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Advisers have consumers best interest: Finsure

Aggregation business, Finsure Group, has rejected claims by the Commerce Commission that advisers are at risk of being influenced by their own financial interests when providing advice.

Saturday, March 23rd 2024, 5:59AM 1 Comment

Finsure Group chief executive Simon Bednar said the mortgage advice sector is built on relationships, trust and integrity, with systems in place to ensure the customers interests are a priority.

“The adviser sector is geared towards ensuring the loan product selection process takes into account as many parameters as possible in order to achieve a positive outcome for the customer,” he said.

ComCom is recommending the Financial Markets Authority should monitor commission disclosures more closely and issue guidelines for advisers, despite there already being very clear responsibilities around disclosure.

Advisers currently disclose their available lending panel, as well as their remuneration rates to their customers.

Bednar says the responsibility should be on aggregators to ensure their network of advisors understand their obligations and have the level of support to help them fulfil those obligations. 

“The Australian mortgage advisory sector experienced a royal commission into the banking and financial services industry between 2017 and 2019, which resulted in aggregators taking the front foot and ensuring mortgage advisers were working in their customers’ best interest.

"This philosophy and regulatory framework has been largely mirrored in New Zealand.

“We take the ‘client centric’ approach very seriously, ensuring all Finsure mortgage advisers are equipped with the tools and support they need to deliver a solution that is in their customers’ best interest.”

Finsure NZ Country Manager, Jenny Campbell, said Finsure had a leading compliance team and an award-winning customer relations management platform, Infynity, to support advisers.

“We have a leading training and education program to help advisers understand their obligations and have the appropriate conversations with customers to ensure they are getting a loan that best suits their individual requirements,” she said.

“Finsure has been leading the way by using compliance as an enabler rather than as an inhibitor. 

“Our compliance team can take immediate action when they identify that an adviser is not following the framework in instances such as failing to upload minimum required documents or underquoting living expenses.

“Importantly, our early intervention strategy allows the adviser the chance to change their behaviour and ensure their mistake is not repeated before it’s too late. No other New Zealand aggregator is taking this approach. Finsure is leading the way in turning attitudes to compliance away from after-the-fact detection and firmly towards prevention. As a result, we’re seeing advisers remain on top of their obligations and disclose their lender accreditations and remuneration rates.”

Tags: commerce commission

« ComCom accused of being out of touch with the reality of mortgage adviceMortage advisers get the ear of Com Com »

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Comments from our readers

On 23 March 2024 at 2:45 pm JeffQV said:
Comcom have already reached out in light of their somewhat misguided draft report. They clearly have no idea how the Adviser channel works and that consumers are making their choices by engaging with Advisers more and more.

Watch this space, as they say.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 ▼6.75 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 ▼6.75 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 - 7.24 6.79 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 7.84 7.39 7.25
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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
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 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.32 6.65

Last updated: 8 April 2024 9:21am

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