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Property managers to register as authorised financial advisers

Property managers who receive rent or payments from tenants on behalf of landlords will need to become authorised financial advisers, according to new legislation.

Tuesday, October 13th 2009, 12:00AM 9 Comments

by The Landlord

Under the Financial Advisers Act (FAA), expected to come into force next year, property managers who handle rent payments on behalf of landlords and those who make a recommendation or give opinion or guidance in relation to buying, letting or selling of land, may need to become authorised financial advisers, or registered financial service providers.

Under the FAA, property managers will need to apply to the Securities Commission to become an authorised financial adviser. Authorised financial advisers will also need to become registered and comply with ongoing disclosure and conduct requirements, according to a release by the Property Institute of New Zealand (PINZ).

The report says once registered, advisers will "be subject to general conduct and training requirements" that will be set out in the code of professional conduct being developed by the Securities Commission.

"This change in law will prompt both owners and occupiers to review the person currently managing their property," says PINZ president Ian Campbell. "Property owners need to ensure their property manager is an authorised financial adviser."

Those exempt from the FAA include real estate agents and registered valuers.

PINZ is helping to educate property managers about the new standards soon to be implemented, saying it will benefit the market as a whole.

"The institute's commitment to providing professional development benefits an individual's performance, rewards the employer, owners, occupants, the public and the property industry in general," Campbell says.

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Comments from our readers

On 10 September 2009 at 11:32 am James Smith said:
Its about time. In Australia all property managers receiving rents etc must hold a Real estate License.
On 10 September 2009 at 1:01 pm Bruce Robinson said:
And our government is concerned that regulating Property Management will increase costs and cause loss of jobs. Thats laughable - what will this do??
On 14 October 2009 at 8:12 am Wai said:
We are preparing our house for renting out within the next month or so and are planning to use the local Barfoot & Thompson property managers for that purpose. This article says that: "Those exempt from the FAA include real estate agents and registered valuers." So I guess we don't have to worry about it...any comment?
On 14 October 2009 at 10:15 am Darryl said:
It is time there was regulation that controlled property managers. My experiences have been less than pleasant simply due to their ability and concern for their customer (both the tenant and the landlord). The only advice I can offer is to get references wherever possible, and always be prepared to change if service levels drop. Utimately it is your money at stake!
On 16 October 2009 at 4:29 pm Tania Elmer said:
It does make you wonder what the review on property managers was all about which showed that regulation was not needed. http://www.beehive.govt.nz/release/no+additional+regulation+property+managers
Does anyone have some official clarification on this?
On 16 October 2009 at 4:32 pm Wolfgang said:
Hi Daryl - Was your property manager a Real estate Agent or an independant? If independant: was he/she a member of the Independant Property Managers Association (IPMA)? If so you can lodge a complaint. Wolfgang of The Good Home Property Manaement Ltd. - IPMA member-HASTINGS)
On 17 October 2009 at 1:47 am Kaye Roberts said:
How does this affect me as an independent Property Manager??
On 17 October 2009 at 8:01 pm David Garland said:
We have managed property in Queensland. As noted previously in Australia Property Managers have a real Estate licence. This licence is a restricted one that permits holders to manage property only. Very easy to get following a short training course. This would be a good move for REINZ to look at introducing
On 27 October 2009 at 7:56 am Glenn Morris said:
PINZ is only concerned with commercial properties. Readers should look at what the RTA select has recommended. There is going to be a new class of people called Letting agents.There is provision in the RTA for regulating Letting agents see section 139.
Commenting is closed

 

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - ▼7.29 ▼6.85 ▼6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.95 7.65 7.45
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 - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
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 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

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