Financial Advice New Zealand Responds To Commerce Commission Report

The Commerce Commission released its final report into competition in the personal banking services today.

Nick Hakes, Chief Executive Officer of Financial Advice New Zealand, says “We welcome the Commerce Commission report on competition in personal banking services in Aotearoa New Zealand.

It is encouraging to see the recognition of the important role professional mortgage advisers play in driving competition, innovation, and good outcomes for consumers.”

“We support an integrated approach with policy regulation and industry-led reform, where advisers and lenders work collaboratively in the interest of consumers. This is a bold long-term view to increase competition, innovation, and consumer choice, and we recognise some of the recommendations will take time to implement. For consumers with more immediate needs, a professional mortgage adviser is the best person to see today.”

Financial Advice New Zealand will be seeking clarity on the recommendations specifically impacting mortgage and lending advice as the detail will determine whether there are unintended consequences that could counteract competition in the banking services market. In consultation with our members and strategic advice partners, we support positive steps to improve accessibility and affordability, enabling more consumers to confidently seek the expertise and professional judgement of a mortgage adviser.

Financial Advice New Zealand will then liaise with policymakers and regulators to ensure that what comes to market puts consumers and financial advisers in the best position to achieve the most suitable solutions.

We have appreciated the openness of the Commerce Commission to listen to the voice of mortgage advisers and we look forward to continuing to support the direct conversations with our member advisers and industry peers.

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