Long says he lost $50,000 in Hanover

Richard Long says he researched Hanover before taking on the voiceover work. Photo / Supplied

Former One News presenter Richard Long regrets his role as the television voice for Hanover Finance - and says he has lost about $50,000 himself.

Until now, he says, he has hardly spoken about the aftermath of the Hanover collapse which left thousands of mum-and-dad investors out of pocket.

"Nothing has changed. But I feel bad about the deal - really bad," Long said from his home in the Coromandel.

As well as promoting Hanover, Long - who fronted One News between 1988 and 2003, with a gap in 1999 - invested with the company.

After a debt-for-equity deal with Allied Farmers, he said, he was about $50,000 out of pocket.

"It was my biggest single investment," he said.

Long's voiceover ad for Hanover sponsorship ran several times each night. The TV ad campaign was aimed at mum-and-dad investors.

"This One Weather Update is brought to you by Hanover, a New Zealand business with the size and strength to withstand any conditions," Long said in the plugs.

In June 2008, the Advertising Standards Authority upheld a complaint against Hanover over the ad.

The complainant, who was a financial adviser, said Long's scripted statement was "grossly misleading" because of the financial downturn.

The ASA ruled it breached two principles: social responsibility and the basic tenet of truth clarity.

Before taking on the work, Long researched the firm, including an article by Herald columnist Deborah Hill Cone which raised concerns.

And, he said, he had looked at protections in regulations - which were later shown to have no effect.

After the company hit the wall last year, Herald columnist Brian Gaynor described Hanover Finance as "one of the worst examples of poor corporate governance and the country's inadequate securities markets' regulatory regime" .

Gaynor said the independent directors were "asleep at the wheel".

Long said he would not be doing an endorsement again.

"But nobody would want me to anyway," he said.

TVNZ spokeswoman Megan Richards says TVNZ has not changed its policy around finance firms sponsoring weather updates and other shows.

"There is no restriction at all on potential sponsorships from within the finance sector."