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Law change won't redraw boundaries

Thursday, March 23rd 2017, 10:05PM

Insurance product recommendations currently offered outside the scope of the Financial Advisers Act will continue to fall outside the regulatory net once the law is rewritten.

The Financial Services Legislation Amendment Bill removes the distinction between class and personalised advice.

It also clears the way for advice to be offered online by robo providers.

But an MBIE spokeswoman said it would not redraw the boundaries.

She said services such as Life Direct, which allows consumers to make comparisons between insurance providers, and ANZ’s online life insurance quote tool, which takes some basic information to determine the benefits and cover levels available, could still operate as they were.

Both are considered to be no-advice information-only services.

“The draft bill is consistent with the current regime in terms of what constitutes financial advice,” she said.

“This includes making a recommendation or giving an opinion about acquiring or disposing of a financial advice product, and excludes the provision of factual information.”

Tags: Financial Markets Conduct Act

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AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 6.45 5.89 5.79
ANZ 8.39 ▼6.95 ▼6.39 ▼6.39
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - ▼6.35 ▼5.79 ▼5.79
ASB Bank 8.39 6.45 5.89 5.79
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
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Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 8.44 - - -
BNZ - Rapid Repay 8.44 - - -
BNZ - Std 8.44 6.45 5.89 5.79
BNZ - TotalMoney 8.44 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.19 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 8.15 6.39 ▼5.89 ▼5.79
Co-operative Bank - Standard 8.15 6.89 ▼6.39 ▼6.29
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.75 6.35 -
First Credit Union Standard 8.50 7.35 6.95 -
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Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.85 6.45 5.99 5.89
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
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Kiwibank 8.25 7.35 6.89 6.69
Kiwibank - Offset 8.25 - - -
Kiwibank Special - 6.45 5.99 5.89
Liberty 8.59 8.69 8.79 8.94
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Pepper Money Advantage 10.49 - - -
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SBS Bank 8.49 7.19 6.49 6.49
SBS Bank Special - 6.59 5.89 5.89
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 5.59 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 7.25 6.79 6.69
TSB Special 8.39 6.45 5.99 5.89
Unity 8.64 6.70 6.49 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 6.65 5.99 -
Westpac 8.39 7.45 6.79 6.59
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Westpac Special - 6.85 6.19 5.99
Median 8.44 6.70 6.35 5.89

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