EDITORIAL

I’ve been around the mortgage advice space for a couple of decades now and recently I witnessed something unsettling.

Over the years I’ve sat in on many conferences, and been able to attend sessions, even if some were under the Chatham House Rule.

Last month, for the first time, I was chucked out of the panel session with main banks.

Interestingly it appears it was just one bank that opposed my attendance (a blue one).

What is unsettling is how there is a changing behaviour amongst the big banks to being open with the market and advisers about what they are doing.

Another example is around an issue one adviser wanted to talk to the media about. The head of third party distribution at one bank told this adviser if he talked to the media about this issue then he would have his accreditation removed.

This sort of behaviour, along with poor turnaround times and inconsistent lending decisions, is souring the relationship between advisers and the big banks.

It is one of the reasons why the nonbank sector is seeing growth. Indeed of all the non-banks I have spoken to recently they have all reported record volumes.

Sure, they are still small compared to what the big banks do, but they are out there doing good things.

Added to that the small banks, all locally owned, I may say, are getting as much support from advisers as they can handle, and good on them.

By the time you read this it will be less than 100 days until the licensing regime comes into play.

Talk about a wild, crazy ride to the finish line. We’ve seen SHARE acquire Newpark and NZ Financial Services Group soak up Kepa. Who is next?

I’d hate to speculate and would never have picked Newpark and SHARE getting together. The two groups are oil and water. How it plays out is going to be one of the great shows to watch.

What is worrying is that many advisers (across all disciplines) have yet to make decisions on how they will operate after March 15.

If it wasn’t for Covid pushing back the start date of the new regime I would hate to speculate what sort of mess we would have had at the start of next year.

For those who haven’t made decisions it would be wise to sort these things out before Christmas as time is running out.

While this is not a particularly cheery note to end on; if you have not decided to get a transitional licence or join a FAP then you cannot write business.

All of us here at TMM wish you and your families a great and safe Christmas. We have enjoyed bringing you the news and thank those firms who have supported TMM. Without them there would be no magazine.

Take care

Publisher

1448A Hinemoa Street, Rotorua PO Box 2011, Rotorua P: 07 349 1920 F: 07 349 1926 E: philip@tarawera.co.nz

Philip Macalister

Dawn Adams

Daniel Dunkley, Daniel Smith, David Greenslade, Michelle Sargeant, Paul Watkins, Steve Wright

Samantha Garnier

Jovis Aloor, Jeshua Sharkey, Kate Hliznitsova

Jill Lewis P: 07 349 1920 E: jill.lewis@tarawera.co.nz

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