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[Weekly wrap] End of an era

This week saw differing fortunes for financial industry organisations: one came to an end, one was reborn and a new association got off to a modest start.

Friday, March 16th 2012, 10:30AM

by Niko Kloeten

This week saw the end of an era for the New Zealand Mortgage Brokers Association (NZMBA), after its members voted overwhelmingly in favour of a merger with the Professional Advisers Association (PAA).

Like businesses, industry and professional bodies are reliant on the support of their customers (members), and must continue to provide value for money in the service they offer.  And like businesses, these organisations need to adapt to changing market conditions. 

The mortgage market is a different beast to what it was five years ago, and the new regulatory environment has had an effect as well.  We can expect to see further changes in the professional/industry organisation space over the next couple of years.

Another organisation that responded to the changing financial services environment was the Investment Savings and Insurance Association (ISI), which this week was replaced by the Financial Services Council (FSC).

The change reflects the desire by its members, which make up most of the fund management and life insurance sectors in New Zealand, to have a strong financial services lobby group, an "800-pound gorilla" as described by FSC chief executive Peter Neilson.  It is also hoping to become a pan-industry association.

Meanwhile, TNP's new professional association, TNPPA, said this week the number of advisers that had signed up had reached "double figures".  

It is aiming for 100 advisers to be signed up by the end of the year, although it is hard to gauge its progress because "double figures" could mean anything from 10 to 99.

Also this week, Partners Life released its figures to Good Returns and they show it continued to grow its market share in the December quarter, increasing from 10.5% in September to 13.4%.

The newcomer ranked second in new business written behind Sovereign, overtaking OnePath Life which has made changes to its sales team

In regulation news, Pathfinder Asset Management called for the FMA to focus its attention on investment statements rather than prospectuses because no-one reads them.

Another area of interest for the FMA is "fringe" investments that fall outside the Secrurities Act and other laws it is responsible for.  Advisers can play an important role in ensuring people are informed about the potential risks, the regulator says.

The FMA has prosecuted a number of finance company directors and now investors are increasingly keen to sue them to get some of their money back.  A litigation funder has been "deluged" with inquiries.

Finally, Heartland New Zealand said this week that New Zealand needs greater control of its finance industry.  Naturally, it plans to play its part in that.

Niko Kloeten can be contacted at niko@goodreturns.co.nz

« 'Complete lack of interest' in prospectusesManagers warn against more KiwiSaver regulation »

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Full Rates Table | Compare Rates

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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