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[Weekly Wrap] Adviser 'skipping processes'

Despite all the debate recently about the planned changes to the Code of Professional Conduct for Financial Advisers, it seems some advisers are still not keeping up with the existing requirements.

Friday, September 13th 2013, 3:52PM

by Susan Edmunds

We reported at the start of the week that the IFA and PAA are at odds over some of the proposed changes, such as the move to allow RFAs to progress towards KiwiSaver advice.

The IFA also strongly backs the proposed changes to CPD requirements while the PAA has some questions over providers not be able to offer structured hours.

But if what a couple of the dispute resolution schemes have said this week is anything to go by, some advisers are still taking a reasonably cavalier approach to at least some aspects of the code.

It requires AFAs to have a complaints process - but the ISO says 8% of respondents to its survey did not.

The ISO said that could be partly because a lot of small operations deal with complaints as and when they come in, without a formalised process.

I often hear that the one of the biggest benefits of having professional bodies,formalised processes, disputes resolution schemes and new regulation is that they improve the perception of the industry in the eyes of the public.

And advisers were told to use Money Week this week to promote the value of what they do. Many offered their time pro bono, offering advice on mortgages, savings and investments.

But the IFA's free hotline did not attract a huge number of calls. CEO Penny Mudford was pleased, though, because the number was about twice what it was last year.

One of the most interesting comments of the week was from Peter Cave, who said we need to move on from this idea that advisers must constantly prove their worth.

What other adviser must do that, he asked. In many other industries, the role of the adviser is just accepted.

He said the idea of a website comparing investment advisers' performance was a terrible one because it was much too short-term an approach.. Other advisers agreed.

It's been a busy week on the mortgage front, with the Reserve Bank Governor candidly admitting that the result of looming LVR restrictions is uncertain.

And there's been even more divergence between the rates on offer for low-equity borrowers and others.

In insurance, some of Partners Life's Naomi Ballantyne's comments on dealer groups are sure to spark debate.

 

 

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
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BNZ - Classic - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 -
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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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
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Nelson Building Society 9.00 7.65 7.25 -
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Resimac - LVR < 80% 8.84 8.09 7.59 7.29
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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 7.74 ▼7.09 ▲6.95
SBS Bank Special - 7.14 ▼6.49 ▲6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
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SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
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TSB Special 8.64 6.99 6.75 6.65
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Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

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