Financial Advice New Zealand’s lending advisory committee is just getting started in its work, but committee members are assuring mortgage advisers that their perspective will be heard.
Committee member Suzanne Isherwood, from Mortgage Express, says that while it’s early days, the committee all have similar goals that they wish to achieve.
“There is a lot of focus and discussion on standards and the need for us to step up into being a profession. But I can say that we are determined that we will be listened to.”
She says that, to date, the committee has spent time working on the service quality mark, and the initial framework for that is expected to go out to mortgage advisors for feedback shortly.
Fellow committee member Hamish Patel, from Mortgages Online, says that mortgage and insurance advisers probably form the biggest part of the financial advice industry.
“Yet investment advisers probably need more guidance around advice but mortgage advisers have the bulk of the work – and trying to merge all that is a bit tricky.
”But I think mortgage advisers will have a big say in it all because we are such a big part of the financial advice community.”
Patel adds that there seems to be some confusion over the merging of the former financial advice industry organisations into one body, as well as the Code, among many advisers.
“This is particularly true among ‘orphaned’, independent advisers who were not part of either of the previous organisations. We want to attract them and represent them too.”
It is not just committee members who want to ensure that mortgage advisers are listened to throughout the establishment of the new association.
Squirrel CEO John Bolton, who is on the Financial Advice NZ establishment board, says there needs to be a focus on advocacy of mortgage broking advice.
“There is a massive Royal Commission going on in Australia that is hammering brokers, and that will impact on us as we are part of Australasia and deal with Australian owned banks.
“We need to elevate our voice as the mortgage industry is largely invisible. Promotion and standards are in our control, but advocacy, is going to be important for the new association in the future.
“I am hoping we can lift our voice a lot because we are going to need to."
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