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Everyone's talking about regulation

Adviser regulation is the hot topic everywhere at the moment, no matter what sort of finanical product is being sold, or even if you are operating in an already regulated market.

Sunday, July 29th 2001, 9:18PM

Financial planners aren't alone debating the issue of standards in their industry, and whether or not they should be regulated.

The topic has surfaced amongst mortgage brokers and across the Tasman.

The head of Mortgage Choice in New Zealand, Miranda Caird, told a workshop at the recent Financial Planners and Insurance Advisers conference that the mortgage broking industry was full of cowboys, and its association didn't have sufficiently high enough standards. She went on to say that the industry should be regulated.

Mortgage Broker Association (MBA) head Rob Tucker has sprung to the association's defence, claiming standards are high. He says the MBA is working to tidy up the industry which is accounting for a growing share of the home loan market.

To see what Miranda Caird said click on this link: Mortgage Brokers need to be regulated

For Rob Tucker's response click here MBA claims high standards and to see what others area going go to the discussion forum. Click here

Across the Tasman the issue of regulation is still hot too.

The Financial Planning Association (FPA) has called on the Federal Government to enshrine the terms "financial planner" and "financial adviser" in the Financial Services Reform Bill, which would give the terms the same status as "accountant", "stockbroker" and "insurance broker".

FPA senior manager of public policy, Con Hristodoulidis, says under the current version of the FSRB stockbrokers and life and general insurance agents are restricted terms, but there is no mention of financial planners and financial advisers.

He says the association would like to see the terms "financial planners" and "financial advisers" locked into the legislation.

He says that the restricted use of the terms would enhance consumer protection.

NEW POLL: Should the terms financial planner and financial adviser have statutory protection in NZ? VOTE HERE

« Harts group likely to be split upSovereign takes regulation bull by the horns »

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  • Industry demands details
    “So product sales are not caught by the provisions of FMCA (as amended) and product sales people will not be subject to the...”
    5 hours ago by dcwhyte
  • Industry demands details
    “@David You ask "are pure product sales included in the definition of regulated advice?" In a word NO. Someone please correct...”
    6 hours ago by Murray Weatherston
  • Industry demands details
    “There is still a lot of water to flow under many bridges before everything is settled for those in the industry. However,...”
    6 hours ago by dcwhyte
  • Industry demands details
    “Nominated representatives I also don't see why the sector is puzzled about the role of nominated representatives. All licensed...”
    2 days ago by Murray Weatherston
  • Industry demands details
    “I don't understand what the issue raised above about complaints and EDRS is. Under FSLAA, the licensee is the entity (FAP)....”
    2 days ago by Murray Weatherston
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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 5.05 ▼5.25 5.59
ANZ Special - 4.55 ▼4.75 -
ASB Bank 5.80 4.85 5.19 5.49
ASB Bank Special - 4.45 4.79 5.09
BankDirect 5.80 4.85 5.19 5.49
BankDirect Special - 4.45 4.79 5.09
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.29 5.59
BNZ - TotalMoney 5.90 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.15 5.45 5.50 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 5.00 5.20 -
Housing NZ Corp 5.79 4.85 5.24 5.49
HSBC Premier 5.79 4.09 4.29 4.89
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.80 4.59 4.69 5.09
Kiwibank 5.80 4.95 5.29 5.59
Kiwibank - Capped - - - -
Kiwibank - Offset 5.80 - - -
Kiwibank Special - 4.45 4.79 5.09
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
Resimac 5.30 4.86 4.94 5.30
Lender Flt 1yr 2yr 3yr
RESIMAC Special 5.00 - 4.75 -
SBS Bank 5.89 4.99 5.29 5.59
SBS Bank Special - 4.59 4.85 5.25
Sovereign 5.90 4.85 5.19 5.49
Sovereign Special - 4.45 4.79 5.09
The Co-operative Bank - Owner Occ 5.75 4.59 ▼4.79 5.09
The Co-operative Bank - Standard 5.75 5.09 ▼5.29 5.59
TSB Bank 5.80 4.80 5.15 5.45
TSB Special - 4.55 4.79 4.99
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.95 4.99 ▼5.19 5.59
Lender Flt 1yr 2yr 3yr
Westpac - Capped rates - 5.26 5.36 -
Westpac - Offset 5.95 - - -
Westpac Special - 4.59 ▼4.79 5.09
Median 5.80 4.85 5.15 5.38

Last updated: 21 August 2017 10:06am

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