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Last Article Uploaded: Wednesday, January 19th, 2:11PM

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Financial services lockdown update - FMA hopes to add to list

Financial services are currently not included as ‘Alert level 4 businesses or services’ in the Public Health Response (Alert Level Requirements) Order (No 9) 2021.

Thursday, August 19th 2021, 3:18PM

However, firms are still able to go on-site to maintain critical systems/infrastructures which cannot be completed remotely. This is covered under clause 18 (2) of the Order.

There is also a provision (Schedule 2, number 29) to operate “Businesses or services necessary to maintain other Alert Level 4 businesses or services”.

This includes back-office functions, treasury, payment, settlement,  registry functions, or other similar activities.

Under Alert level 4, financial services firms may not currently provide any services face-to-face with the public. In all cases, if employees need to work on-site, they should be strictly limited.

"The FMA has been working with the RBNZ and MBIE on developing a list of financial services we consider essential to the functioning of New Zealand’s markets," says the FMA in a statement.

"We are working towards having these included in the next round of amendments or receiving a class exemption from the Order. We anticipate what may be considered essential financial services to be narrower than in previous Alert Level 4 scenarios."

The FMA will provide more clarity on the role of financial services at Alert Level 4 shortly. If you have any concerns, get in touch.

 

Tags: Covid-19 FMA

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Lender Flt 1yr 2yr 3yr
AIA 4.60 3.65 4.15 4.69
ANZ 4.79 4.25 4.95 5.35
ANZ Blueprint to Build 2.03 - - -
ANZ Special - 3.65 4.35 4.75
ASB Back My Build 2.29 - - -
ASB Bank 4.60 3.65 4.15 4.69
Avanti Finance 4.55 - - -
Basecorp Finance 5.49 - - -
Bluestone 4.09 4.29 4.86 5.09
BNZ - Classic - 3.65 4.35 4.69
BNZ - Mortgage One 5.15 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Rapid Repay 4.95 - - -
BNZ - Std, FlyBuys 4.95 4.25 4.95 5.29
BNZ - TotalMoney 4.95 - - -
CFML Loans 5.35 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 3.59 4.09 -
Heartland Bank - Online 2.25 1.85 2.35 2.65
Heretaunga Building Society 5.25 ▲4.25 ▲4.75 -
HSBC Premier 4.49 2.19 2.45 2.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 4.25 3.49 4.05 4.55
Kainga Ora ▲4.60 ▲4.03 ▲4.68 ▲5.07
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 4.25 4.54 5.20 5.54
Kiwibank - Offset 4.25 - - -
Kiwibank Special 4.25 3.69 4.35 4.69
Liberty 4.84 - - -
Nelson Building Society 4.95 4.29 4.85 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.39 3.54 3.89 4.09
SBS Bank 4.79 3.95 4.49 4.85
SBS Bank Special - 3.45 3.99 4.35
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - 3.45 - -
The Co-operative Bank - Owner Occ 4.75 3.65 4.35 4.69
The Co-operative Bank - Standard 4.75 4.15 4.85 5.19
TSB Bank 5.34 4.09 4.74 4.99
TSB Special 4.54 3.29 3.94 4.19
Unity 5.65 4.15 4.60 -
Wairarapa Building Society 4.99 4.05 4.50 -
Lender Flt 1yr 2yr 3yr
Westpac 5.09 4.29 4.95 5.29
Westpac - Offset 5.09 - - -
Westpac Special - 3.69 4.35 4.69
Median 4.77 3.69 4.42 4.69

Last updated: 12 January 2022 4:52pm

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