Bank advice criticised
Nicola Sladden said her office received a complaint from Kiri, whose surname was not disclosed, who had met a financial adviser from her bank, wanting to simplify her affairs.
She said she wanted a low-risk, accessible investment that offered returns that were competitive with term deposits.
She wanted to invest for less than three years and for the bank to manage the investment.
The adviser recommended she consolidate her term deposits as they matured and add the principal on maturity to a New Zealand-based low-risk managed mortgage trust. For the next four months, Kiri invested her matured term deposits in the mortgage fund.
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