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Banks quietly seething

Friday, July 7th 2017, 12:01PM

The banks aren't saying anything publicly about the PAA's letter to members, but they are quietly seething about what has happened. And fair enough, too.

The feedback we are getting is that the banks are highly upset that the PAA is accusing them of trying to dismantle the advisory network and undermining advisers.

Banks do want a partnership with mortgage advisers. There is no doubt third-party distribution is an important channel for them to get their products to customers.

There will always be tensions and, as we have seen many times before the relationship ebbs and flows. In this challenging lending environment with credit rationing and multiple lending restrictions it is little surprise there are changes in how they operate in the various distribution channels.

The biggest issue here is the way the PAA Board have handled this. The allegations appear never to have been aired with the banks before the email was sent out. Secondly, banks still are unclear what the issue is that got the PAA Board so wound up. Some say they still don't know, and it's nearly a fortnight since the email was sent.

As I mentioned last week, the email was targeted at one bank, but ended up tarring all the banks.

There is a role for professional associations to stand up for their members, but there is also a right way to go about doing it. In this case it seems little has been done in a professional manner.

While banks are reluctant to comment on the record about the email, they have a right to feel aggrieved. Indeed, they could react swiftly and quite forcefully it they so choose. It seems the only immediate consequences are that ANZ has withdrawn its sponsorship from the upcoming National Advisers Conference. (However, ANZ Investments is there as a bronze sponsor now and its life business, OnePath, remains unchanged).

Earlier story: PAA slams banks for undermining advisers

Tags: Professional Advisers Associations

« PAA vs the banks: Round oneA big day for mortgage advisers »

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Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.15 3.25 3.39
ANZ Special - 2.55 2.69 2.79
ASB Bank 4.45 2.55 2.69 2.79
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.55 2.69 ▼2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 ▼3.15 3.29 ▼3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 5.50 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.45 2.60 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.55 2.65 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.30 3.54 3.54
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.79 2.79
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.09 3.19 3.49
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.59 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 2.99
The Co-operative Bank - Standard 4.40 3.05 3.19 3.49
TSB Bank 5.34 3.35 3.49 3.79
TSB Special 4.54 2.55 2.69 2.99
Wairarapa Building Society 4.99 3.65 3.69 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.55 2.69 2.79
Median 4.55 3.12 3.22 3.19

Last updated: 31 July 2020 3:01pm

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