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Engage with the Force - the Task Force that is

Wednesday, June 1st 2005, 10:14AM 1 Comment

by Philip Macalister

The Task Force held its first two public meeting in Auckland and Hamilton today. I understand there was a reasonable turn out in Auckland - around 40 people and mainly advisers.

My sources tell me that mainly financial planners and insurance advisers attended the meetings - mortgage brokers weren't to be found and there were only a few members of the public.

I guess many of the more senior mortgage broker figures are in Australia and the Mortgage Industry Association annual gabfest.

The Task Force is in Tauranga tomorrow so will whip over there to hear what they have to say and report back. Good to see the FPIA's BoP branch encouraging its members to attend.

Sticking with the Task Force I was interested to read this piece the other day http://www.stuff.co.nz/stuff/0,2106,3297172a11,00.html regarding what the government is doing with builders.

Think about it in terms of financial advisers. Read the story and change builder to financial adviser and think: Would I be happy with this sort of regulation of my business?

As I suggested in an ASSET editorial a while back the government is looking at regulating a number of occupations and what it does in other areas may give us a clue where it may head with the advisory industry.

It seems to me there is a far bit of complacency about the Task Force report at the moment.

Again I understand ING has been asking advisers at its mid-winter roadshow how many of them have read the Task Force's Options Paper. In each of the first few locations only a handful of people have put up their hands.

Consequently ING's distribution manager Boris Becker has given advisers a good old wind up and told them to engage.

Of course you can engage here http://www.assetmagazine.co.nz


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Comments from our readers

On 3 June 2005 at 4:23 am Dannie Hawkins said:

I made a submission to the taskforce, yet only accidently found out about the roadshow through Good Returns - well done Gone Returns.


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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 ▼6.39 ▼6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.50 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.17 5.79 5.69

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