The man who once told New Zealanders Hanover Finance could withstand "any conditions" is surprised and disappointed at the company's sudden sea change.
Richard Long, a former TVNZ news presenter, had fronted Hanover Finance when it changed its name from Elders Finance and also voiced its advertisements andpromotions until his contract ran out about a month ago.
Mr Long told the Herald yesterday that he had always thought the finance company, in which he was an investor, could be relied on.
"I wouldn't have got into it without faith ... I thought it was a good company and still do."
Mr Long said Hanover Finance was a victim of the times, but it was doing the right thing and could hopefully be rescued.
"I really feel for the investors of which I am one ... I have got quite a lot of money with them."
A TVNZ spokeswoman said Hanover Finance would no longer be a sponsor of the weather updates as of this week.
Earlier this year the Advertising Standards Complaints Board upheld a complaint about an eight-second advertisement voiced by Mr Long which said Hanover was a business with the size and strength to withstand "any conditions".
A complainant said it was implying financial security in the current economic environment despite the possibility of a credit risk.
The finance company had argued that it was strong, with more than $1 billion of assets, and was capably managed by experienced people.
Hanover Group said it did not consider the advertisements misleading as it believed it could withstand "any" conditions.
In the case of Hanover Finance there were robust risk management strategies in place to ensure that in the event of adverse changes in circumstances the company could continue to meet its financial commitments that fell due.
They included maintaining sufficient liquid funds to enable the company to meet its commitments.
The company also managed its loan portfolio to ensure payments were made by borrowers when due and actively managed the investment portfolio.
Alternative funding avenues were available to ensure the company was able to meet its financial obligations as they fell due.
