tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, August 11th, 10:52PM

Mortgages

rss
Latest Headlines

ASB and Westpac delay licensing decision

Advisers face a further wait to discover ASB and Westpac's stance on FAP licensing under the new regulatory regime. 

Wednesday, December 11th 2019, 8:48AM

The two banks have not yet made a decision on whether they will work with individual businesses that take on a FAP (Financial Advice Provider) licence, whether they will only work with group FAPs, or whether they will work with groups without a FAP licence.

A spokesman for Westpac said the lender was "still weighing up the implications of the law reform". "We’ll contact the aggregator groups directly with our decision in the first instance," he added.

Meanwhile, a spokeswoman for ASB said: "We’re currently reviewing our position and will provide an update to the market soon."

The wait is now likely to go into the new year as advisers await clarity from the two banks. ANZ and BNZ have both set out their position on how they will work with advisers under the new regime. 

ANZ will work with adviser businesses and groups that hold a FAP licence. It will allow adviser businesses to take their own FAP, and be part of a group with a FAP licence. 

In the letter to advisers, ANZ said it expected FAP licence holders to "meet industry standards" and show "robust advice and governance processes".

The decision whether to take a FAP licence, or work underneath an aggregator group's, is one of the key decisions facing adviser businesses today. Businesses have argued they may lose independence working under a group FAP, while large groups have argued businesses will need back office and regulatory support under a head group's licence. 

Transitional licensing for the new regime opened on November 25, and the transitional period runs until next June. 

 

 

Tags: ASB FSLAA FSLAB Westpac

« SHARE becomes mortgage aggregatorShort term the cheapest option over next five years: ASB »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • It starts with governance
    “Hi Adviser 1 -I don't think peer review will cut the mustard. There is more to it than someone having a look at you do and...”
    3 hours ago by gavin austin adviser business compliance
  • It starts with governance
    “Who offers a governance solution for a one man adviser business or is adviser peer review the way to go? Cheers...”
    11 hours ago by Adviser1
  • It starts with governance
    “Well said as usual Russell, you’re right governance is one of the things that has been missing from the discussion and...”
    15 hours ago by JPHale
  • Financial advice makes NZers better off
    “Great initiative to support the industry, from an industry body...”
    18 hours ago by Pragmatic
  • Shake-up at AMP
    “Very well said by Amused ...”
    2 days ago by mike.lay
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

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 ▼3.85 ▼3.95 -
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 ▼2.93 ▼3.07 ▼3.24
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 ▼3.39 3.45 ▼2.99 ▼3.35
SBS Bank 4.54 ▼3.05 3.19 ▼3.25
Lender Flt 1yr 2yr 3yr
SBS Bank Special - ▼2.55 2.69 ▼2.75
The Co-operative Bank - Owner Occ 4.40 2.55 2.69 ▼2.79
The Co-operative Bank - Standard 4.40 3.05 3.19 ▼3.29
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 3.05 3.13 3.12

Last updated: 11 August 2020 8:24am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com