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[The Wrap] Gotta love disruption; New life for old war horse; What we weren't meant to tell you about

There's been a theme of disruption to financial services this week, and it's one worth keeping an eye on. While new ways of doing things have been in the news, so to is the future of an old warhorse. And of course the week wouldn't be complete without more discussion on the proposed new code of conduct for financial advisers.

Friday, July 27th 2018, 2:31PM

by Philip Macalister

Pie Funds entry into the KiwiSaver space is one of those stories which highlights the on-going disruption taking place in financial services. But it's not the only story of this ilk during the week.

Over on our mortgage site, tmmonline.nz we report on new developments at John Bolton's peer to peer lending business, Squirrel.

These stories are more than a reminder to advisers and others that financial services is in a constant stake of change now.

On the other side you could argue that this story, about the future of AMP, signals more changing of the guard. Despite the troubles its Australian parent having it appears that plans to divest itself of the New Zealand operations are steaming along. Interestingly, it appears from the grape-vine that the potential new owner maybe a life company out of China.

It's not the first offshore player who has looked at the New Zealand insurance market recently. US-based Blackstone made a significant cash injection into Partners Life, and Canadian-based Fairfax Financial Holdings made an, unsuccessful bid for Tower Insurance.

For advisers the Code Working Group still continues to be a hot topic. Our story this morning, and the comments made on it, are well worth a read. 

There are some clearly unresolved questions around the definition of advice and what qualifications will be needed in the future. To get an idea where things may head have a look at this story,

Also this week, apparently we were not meant to tell you but we did, that a group of advisers met with the CWG to provide some input into its development. My guess is that this initiative will lessen the chances of Financial Advice NZ getting a seat at the table. It's probably fair to assume that since the request was made nearly a month ago and the Minister hasn't made a decision then he sees no real need to add another committee member. 

We may find out next week when the association has its first formal meeting with the Minister Faafoi.

Also, next week looks to be another interesting one as the Parliamentary Select Committee considering the Financial Services Legislation Amendment Bill (FSLAB), is due to report its findings. 

Tags: Opinion

« [OPINION] What is the future for AMP?[The Wrap] »

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AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 ▼6.75 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 ▼6.75 6.65
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BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
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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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 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 -
Heartland Bank - Online 7.99 6.69 6.45 6.19
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 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
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 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
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Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.32 6.65

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