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Kiwibank and SBS near FAP licensing decision

Kiwibank and SBS Bank are close to deciding how they will treat financial advice provider licence holders under the new regulatory regime.

Wednesday, December 18th 2019, 6:40AM

The two banks are expected to work with adviser businesses holding their own FAP licence, and those working underneath an aggregator's FAP. 

A Kiwibank spokeswoman said the bank intends to work with intermediaries "able to provide regulated financial advice under a FAP licence".

In a statement, the bank said: "Kiwibank currently has relationships with selected intermediaries (aggregators and mortgage adviser businesses). We are currently working through our requirements for these intermediaries within the context of the changing regulatory landscape. It is our intention to keep working with our selected intermediaries who are lawfully able to provide regulated financial advice under a FAP licence and meet any other requirements arising from the changes in the legislation."

Richard Cameron, acting chief risk officer of SBS, said the bank had not determined its "final position", but "will likely follow the approach whereby the adviser must be lawfully permitted to operate under their own FAP licence or under another entity’s FAP licence".

The banks are likely to follow ANZ's position. ANZ New Zealand wrote to advisers on October 17 to state it would "only deal with intermediaries who are lawfully able to provide regulated financial advice to retail clients either under their own FAP licence, or under another entity’s FAP licence".

While ANZ and BNZ have set out their stance on FAPs, the market is still waiting for ASB and Westpac to make their final call.

As the adviser sector heads towards full licensing next June, businesses will have the option of whether to become their own FAP, or operate underneath a group's. Large groups like Astute Financial favour advisers operating under a group FAP, while small groups like Newpark Financial, encourage advisers to form their own FAP.

 

Tags: Financial Services Legislation Amendment Bill Kiwibank SBS

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  • It starts with governance
    “@Adviser1 this is part of the discussion we need to have as an industry. It is also part of the message we have with the...”
    24 hours ago by JPHale
  • It starts with governance
    “Thanks Gavin, appreciate your comments. So by engaging a compliance consultant and having the necessary policies, procedures...”
    1 day ago by Adviser1
  • 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...”
    2 days 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...”
    2 days 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...”
    2 days ago by JPHale
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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 ▼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

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