EDITORIAL

Growth for advisers

First up we hope you are all well out there and surviving these crazy Covid times we live in. For us here at TMM it has thrown a few challenges and got a little derailed for a while.

But the good news is that we are back on the tracks and steaming ahead to finish the year with a bit of a bang.

CCCFA

While Covid has been a curve ball, so too has the impending changes to the CCCFA legislation.

Although this piece of legislation had been in the making for a while, it does not seem to have been particularly wellsignalled to the wider lending industry.

For my part it really hit my radar when talking to one of the big bank chief executives.

We’ve taken that on board and devoted a good chunk of this issue to the changes and what they mean, particularly for mortgage advisers.

The overall feeling is that it will create more work for advisers and lenders, and it may make it harder to get deals done, it is bound to push more borrowers into the arms of advisers.

The good news is that the Government sensibly delayed the full implementation of the legislation until later this year.

These changes also fit in with one of the other themes of the moment. I’ve often talked about the growth of the mortgage advice sector.

Besides changes like CCCFA pushing people to advisers, banks are doing it too – even if unwittingly so.

Hardly a day goes by without someone talking about how banks are making things more difficult for customers.

Added to that some banks, including Kiwibank in our news section, talk about how they want to grow third party distribution. It is more good news for the sector.

Likewise, it is a golden age for nonbank lenders. They are all reporting increased growth in business and as very few of them have direct distribution channels it is more growth for advisers. There is a growing feeling that after some reluctance advisers are now much more comfortable with non-banks and the business volumes will grow strongly in the future.

A goodbye and hello

To wrap up this editorial I would like to acknowledge and thank Daniel Dunkley. Daniel has written for TMM and tmmonline.nz for a number of years now. Daniel is moving on and we wish him all the best.

The good news is Eric Frykberg will be taking over his role. Eric spent many years at Radio New Zealand and is now freelancing. He can be contacted at eric@tmmonline.nz

Philip Macalister

Publisher

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Philip Macalister

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Dawn Adams

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Daniel Dunkley, Paul Watkins, Pepper Money, Sally Lindsay, Steve Wright, Matthew Martin

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