Government-backed consumer group Adviser Ratings has unveiled a proposal for a "quality of financial advice rating system" which would rank more than 1800 financial advice licensees on metrics such as quality of internal governance, and whether their authorised representatives have ever been banned, reports the AFR. Former New Zealand prime minister Sir John Key, now chair of ANZ New Zealand, told Newstalk ZB there were "troubled waters ahead" for the economy with a correction on the way. He said ANZ was seeing loan defaults rising. "If you look across to Australia, and to a degree we're seeing it in New Zealand at ANZ, you have had a big build-up of private sector debt. Households have borrowed a lot over the last decade or so and that is absolutely slowing down. You're starting to see an increase in delinquencies - people who are not making their payments on investor properties off a very low base, but starting to rise," Key said.