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December 2013
20 Dec 2013 Lots of rate changes to end the week
20 Dec 2013 Three Ross investors asked to pay back millions
20 Dec 2013 [Weekly Wrap] Looking ahead
20 Dec 2013 EDRs require long notice period
20 Dec 2013 Tyndall adds client relationship manager
20 Dec 2013 Expect a short pause: Newland
19 Dec 2013 Confidence may prompt OCR hike
19 Dec 2013 A time to QE taper but not tighten
19 Dec 2013 TMM online
19 Dec 2013 More advisers may work together in 2014
18 Dec 2013 Trilogy settles on syndicate building
18 Dec 2013 New appointments at Sovereign
18 Dec 2013 NZAM's new CEO
18 Dec 2013 Westpac follows ANZ
18 Dec 2013 NZPIF: WOFs not the best approach
17 Dec 2013 Questions about limited advice
17 Dec 2013 ANZ hikes all fixed rates
17 Dec 2013 Managed funds rules costly
17 Dec 2013 Rentals tested next month
16 Dec 2013 Another gong for Harbour
16 Dec 2013 Boost sector profile in 2014: Cortesi
16 Dec 2013 First-home buyers still absent: Survey
13 Dec 2013 [Weekly Wrap] How much training do you need?
13 Dec 2013 It's not a back down: Wheeler
13 Dec 2013 Carve out of new builds not a back-down: Wheeler
13 Dec 2013 2014: Facing Different Risks and Rewards
12 Dec 2013 Mortgage pain coming
12 Dec 2013 OCR held, but not for much longer
12 Dec 2013 OCR held, but for how long?
12 Dec 2013 $1.1m for advice software
12 Dec 2013 Sales below expectations: REINZ
11 Dec 2013 So RBNZ makes exceptions now
11 Dec 2013 KiwiSaver contributions still slow
11 Dec 2013 Skill level 'has dropped'
11 Dec 2013 Why we are exiting annuities: Milton Jennings
11 Dec 2013 Why New Zealand needs annuities
11 Dec 2013 New-look annuity type product explained
10 Dec 2013 Kiwibank chases borrowers with floating rate special
10 Dec 2013 Construction loans exempt from LVR rules
10 Dec 2013 Westpac splits ratecard
10 Dec 2013 Concern at stress-testing regime
10 Dec 2013 New homes exempt from LVR rules
09 Dec 2013 All but one Credit SaILS investors repaid
09 Dec 2013 Will the QE trick continue?
09 Dec 2013 Westpac splits floating rate
09 Dec 2013 NZ Income adds people
09 Dec 2013 Listen to what we say RBNZ urges
09 Dec 2013 Committee responds to conflict concerns
09 Dec 2013 Early signs of market change: QV
06 Dec 2013 Public not listening to us: RBNZ
06 Dec 2013 [Weekly Wrap] New rules on the way
06 Dec 2013 CPD change may be a challenge
06 Dec 2013 LVR rules are making a difference
06 Dec 2013 Alexander: Too early to claim impact on lending
05 Dec 2013 New Code submitted to FMA
05 Dec 2013 Rules are making a difference: Helm
05 Dec 2013 Home loan numbers creep up
05 Dec 2013 Five gems of wisdom. What are yours?
05 Dec 2013 LVR restrictions changing why houses sold
05 Dec 2013 Financial literacy organisation welcomed
05 Dec 2013 Bill to ban foreign investors
05 Dec 2013 More rental properties available in Auckland: Report
04 Dec 2013 Ennis new CEO
04 Dec 2013 Trans-Tasman investment opportunities limited
04 Dec 2013 Barfoot: Rules having no impact yet
03 Dec 2013 OCR increase is coming; Westpac chases FHBs
03 Dec 2013 Westpac enticing first home buyers to save
03 Dec 2013 Chances of an OCR increase early next year rise
03 Dec 2013 Advisers will pick up KiwiSaver: FSC
03 Dec 2013 Asking prices, listing numbers down.
02 Dec 2013 Insurance has a bright future, but needs to change: FSC
02 Dec 2013 Fund managers predict pick-up
02 Dec 2013 New board member at Plus4 Insurance Group
02 Dec 2013 First-timers buy one in five properties
01 Dec 2013 The Development of Adviser Technology
November 2013
29 Nov 2013 [Weekly Wrap] FMA in the news
29 Nov 2013 Changes at Westpac broker unit
29 Nov 2013 FMA wants to increase its hourly rate
29 Nov 2013 No name suppression for investor
29 Nov 2013 Trade Me claims overstated
28 Nov 2013 Shakeup at Westpac broker unit
28 Nov 2013 Impact of LVR restrictions revealed
28 Nov 2013 Higher-equity borrowers pick up mortgage slack
28 Nov 2013 New FMA chief executive named
28 Nov 2013 RESIMAC takes full control of home loan book
28 Nov 2013 FMA paying more visits to AFAs
28 Nov 2013 Residential investment strong: Stats NZ
27 Nov 2013 Financial advice skills shortage
27 Nov 2013 Builders: Expect consent drop in March
27 Nov 2013 Interest rate rise may need to be sharp: NZIER
26 Nov 2013 Big shake-up at Mint
26 Nov 2013 Kiwibank slowing down before speed bumps
26 Nov 2013 Tyndall appoints new Head of Distribution
26 Nov 2013 Future bright for IFAs
26 Nov 2013 Kiwibank already near target before rules kicked in
26 Nov 2013 Landlords told: Watch out for rising rates
25 Nov 2013 Old hand takes tiller at IFA
25 Nov 2013 ASB cuts rates again. ANZ adds special
25 Nov 2013 Islamic fund a challenge
25 Nov 2013 Migration pressure increases
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.
1 week 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