Ross Asset Management ponzi scheme: ANZ admits documents destroyed stuff.co.nz - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from stuff.co.nz Daily Mail and Mail on Sunday newspapers.
Despite losing its default status, AMP Wealth Management chief executive, Blair Vernon said the company was committed to KiwiSaver. “While we’re disappointed not to be reappointed, and we deeply value our default KiwiSaver clients, our current default portfolio represents less than 7 per cent of our total assets under management and around 3.5 per cent of total revenue so this decision doesn’t have a major impact on our business or our commitment to KiwiSaver.
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AMP has lost its KiwiSaver default provider status. ANZ spokesman Stefan Herrick said: “While we’re disappointed we haven’t been appointed a default provider, we’re looking forward to continuing to make KiwiSaver a success and helping New Zealanders prepare for a more secure financial future.”
While this policy was to be phased in over a four-year period from October 1, the bank thought the change would have an impact on serviceability for many investors, he said. “As a responsible lender, ANZ has an obligation to appropriately reflect this within our lending assessment process for new residential investment lending.” Mortgage Supply Company director David Windler said the rule change represented a 10 per cent hit to investors’ serviceability calculations. “So if a rental property generates $500 per week about $50 a week, or $2600 a year, less of that income can be used to calculate serviceability. In simple terms, investors will potentially need a bigger deposit.
Jonathan Milne of Newsroom.co.nz16:00, May 12 2021
Amid all the noisy talk of constraints on LVRs, DTIs and interest-only loans, the Reserve Bank has quietly floated the possibility of wielding a fourth tool: treating home loans as higher risk and so increasing the capital requirements for banks to lend against residential property. The Reserve Bank is on the verge of implementing new rules requiring banks to hold more capital to make the banking system safer, after drawn-out consultation and Covid delays. The four large banks must increase their total capital ratios from 10.5 per cent to 18 per cent, smaller banks must increase their capital to 16 per cent.
Law Beat: The never-ending need of civil legal services for the poor
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1of3Buy PhotoFormer New York Chief Judge Jonathan Lippman speaks before a statewide public hearing to evaluate the continuing unmet civil legal services needs in New York in the Court of Appeals Tuesday Sept. 27, 2016 in Albany, NY. (John Carl D Annibale / Times Union)John Carl D AnnibaleShow MoreShow Less
2of3Buy PhotoSarah Rogerson, director of the Immigration Law Clinic, center, talks about the uncertainty for millions of undocumented immigrants, especially those in the Deferred Action of Childhood Arrivals program, on Wednesday, Nov 16, 2016, at the Legislative Office Building in Albany, N.Y. Joined by Assemblyman Luis Sepulveda, left, and Guillermo Martinez, legislative director of the Puerto Rican-Hispanic Task Force, they called on President Obama to pardon and protect all DACA enrollees. (Cindy Schultz / Times Union)Cindy SchultzShow MoreShow Less