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The Wrap: Deadlines for changes clearer (maybe)

Since this is the Weekly Wrap we thought we'd try and wrap the week up, highlighting the key news stories and looking ahead to what's happening next week. Read on to see what's on the agenda.

Friday, October 27th 2017, 1:39PM

Possibly the biggest news this week was that New Zealand has a new Government. There's plenty of interest in how this administration will work, and of particular interest was the appointment of Kris Faafoi as Commerce Minister.

He will be charged with, among other things, shepherding the Financial Services Legislation Amendment bill through Parliament. FSLAB, as it's become known, will change the rules of engagement for the large majority of financial advisers.

We don't know too much about the new minister and his credentials for the role (except he was formerly a journalist). However, he, like the previous Commerce Ministers, is outside cabinet.

We've been trying to get hold of him since the announcement....but with no luck.

Last week our sister title, TMM, ran a one-day conference in Auckland for mortgage advisers. MBIE presented a session on FSLAB and indicated that the proposed dates for implementation of the new regime could well get pushed back. This was reiterated by various legal minds during the week.

While the date on FSLAB is a little unclear we did learn about newly formed adviser association, Financial Advice New Zealand. We have have an update here.

The new association isn't due to kick off until July next year, but what's most interesting is the association plans to have a "quality mark".

It's still a little unclear what this mark is, how it works and how an adviser gains the mark. Also, how does this fit with the CFP designation many financial advisers already have? All good questions we will look for answers to.

One of the pieces I've really enjoyed this week is Habour Asset Management's view of Rabobank's fixed interest security which was repaid recently. There are some good lessons for investors in this one. Have a read here.

What's coming up?

Looking ahead to next week there are plenty of things happening.

One Tuesday there is the annual Responsible Investing conference in Auckland.

Then on Friday Binu Paul hosts his second annual fintech conference. Details here

If you have a event coming up or a new appointment let us know. Send an email here 

Tags: CFP Financial Advice New Zealand financial advisers Financial Services Legislation Amendment Bill fintech FMA FSLAB Harbour Asset Management investment Mortgage Advisers responsible investing

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - 2.65 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
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 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
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 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼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 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 10 July 2020 9:02am

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