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4 Comments
Yes, TSB has gone off the boil a bit since the new CEO was appointed. But to be fair, TSB's change of focus from their previously excellent client-focussed ethos, to something similar to the major banks, is perhaps explained by government's unwieldy emphasis on preventing money laundering, via the FMA. I seem to remember TSB were fined for administrative non compliance which perhaps explains why the bean counters are now dominant.
The move to an all on line experience was not popular with this old dodderer. I used to delight in an ability to phone, get an answer from a friendly and extremely helpful assistant after just a few rings.
Now, canned musak, "your call is important....we are experiencing usually high volumes,..." etc., etc.. Not nearly as bad as the majors or (heaven help us) the "communications" companies, but seemingly headed in that direction.
I hope it can get back on the client- orientated rails. The FMA and the ludicrously ponderous money laundering requirements have huge cost to individuals and the FMA bureaucracy has yet to prove any effectiveness in catching the bad guys.
It is a 2.70% return on equity and has been tracking around 5.00% for the past four years. With $700m of capital the Toi foundation would earn a much higher return simply investing into a managed fund with no risk. Conversely its investment in Fisher Funds has been stellar.
TSB paid Toi a dividend of $10m. It should be paying dividends of $30m.
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