RFAs will face a massive increase in compliance standards at some stage in the future.
There is plenty of discussion going on about this, but RFAs aren't getting involved.
Is that a sign they are happy to step up to the same level as Authorised Financial Advisers? I doubt it.
On the rates front all the banks, bar HSBC, have made changes to their floating rates. It's been interesting seeing the various approaches that have been taken, from passing on the full 25 basis point OCR cut to just 10 points.
You can see the full rates table sorted from lowest to highest floating rate here.
Perhaps what's more interesting though is Labour leader Andrew Little saying that, if in power, Labour would make banks pass on the full OCR. Here's our story on what he's saying along with some reaction.
Also we have a good piece on the OCR change from Harbour Asset Management.
- Philip Macalister