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News Bites

Adviser on trial

1 min read
Adviser on trial
Five Star guilty plea

1 min read
Five Star guilty plea
Mortgage fraud charges

1 min read
Mortgage fraud charges
Directors plead guilty

1 min read
Directors plead guilty
FMA eyes KiwiSaver issuers

1 min read
FMA eyes KiwiSaver issuers
Govt looks for new bank

1 min read
Govt looks for new bank
AMP reports lift in fee income

1 min read
AMP reports lift in fee income
Home detention for Dominion directors

1 min read
Home detention for Dominion directors
Lombard appeals rejected

1 min read
Lombard appeals rejected
Consumers 'ready to take on more credit'

1 min read
Consumers 'ready to take on more credit'
Lead managers for Meridian, Genesis sales appointed

 

 
1 min read
Lead managers for Meridian, Genesis sales appointed
Suzuki, UDC team up

1 min read
Suzuki, UDC team up
Want to go to Sydney?

1 min read
Want to go to Sydney?
Jenning's gems

1 min read
Jenning's gems
Here's one for the FMA

1 min read
Here's one for the FMA
Aussies take slice of Edge

BBY, Australia’s largest non-bank owned full service stockbroker, has taken a controlling shareholding in Edge Capital Markets, a private broking firm specialising in the futures and FX markets.
1 min read
Aussies take slice of Edge
Dominion Finance director pleads guilty

1 min read
Dominion Finance director pleads guilty
TOWER team re-emerge

Members of Tower Investments’ equities team have re-emerged as Castle Point Funds Management.
 
1 min read
TOWER team re-emerge
Fisher's performance fee

Kingfish has paid a performance fee of more than $3 million to Fisher Funds.
 
1 min read
Fisher's performance fee
Lenders targetted

Consumer credit law changes introduced last week are the biggest in a decade, Consumer Affairs Minister Craig Foss says.
1 min read
Lenders targetted
Dominion, North South Finance executive guilty

Paul William Cropp has been found guilty of four Crimes Act charges laid by the Serious Fraud Office.
1 min read
Dominion, North South Finance executive guilty
Kiwis investing in SMEs: English

New Zealanders have more money tied up in small businesses than previously thought, Finance Minister Bill English told the Wellington Employers Chamber of Commerce today.
1 min read
Kiwis investing in SMEs: English
IFA and IBANZ College team up

The Institute of Financial Advisers and IBANZ College have announced a partnership that gives all IFA members access to professional development opportunities through the college.
 
1 min read
IFA and IBANZ College team up
Kiwibank offers TC3 insurance

Kiwibank is offering insurance to Christchurch properties in TC3, the most damaged outside the city’s red zone.
1 min read
Kiwibank offers TC3 insurance
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