The latest Consumer NZ survey of KiwiSaver superannuation customers released this morning reveals a drop in satisfaction almost across the board – with the three big providers, AMP, ANZ and ASB, getting scores significantly below the industry average. read more
Insurance, funds and super (197 items)
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The SMSF leverage data is worrying, worse than when David Murray reported.The policy decision – LRBA stays within SMSFs – is one motivated by the worry over the credit slowdown. Josh Frydenberg is the author of this decision, one the treasurer made in defiance of advice from the Council of Financial Regulators to ban this practice.This may not last, with Labor still promising to police the misuse of super as a wealth management play thing and adhere to the FSI’s five-year old advice. read more
Westpac will reduce its headcount by 900 full time equivalents and aim to save operating costs of A$280 million a year, as it breaks up its wealth management division and stops providing personal financial advice. read more
National Australia Bank is preparing to rein in its exposure to SMSF borrowers next month after alerting mortgage brokers to an aggressive tightening of eligibility criteria for loans to self-managed super clients.In a notification sent to brokers this week, the bank has advised it will no longer accept loan applications from SMSF clients with net superannuation assets of less than $5 million. read more
Australia’s domestic superannuation sector is about to become a major source of direct funding for mortgages, according to the founder of Athena Home Loans who says over the next decade up to half of the startup’s funding could come through the superannuation sector. read more