About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, July 29th, 7:54PM
rss
Latest Headlines

Commission closes mortgage brokers

The Securities Commission has acted on its threats to get tough on the contributory mortgage industry by closing down New Zealand Commercial Mortgage Brokers.

Thursday, December 6th 2001, 5:32PM

by Philip Macalister

Securities Commission chairman Jane Diplock says the firm, which was headed by Bryn Vincent Evans and Jefferson John McIntyre, had about $20 million invested in contributory mortgages.

Diplock says NZCMB has had a hearing before the commission and the watchdog concluded that the business wasn't being appropriately run.

"We felt that they weren't managing the operation appropriately."

The commission considered that investors’ funds were at risk because the company has:

  • continually failed to keep proper accounts
  • failed to lodge an annual report with the Registrar of Companies.
  • failed to tell investors about a significant change in the terms of a mortgage. One "significant" sized development mortgage was increased in size and changed to a general mortgage without the investors' knowledge.

As a result of the hearing the commission has removed Evans and McIntyre as directors of the broker's nominee company. It has appointed Christchurch chartered accountant David Crichton and Keiran Horne, directors to manage a work out, and it has made a prohibition order banning NZCMB from offering contributory mortgages to the public for five years.

Diplock says this is the first time the commission has taken such action.

However it may not be the last.

Diplock says nine of the 21 groups that offer contributory mortgages are currently before the commission for a variety of reasons.

Vote in our New poll!


Should contributory mortgages be banned?
VOTE HERE

You can read Philip's blog here: http://www.goodreturns.co.nz/blog/

« Major changes at TowerSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • PAA axes holiday homes scheme
    “I wish I had found this discussion before. I'm surprised the mainstream media aren't tearing the PAA to shreds over this....”
    5 hours ago by drelly
  • RFAs backing call for one law for all
    “A large number of RFA's had already accepted and operated under the Code's standards, so I for one totally agree. ...”
    11 hours ago by Referee
  • FSC: All advisers should be equal
    “Tash and Gavin, Thank you! Sales, yes there is an element in every product or service ever paid for, and some that aren't...”
    1 day ago by RiskAdviser
  • FSC: All advisers should be equal
    “This is an interesting debate. It pretty much highlights the state of financial ‘advice’ here and around the world. The...”
    1 day ago by AFA Muggins
  • FSC: All advisers should be equal
    “i started in the life & general insurance industry in the early 80s. was told - life insurance is sold and not bought. it...”
    1 day ago by w k
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ ▼6.24 5.10 5.59 5.59
ANZ Special - 4.89 4.99 -
ASB Bank 6.50 5.25 5.49 5.75
ASB Bank Special - 4.89 5.10 5.39
BankDirect 6.50 5.25 5.49 5.75
BankDirect Special - 4.89 5.10 5.39
BNZ - Mortgage One ▼6.65 - - -
BNZ - Rapid Repay ▼6.24 - - -
BNZ - Special - - ▼4.69 -
BNZ - Std, FlyBuys ▼6.24 5.19 5.39 5.29
BNZ - TotalMoney ▼5.99 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 5.75 5.75 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
HBS Bank ▼6.14 5.39 5.39 5.39
HBS Special - 4.99 4.99 4.99
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.45 5.10 5.40 -
Housing NZ Corp 6.49 5.19 5.49 5.59
Lender Flt 1yr 2yr 3yr
HSBC Premier 6.60 4.89 4.89 5.29
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.29 5.29 5.29
ICBC 6.75 5.99 6.39 -
Kiwibank ▼6.15 5.39 5.49 5.69
Kiwibank - Capped - - - -
Kiwibank - Offset 6.40 - - -
Kiwibank Special - 5.09 4.99 5.39
Liberty - - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.70 5.65 5.95 -
Lender Flt 1yr 2yr 3yr
NZ Home Loans ▼6.60 5.39 5.49 6.29
Perpetual Trust 7.70 - - -
Resimac 5.84 5.60 5.65 5.79
SBS Bank ▼6.14 5.39 5.39 5.39
SBS Bank Special - 4.99 4.99 4.99
Sovereign ▼6.35 5.25 5.10 5.75
Sovereign Special - 4.89 5.10 5.39
The Co-operative Bank 6.20 4.89 4.99 5.20
TSB Bank ▼6.24 5.45 5.49 ▼5.40
TSB Special - - 4.99 5.40
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac ▼6.15 5.39 5.39 5.59
Westpac - Capped rates - ▼6.15 ▼6.15 -
Westpac - Offset ▼6.15 - - -
Westpac Special - - ▼4.69 -
Median 6.45 5.27 5.39 5.40

Last updated: 29 July 2015 7:54pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com