Adviser complains about ANZ campaign

It offered the incentive for sign-ups before July 12.

Rachelle Bland, of Cliffe Consulting, told the FMA she saw the offer when she signed in to her banking app.

She said it went against the FMA guidance that incentives should not be offered with a strict time limit that could distract a customer from making sound, long-term decisions about their investment.

“The focus of the advertisement was entirely on the cash being offered rather than encouraging customers to consider the overall advantages and disadvantages of transferring.  I acknowledge that $100 is a small amount, but note that some months back, the ASB Bank was offering people $1000 to join their scheme (when one of my customers was re-structuring their mortgage),” she wrote.