicly censured and fined $15,000 after trying to fix a trading error without notifying the NZX of the problem.
2 min read
First NZ censured, fined
Complectus completes purchase

1 min read
Complectus completes purchase
Mai Chen sells wills business to Perpetual Guardian

1 min read
Mai Chen sells wills business to Perpetual Guardian
SPI directors fined for breaching financial reporting rules

1 min read
SPI directors fined for breaching financial reporting rules
FMOY finalists named

1 min read
FMOY finalists named
NZMDT cases up

1 min read
NZMDT cases up
nib adds travel insurance

1 min read
nib adds travel insurance
NZX consults on market penalties

2 min read
NZX consults on market penalties
What Bridgecorp investors missed out on

1 min read
What Bridgecorp investors missed out on
FMA list reinstated

1 min read
FMA list reinstated
MOUs signed

1 min read
MOUs signed
Smartshares adds new funds

1 min read
Smartshares adds new funds
Remarkable pushes The Boat out

1 min read
Remarkable pushes The Boat out
Super Fund files proceedings

The New Zealand Superannuation Fund confirmed today that, as previously signalled, it has filed legal proceedings in the Portuguese courts against the Bank of Portugal.
1 min read
Super Fund files proceedings
Cash player partners with IFA

1 min read
Cash player partners with IFA
AMP partners with Paul Henry

1 min read
AMP partners with Paul Henry
Latest News
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NZ sharemarket starts week up 0.6%
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4 min read
Can Games Teach Financial Literacy?
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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