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News Bites

Eurasia, Nikko announce partnership

1 min read
Eurasia, Nikko announce partnership
Nikko granted MIS licence

1 min read
Nikko granted MIS licence
Elevation Fund lowered

1 min read
Elevation Fund lowered
FMA issues AML warning

1 min read
FMA issues AML warning
Trustees Executors gets new platform

1 min read
Trustees Executors gets new platform
AML warning

1 min read
AML warning
What happened in the markets last month?

1 min read
What happened in the markets last month?
Accuro donation

Funding from Accuro Health will help Wellington SPCA invest in a second surgery table.
1 min read
Accuro donation
NZX50 gets rebrand

NZX Limited and S&P Dow Jones Indices, one of the world’s leading providers of financial market indices have signed a strategic agreement to jointly develop, produce and commercialise co-branded investable indices featured on NZX platforms and related data products.
3 min read
NZX50 gets rebrand
FMA warning

1 min read
FMA warning
Magellan launches listed version of fund

1 min read
Magellan launches listed version of fund
AXA signs agreement with SimCorp

1 min read
AXA signs agreement with SimCorp
AMP adviser training by numbers

1 min read
AMP adviser training by numbers
Finalists revealed

1 min read
Finalists revealed
FAA survey circulated

1 min read
FAA survey circulated
Sovereign and single rural blokes

1 min read
Sovereign and single rural blokes
Complectus to buy Covenant

1 min read
Complectus to buy Covenant
General Finance fourth finance company to gain licence

1 min read
General Finance fourth finance company to gain licence
Fidelity rating affirmed

1 min read
Fidelity rating affirmed
AMP KiwiSaver gets award

1 min read
AMP KiwiSaver gets award
Castle Point announces shareholder

1 min read
Castle Point announces shareholder
Harbour gets MIS licence

1 min read
Harbour gets MIS licence
FSC closes Wellington office

The Financial Services Council has closed its Wellington office.

Deborah Keating is no longer working for the organisation.

Chief executive Peter Neilson said the office closed at Christmas. “Most of our members and one of our two regulators are now Auckland-based. We now have a support office in Auckland and I continue to work from home in Ellerslie.”
0 min read
FSC closes Wellington office
Deflation warning

1 min read
Deflation warning
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.
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