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March 2015
12 Mar 2015 Coromandel holiday home rentals could be “taxed”
12 Mar 2015 Open letter from John Lenihan and Jane Greensmith
11 Mar 2015 Trustees Executors gets new platform
11 Mar 2015 A change in the fixed interest soundtrack
11 Mar 2015 SBS takes stake in financial planning and KiwiSaver business
11 Mar 2015 Sovereign boss gets gong
11 Mar 2015 One little change today
11 Mar 2015 Clients place most value on meeting goals: IOOF
11 Mar 2015 Is increased housing density the answer to Auckland’s supply issue?
10 Mar 2015 Research houses agree on something - a winner
10 Mar 2015 Claim lawyers, accountants getting unfair deal
10 Mar 2015 Complaint about 'ambush marketing'
10 Mar 2015 Lowest rate on market aims to win borrowers’ hearts
10 Mar 2015 New low set by a bank
09 Mar 2015 No surprises expected in OCR this week, but plenty to look for
09 Mar 2015 Bank lending up, but profits down
09 Mar 2015 Clients complain about adviser fees
09 Mar 2015 FMA outlines supervision approach
08 Mar 2015 KiwiSaver gender gap widens
06 Mar 2015 AML warning
06 Mar 2015 BNZ moves three-year rate
06 Mar 2015 Call to reveal industry statistics
06 Mar 2015 Advisers in dark about AML
05 Mar 2015 Reserve Bank targets investors
05 Mar 2015 Reserve Bank comes up with new definition for property investors
05 Mar 2015 There is such a thing as a good performance fee
05 Mar 2015 One bank's having an identity crisis
05 Mar 2015 Industry leader calls for one class of adviser
05 Mar 2015 Call for associations to merge
05 Mar 2015 RBNZ targets investors
05 Mar 2015 Supply pressures drive building boom
04 Mar 2015 More Kiwis have income protection
04 Mar 2015 AMP hands out awards
04 Mar 2015 The ECB’s Gamble
04 Mar 2015 The truth about house prices
04 Mar 2015 Newpark hires training manager
04 Mar 2015 Good response to changes: AIA
04 Mar 2015 Review terms get cautious welcome
04 Mar 2015 Listings ramp up: Barfoot
03 Mar 2015 Game on for financial advisers
03 Mar 2015 FAA review begins
03 Mar 2015 Simple and better
03 Mar 2015 Reviews should consider AML
03 Mar 2015 Auckland values lead nationwide increase
03 Mar 2015 GST rules clarified for bodies corporate
02 Mar 2015 Simple and better: RESIMAC's new loan offerings
02 Mar 2015 Asteron revamps trauma, commissions
02 Mar 2015 What happened in the markets last month?
02 Mar 2015 New boss for Sovereign
02 Mar 2015 Review prompts changes
02 Mar 2015 Apartments sell out
02 Mar 2015 Property an alternative for retirees: Council
01 Mar 2015 Asking price sets new record
February 2015
27 Feb 2015 Accuro donation
27 Feb 2015 ABC and Pine sign alliance
27 Feb 2015 SBS finds the big home loans in Auckland
27 Feb 2015 NZX50 gets rebrand
27 Feb 2015 FMA warning
27 Feb 2015 Super Fund files proceedings
27 Feb 2015 Mortgage brokers' obligation to insurance
27 Feb 2015 Principles approach to FAA review likely
27 Feb 2015 $1 billion of building work signed off
26 Feb 2015 Magellan launches listed version of fund
26 Feb 2015 Claim banks' rules relaxed
26 Feb 2015 Where are the financial advisers?
26 Feb 2015 FMA: No hold-up
26 Feb 2015 Are banks allowing bigger mortgages?
25 Feb 2015 ANZ tops Morningstar awards
25 Feb 2015 AXA signs agreement with SimCorp
25 Feb 2015 AMP life business flat, but company on track
25 Feb 2015 Good response to more sustainable commission: AIA
25 Feb 2015 nib: Opportunities for advisers
25 Feb 2015 Records hold-up blamed
25 Feb 2015 Handful of DIMS applications received
24 Feb 2015 AMP adviser training by numbers
24 Feb 2015 Craigs crossing Tasman in new deal
24 Feb 2015 We're back: Kiwibank
24 Feb 2015 Researchers quiet on investigation
23 Feb 2015 Harbour signs up global equity manager
23 Feb 2015 Rent cover goes live
23 Feb 2015 Finalists revealed
23 Feb 2015 nib posts profit
23 Feb 2015 Kiwibank back in low-deposit business
23 Feb 2015 FSC hopeful of GST decision this year
23 Feb 2015 FMA keeps eye on adviser advertising
23 Feb 2015 Auckland rents up
22 Feb 2015 Davis steps down
20 Feb 2015 FAA survey circulated
20 Feb 2015 Lost loan a small proportion of NZ Super Fund
20 Feb 2015 Friday's first cuts
20 Feb 2015 FAA review timeline set out
20 Feb 2015 FMA focus on churn no surprise
20 Feb 2015 Landlords looking to recover yield
20 Feb 2015 Petrol price increases outstrip rents
19 Feb 2015 Sovereign and single rural blokes
19 Feb 2015 Big mandates force big questions
19 Feb 2015 Signs point up: ANZ
18 Feb 2015 Complectus to buy Covenant
18 Feb 2015 Yield pendulum at the apex
18 Feb 2015 The Co-op Bank makes two cuts
Latest News
Pie Funds enters adviser channel
Pie Funds enters adviser channel
3 min read
KiwiSaver members need more advice at retirement, panellists say
KiwiSaver members need more advice at retirement, panellists say
3 min read
Simon Papa: Access to advice - Is adviser conservatism the issue?
