Looks like it is back now ,I had the same problem
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Looks like it is back now ,I had the same problem
Have read the memo t. This is for a family trust which currently does not have any exposure on the ASX and may not do for a awhile yet. So it involves getting all trustees ID'd etc. Just a pain in the proverbial really
I was involved with that process. Round about that time 2005-2006 things started getting a lot tighter regulatory wise. (Direct Broking got a "compliance officer" on board etc)I think it has got worse since then too. Cannot really blame Direct/ANZ/FNC for complying with the law as much of a pain in the ass as it is.
True blackcap, banks are the same I think.
But as 777 says, why can't we just carry on and they can update overtime, after all we didn't ask them to sell the broking side, but then again ANZ themselves may have had to do this in any event in time.
As long as New Zealand has no reliable system for proving identity, the compliance gnomes will continue to proliferate.
Ineffective, unimaginative, box-ticking at it's worst.
Agree. This is a ridiculous process. Took me ages to work out what info was ĻincompleteĻ for myself and the other Trustee on our family Trust. Turned out the type of driverīs licence was missing. The number of the driverīs licence was there but not the type. Doh.
What happened about that RealMe thingy ? Why isnīt everyone made to have some form of electronic ID that can be easily and quickly used, as is becoming common overseas ? Time to get into the 21st Century
This whoel ID thing is driving me nuts. I've been through it so many times in the past years there are hours if not days of my life I will never get back. Shouldn't my IRD number do?
The FCNZ T&Cs mention that FCNZ will take a cut (as yet unspecified) of the interest paid on the [transferred] Cash Management Account:
I have looked at the ANZ Securities T&Cs and cannot find an equivalent fee.Quote:
7.8.1 The rate of gross interest paid to you on money held on your behalf in the Cash Management Account(s) does not equal the interest paid to FNZC on amounts in the Cash Management Accounts. Instead, the interest paid to you on money held on your behalf in the Cash Management Accounts reflects a margin deducted and retained by FNZC from the rate of interest that is paid to FNZC by the bank as the holder of the Cash Management Account on behalf of clients (the Margin)
Does anyone else have a concern with that arrangement?