tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, March 29th, 10:40AM

News

rss
Latest Headlines

[Weekly wrap] End of an era

This week saw differing fortunes for financial industry organisations: one came to an end, one was reborn and a new association got off to a modest start.

Friday, March 16th 2012, 10:30AM

by Niko Kloeten

This week saw the end of an era for the New Zealand Mortgage Brokers Association (NZMBA), after its members voted overwhelmingly in favour of a merger with the Professional Advisers Association (PAA).

Like businesses, industry and professional bodies are reliant on the support of their customers (members), and must continue to provide value for money in the service they offer.  And like businesses, these organisations need to adapt to changing market conditions. 

The mortgage market is a different beast to what it was five years ago, and the new regulatory environment has had an effect as well.  We can expect to see further changes in the professional/industry organisation space over the next couple of years.

Another organisation that responded to the changing financial services environment was the Investment Savings and Insurance Association (ISI), which this week was replaced by the Financial Services Council (FSC).

The change reflects the desire by its members, which make up most of the fund management and life insurance sectors in New Zealand, to have a strong financial services lobby group, an "800-pound gorilla" as described by FSC chief executive Peter Neilson.  It is also hoping to become a pan-industry association.

Meanwhile, TNP's new professional association, TNPPA, said this week the number of advisers that had signed up had reached "double figures".  

It is aiming for 100 advisers to be signed up by the end of the year, although it is hard to gauge its progress because "double figures" could mean anything from 10 to 99.

Also this week, Partners Life released its figures to Good Returns and they show it continued to grow its market share in the December quarter, increasing from 10.5% in September to 13.4%.

The newcomer ranked second in new business written behind Sovereign, overtaking OnePath Life which has made changes to its sales team

In regulation news, Pathfinder Asset Management called for the FMA to focus its attention on investment statements rather than prospectuses because no-one reads them.

Another area of interest for the FMA is "fringe" investments that fall outside the Secrurities Act and other laws it is responsible for.  Advisers can play an important role in ensuring people are informed about the potential risks, the regulator says.

The FMA has prosecuted a number of finance company directors and now investors are increasingly keen to sue them to get some of their money back.  A litigation funder has been "deluged" with inquiries.

Finally, Heartland New Zealand said this week that New Zealand needs greater control of its finance industry.  Naturally, it plans to play its part in that.

Niko Kloeten can be contacted at niko@goodreturns.co.nz

« 'Complete lack of interest' in prospectusesManagers warn against more KiwiSaver regulation »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.24 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.84 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 28 March 2024 9:42am

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