May 2018 Newsletter
The revelations from the Australian Financial Services Royal Commission have shocked people. The unethical behaviour (in spite of legislative requirements), the unabashed pursuit of profit at the expense of clients in the main four banks and AMP, and lying to the regulator.
Criminal charges might be laid in Australia, but with the current reforms to the New Zealand Financial Advisory legislation working its way through consultation, the bias of the current drafts towards the Vertically Integrated Organisations of ASB, ANZ, AMP, BNZ and Westpac are being questioned.
Moneyworks have a transparent relationship with ANZ Wealth, with no quotas or restrictions, we deal with them because they have great products for our clients. But the mortgage broking side of the banks is driven by quota’s, production requirements and the expectation the we will move our clients mortgages to fulfil those production quota’s, irrespective of our legal requirement to ‘put the interests of our clients first’. As a consequence, we have resigned from being a mortgage broker, but have established a relationship with a specialist mortgage broker to assist your cilents. Read more below.
1. The Financial Services Royal Commission in Australia
2. What does the Australian Financial Services Royal Commission mean for New Zealand?
3. Quota’s, incentives, and Moneyworks withdrawal from offering mortgage advice