Australian and New Zealand Banking Group is conducting a review of its public relations agency panel, Mumbrella has revealed. A spokesperson from ANZ told Mumbrella the group uses a range of PR agencies "… on an ongoing basis and have done so for many years." The roster includes incumbent agency Haystac and rostered agencies Eleven PR and Six O'Clock Advisory. According to an ANZ spokesperson the review will take into consideration other agencies not currently on the roster and does not impact the media or creative arrangements. S&P Global Ratings has maintained its BBB ratings on the New Zealand-based UDC Finance Ltd, and placed the company on CreditWatch with negative implications. S&P said that the expectation of  "timely support" from UDC's ultimate owner - Australia and New Zealand Banking Group - has been reduced following the announcement on 11 January 2017 of its "likely" sale to the privately owned Chinese conglomerate HNA group. The sale is scheduled to be completed toward the end of the 2017 calendar year. S&P has therefore reduced the previous three-notch uplift to its issuer credit rating down to a one-notch uplift above the company's stand-alone credit profile, as it expects some support from the ANZ group until the sale is completed. ASIC has updated its Regulatory Guide 175, "Licensing: Financial product advisers ? conduct and disclosure" to reflect regulatory and legislative changes, including revisions to the Future of Financial Advice reforms. RG 175 has also been updated to clarify that while the best interests duty and the appropriate advice requirement introduced as part of the FOFA reforms are separate obligations, it is unlikely that advice which fails to meet the best interests duty will be appropriate. It also provides guidance on the use of restricted terms under Corporations Act, particularly about when commissions can be said to be 'rebated in full'. ANZ Banking Group is not able to charge mortgage borrowers with interest-only loans a different price to those paying back interest and principal, which could limit the bank's ability to respond to tougher lending rules being considered by financial regulators, the AFR reports. Mortgages in arrears underlying prime Australian residential mortgage-backed securities transactions rose to 1.15 per cent at the end of 4Q 2016, up from 1.14 per cent in the third quarter, according to Standard & Poor's Global Ratings. Arrears rates remain well below their historical peak of 1.69 per cent. Nonconforming loans more than 30 days in arrears increased to 4.43 per cent in Q4 from 4.36 per cent in Q3, well short of their post-financial crisis high of 17.09 per cent. "This partly reflects the improved collateral quality of more recent vintages, with a lower proportion of low-documentation loans," said S&P.