Simon Papa: Access to advice - Is adviser conservatism the issue?
9 min read
Second funds management firm sold today
Second funds management firm sold today
3 min read
Latest Comments
Give Total Rem the flick if KiwiSaver compulsory
Thank you Backstage. Look beyond just the structure/s. Currently, both employee and employer's contribution are taxed. So, even if I add a 3rd option - $100k salary of which $12k deducted for KS and no employer contribution. It made no difference financially whether it is option a, b or c, assuming law says $12k of the $100k pay package must go to KS. It will make a difference if a new tax law says, employer's contribution is tax free, then option "a" is a no brainer.
1 week ago W K
Simon Papa: Access to advice - Is adviser conservatism the issue?
Thank you Simon for such a substantial and thought-provoking piece. You write that “the CoFI law creates the potential for the FMA to influence the supply of financial products and services, not just conduct in relation to such supply”, to which I would offer two replies: Yes; and About Time. Your piece (and also your submission on the draft Fair Outcomes Guide) do suggest a preference for Rational Choice Theory and the Efficient Market Hypothesis. The problems with this being: Humans are not ideally-rational agents, and even if they were, the market is problematically inefficient. The latter is by design, by and for the benefit of the financial institutions. Informational asymmetries mean that consumers often don’t/can’t obtain the information they need to make an informed choice about whether to acquire, retain, or dispose of a financial advice product. (Good luck finding out the actual/modelled loss ratio on optional benefit x on product y.) Extending conduct requirements/expectations beyond supply, into areas such as design and pricing over the full life cycle of products and service offered, should help rebalance the scales. I agree with you when you write: “What is “fair” is inherently vague and contestable.” It doesn’t follow that it is unsuitable. Financial services law is full of such terms: “reasonable,” “care,” “diligence,” and “skill” immediately spring to mind. “Unusually large transaction” and “unusual pattern of transactions” from 22(1)(c) of the AML/CFT Act are vague, and currently subject to contest in FMA v InvestNow. Finally, I agree that more FADC cases would be helpful. Also helpful would be more details from enforcement cases the FMA has taken over the years. For example: Where a FAP was found to have breached the Record Keeping standard condition, provide a couple of (suitably redacted) examples of deficient files, along with explanatory commentary. If your files look like that, then do better.
2 weeks ago Paul Flood
Give Total Rem the flick if KiwiSaver compulsory
@WK agree with your summary and Murray, "exactly". Im a little confused about the statement, total rem has got to go? Even more confused by am mentat... blatant wage theft? Confused about young people not thinking about retirement or insurance? I have had the unfortunate experience at times working for multi national insurance companies and I do not recall them trying to get their mits on my wages, when did this happen? For centuries young people have not been able to picture themselves retired or believe that they will be multi-millionaires by this time. By the way, i bet they have a bank account. Hopefully am mentat works it out or, if he is a prosperous employer just continues to give give give to his employees with wild abandon and continues to cheer on any political parties that place more financial burdens on small business where generally the owner has risked all to try and get ahead. Employing people and helping in this way to provide for there families also.
2 weeks ago Darryl Scott
Give Total Rem the flick if KiwiSaver compulsory
As an investor, it is completely unacceptable to me that Total Remuneration continues if compulsion is brought in. It is simply wrong to continue putting downward pressure on salary and wages, particularly for people on minimum wage in a country that aspires to lift wages over time and raise the standard of living for NZers. National will lose my vote as a serious investor if they continue down the Total Remuneration path. No question...
2 weeks ago David Lawton
Give Total Rem the flick if KiwiSaver compulsory
This is just about the only online space outside of Newstalk ZB facebook comments where speaking out against blatant wage theft by multinationals is considered 'PC'. And yet still we wonder why those pesky younger generations of potential customers wholesale refuse to engage with traditional financial services. Couldn't be because our mindsets are stuck in the 1950s - no, it must be the kids who are wrong.
2 weeks ago Ross Alexander