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Last Article Uploaded: Friday, December 3rd, 9:22PM

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Mortgage advisers in line for holiday relief

Mortgage advisers could be in line for some relief when they have a holiday or need to go on medical leave.

Friday, October 15th 2021, 6:00AM 2 Comments

They will be able to get help from a 'locum', who will take over their business in the same way that medical locums have helped out doctors for generations. 

The scheme has been kicked off by Financial Advice NZ, which is the professional body for about 10,000 financial advisers across New Zealand. 

About 600 of those are mortgage advisers.

Financial Advice NZ chief executive Katrina Shanks says the idea stems from legislation that came into effect in March.

This was the Financial Services Legislation Amendment Act, which imposed new regulations on advisers.

They included the need to have a Business Continuity Plan (BCP) as a condition of being a licenced financial adviser.

The BCP would have to include a detailed plan on how to cope with disruption to normal business.   This could be caused by a short holiday, a long trip overseas, a period of hospitalisation or some other health contingency. 

So Financial Advice NZ has copied the work of the medical industry and started compiling a list of locums who could take over a business for a while. 

The scheme was kicked off at webinar on Wednesday, which was addressed by two industry experts, Dean Logan and Leigh Hodgetts.

Katrina Shanks says the webinar attracted a lot of interest and a number of people have already stepped up and expressed an interest in becoming locums.

To qualify, they would have to be licenced advisers themselves.  

As such, they would usually have a business themselves, and that begs the question of why they would step away from their own business to help someone else's business, when they might be a rival, seeking the same custom. 

But Shanks said this was not turning out to be a problem.  

Most people who have stepped up to the plate are sole traders, who are willing to give support to another operator, especially a fellow small bsuiness owner. 

This was akin to two buddies helping each other out, or watching each other's back, only it was being done in a more organised way than a pledge over a beer.   

Larger firms are thought more likely to provide internal cover for absent staff.

Tags: Financial Advice New Zealand Financial Services Legislation Amendment Act locum

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Comments from our readers

On 15 October 2021 at 1:43 pm valkyrie6 said:
Interesting concept, FANZ may want to double check with the banks that they are happy for such an arrangement to happen as advisers need to be face to face with the clients they are providing advice to, could this type of arrangement be bordering on ghost writing ? , also would does this effect the advisers PI covers etc ?
On 18 October 2021 at 3:26 pm AlexTeesdale said:
Careful vetting is needed. I have a great locum now but some years back I had a (then) nzmba broker sharing my office and whilst acting on my behalf selectively "refinanced" several large loans which triggered new commisions for him but major clawbacks for myself.

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Lender Flt 1yr 2yr 3yr
AIA ▲4.60 3.65 4.35 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 4.35 4.69
Avanti Finance 4.55 - - -
Basecorp Finance 5.49 - - -
Bluestone 3.74 3.54 3.89 4.09
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 4.00 4.60 -
HSBC Premier 4.49 2.19 2.45 2.69
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - 2.25 - -
ICBC 4.15 3.29 3.85 4.19
Kainga Ora 4.43 2.88 3.28 3.59
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 3.65 4.19 4.25
SBS Bank Special - 3.15 3.69 3.75
Select Home Loans 3.49 3.34 2.99 3.34
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 ▲3.65 ▲4.05 -
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 3.65 4.35 4.69

Last updated: 3 December 2021 8:16am

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