The Top 10 stories on tmmonline.nz

A lot has happened in the market since the last edition of the magazine. Here are the most-read industry stories from tmmonline.nz

01 SOME BANKS WILL BE READY FOR OPEN BANKING BEFORE MAY 2024

May next year is the ‘be ready’ deadline for the four major banks to implement open banking - but they may be ready before that, says Payments NZ chief executive Steve Wiggins.

02 TAILWINDS ARE COMING

Interest-rate cuts will start in about nine months, says KiwiBank.

03 HSBC TO WITHDRAW FROM WEALTH AND RETAIL BANKING IN NZ

HSBC is withdrawing from NZ’s wealth management and retail banking markets, following a review of the operations' small scale - and increasing regulation.

04 HOW DTIS WILL AFFECT MORTGAGE ADVISERS

If the Reserve Bank implements its debtto-income (DTI) restrictions tool, it will put enormous pressure on mortgage advisers, says David Green of Advice HQ.

05 MORE THAN HALF WESTPAC'S BUSINESS IS FROM ADVISERS

Westpac New Zealand is playing “catch-up” in the mortgage market because it had been losing a little market share, says chief executive Catherine McGrath.

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06 MORTGAGE ADVISING SHOULD BECOME A PROFESSION

Mortgage adviser and chartered accountant David Green says it’s time the industry turned into a profession.

07 RBNZ DETAILS EASED LVR RESTRICTIONS

The Reserve Bank has confirmed its proposal to ease mortgage loan-to-value ratio (LVR) restrictions.

08 COMPETITION IS COMING FOR HEARTLAND'S ONLINE MORTGAGES

Heartland Bank's online mortgage product could be facing greater competition as early as May next year, when the four major banks have to be ready for open banking.

09 AURORA PINGED FOR MISLEADING CLIENTS

Auroa Financial Group has been censured by the Financial Markets Authority for misleading KiwiSaver clients.

10 KIWIS GETTING USED TO HIGH INTEREST RATES BUT WARNED NOT TO FIX FOR LONG

Home-loan arrears dropped for the first time in eight months, the latest Centrix credit indicator report shows.