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One body to rule them all

Mortgage advisers could well end up in having a new association if plans released today get the green light from members of the IFA and PAA.

Thursday, June 9th 2016, 2:34PM

Mortgage advisers could well end up in having a new association if plans released today get the green light from members of the IFA and PAA.

The two associations have told members that they are looking to create a new organisation to represent all advisers in New Zealand. It isn't been billed as a merger of the IFA and PAA - and for good reason. It probably wouldn't fly.

My guess, from the feedback I have had over the years is that mortgage advisers would be luke warm on such an idea. Afterall the PAA essentially took over the NZ Mortgage Brokers Association and many of its members feel like they are second class citizens in the PAA.

The PAA, they tell me, is much more focussed on serving the bigger part of its members - insurance advisers.

This indeed will be one of the big challenges for a new organisation. It will have to serve all of the different advisory disciplines equally no matter what proportion of the new body they will make up.

It is a challenge. If we look across to the manufacturer side of the industry it is clear the Financial Services Council has been unable to do that. As a result it has lost most of its life insurance membership.

The early reaction to today's news is been pretty positive, however it seems a good chunk of that has come from manufacturers and suppliers. It is clear they would rather only have to write a cheque to one organisation; to one conference. They are already getting a taste of that through the National Advisers Conference which is a joint IFA/PAA initiative.

My question for you then is this: Do you support the idea of creating one body to represent all advisers? Email your thoughts to philip@tmmonline.nz or leave them at the end of this article on the site. 

Tags: IFA Professional Advisers Associations

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 11 November 2019 4:01pm

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