The hybrid conference, meaning people can attend in person or online, will be to consider comments on the draft report.
Major backlash to the report has already come from many mortgage advisers, upset at commission chairman John Small’s comments that mortgage brokers are at risk of being “unduly influenced” by commissions they get from banks for placing mortgages.
Small has already met with the newly established Finance & Mortgage Advisers Association NZ, which aired its views on the industry and its place as a responsible financial platform.
The commission says the conference will help test its preliminary findings and draft recommendations with industry participants and interested parties, including members of the public, and to clarify and test submissions received on the report.
Day three of the conference is likely to interest mortgage advisers as it will include an advice session.
At this stage the commission envisages a conference agenda as follows:
- Day 1, Monday 13 May, on problem definition and regulatory factors affecting competition, including ESAS access, DCS funding and the CCCFA refinancing exemption. This will likely be of particular interest to banks and non-bank deposit takers and others.
- Day 2, Tuesday 14 May, on open banking and innovation, barriers including AML, and enablers of innovation. It will likely appeal to fintechs, banks and others.
- Day 3, Wednesday 14 May, on empowering consumers and likely to include a Māori stakeholder engagement session, a mortgage advisers and advice session, and a consumer issues and experiences session. It will likely be of particular interest to Māori stakeholders, mortgage advice sector and consumer groups and advocates.
The conference will be held at the Pullman Hotel in Auckland’s CBD.
The commission is reviewing parties’ submissions and will publish a more complete agenda beforehand.
There will be a limited number of times around the public conference sessions available to parties who wish to meet privately. The commission expects most topics will be discussed and explored in public, but recognises the possibility that some parties may, for legitimate reasons, prefer to discuss certain matters in a confidential setting.
It will invite post-conference final submissions and cross-submissions by Thursday, 30 May, which will be used with the conference submissions for the final report to be published on 20 Aug.
It will then be up to the government to decide how it will respond to the report’s findings and recommendations.
