BNZ outlines stance on new regulatory regime
The lender has contacted dealer groups over the past few weeks to formalise its position on the new regime, which comes into effect over the next year. It says it will only continue relationships with groups who hold a financial advice provider (FAP) licence.
A BNZ spokesman told TMM Online the bank has taken the decision to provide the best outcomes for its customers and end users.
"With the change of regulation effective from next year, anyone giving regulated financial advice to retail customers will need to be engaged by a licensed financial advice provider. We have decided to only hold contractual relationships with aggregators who have obtained a FAP licence because we believe this will deliver the best outcomes for our customers.
"It means they can trust that the organisation they are dealing with has quality policies, processes and systems in place to help safeguard them as they work through the home buying process," the spokesman said.
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