The industry body also calls for apology
The Finance and Mortgage Advisers Association of New Zealand (FAMNZ) has taken a definitive stance to spearhead mortgage adviser advocacy following a recent meeting with the Commerce Commission (ComCom).
A call for apology and constructive dialogue
During the meeting, which FAMNZ country manager Leigh Hodgetts (pictured above) described as productive and beneficial, the association requested an apology from ComCom chair John Small for comments perceived as detrimental to the mortgage adviser sector.
“The report on competition within the banking industry lacked understanding of how mortgage advisers operate and contained a lot of assumptions,” Hodgetts said.
“It was a product of the commission’s lack of engagement with our sector and with the FMA, which has done a lot of work to support the advancement of maturity and professionalism within the industry.”
FAMNZ’s advocacy and engagement strategy
FAMNZ said it has committed to leading the engagement with ComCom and other government bodies to ensure the mortgage adviser sector’s voice is heard and understood.
Discussion points from the meeting highlighted the crucial role of mortgage advisers in assisting consumers with navigating financial options, practices around conflict-of-interest disclosure, and the sector's progress with FAP Licensing under the guidance of the FMA.
With the aim to "move forward and work with ComCom to rectify the relationship and build trust,” Hodgetts revealed the association’s plan to foster a positive dialogue and partnership with regulatory entities.
The path forward for mortgage advisers in New Zealand
FAMNZ managing director Peter White underscored the importance of the association’s role in representing finance and mortgage advisers exclusively. He outlined a roadmap for the sector’s advancement, focusing on professionalism, education, professional development, and business growth.
“There is still a lot to be done on behalf of mortgage advisers,” White said, drawing a comparison with Australia to highlight the need for increased advocacy and market share for New Zealand's mortgage advisers.
“These two factors go hand in hand, because as advisers increase their knowledge, and we build public awareness of the benefits of using a mortgage adviser, the market share increases,” White said.
How do you see the role of mortgage advisers evolving in New Zealand’s financial landscape? Share your views and join the discussion on the future of mortgage advising and FAMNZ's advocacy efforts.
