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May 2013
21 May 2013 Here's one for the FMA
21 May 2013 Salt gets COO from AMP Capital
21 May 2013 Top mortgage brokers named
21 May 2013 Advisers' Code about to get tweaked
21 May 2013 Get systems right, property investors reminded
20 May 2013 PAA chairman resigns
20 May 2013 Lender of the year named
20 May 2013 RBNZ confirms macroprudential tools
20 May 2013 Partners wins PAA gong
20 May 2013 LM court date pushed back
20 May 2013 Kiwis backing rental property
18 May 2013 New to Business versus Business Overheads Cover
17 May 2013 S&P sounds warning to some lenders
17 May 2013 S&P sounds warning to some lenders
17 May 2013 Advisers told to dob in peers
16 May 2013 Final battle for control of Mike Pero Mortgages starts
16 May 2013 Mike Pero accusations fly
16 May 2013 Budget eyes property market
15 May 2013 Adviser data safe dispute scheme says
15 May 2013 Kiwibank does a switch
15 May 2013 Kiwibank switches home loan specials to two year term
15 May 2013 Investors 'need to take responsibility'
15 May 2013 Kiwi houses too expensive: IMF
14 May 2013 Fidelity not hiring TOWER's sales force
14 May 2013 AFA requirements should be stricter: Hughes
13 May 2013 Aussies take slice of Edge
13 May 2013 Another new fund manager pops up
13 May 2013 Sales numbers up but prices ease: REINZ
13 May 2013 Buyers giving up: Survey
12 May 2013 Revamp planned for AX
12 May 2013 IFA names Grayland replacement
10 May 2013 AIS opens the doors on its investment strategy discussion
10 May 2013 [Weekly Wrap] What's left for TOWER?
10 May 2013 Dominion Finance director pleads guilty
10 May 2013 Lifetime grabs top broker
10 May 2013 TOWER life business sold
10 May 2013 Westpac outsources to employees
10 May 2013 FMA 'too slow'
10 May 2013 Accord fast-tracks developments
09 May 2013 TOWER staff branch out
09 May 2013 QV reports price momentum spreading
09 May 2013 Stats hide large variations: QV
08 May 2013 RBNZ introducing macroprudential tools 'soon'
08 May 2013 Harbour Monthly Commentary: The Threat of Inflation or Deflation
08 May 2013 Third time lucky for equity derivatives?
08 May 2013 FSC policy replacement guidelines 'irrelevant'
08 May 2013 Kiwis expect prices to carry on rising: ASB
07 May 2013 Interest rate warning for borrowers
07 May 2013 Gold recovers but growth 'limited'
07 May 2013 Reserve Bank policies get blame for lagging rents
06 May 2013 More action with one-year home loan rates
06 May 2013 BNZ takes the one-year lead
06 May 2013 Fund managers ineffective: Report
06 May 2013 nib appoints NZ CEO
06 May 2013 Insurance changes: Don't guesstimate
06 May 2013 Council eyes Plan profits
03 May 2013 Westpac reduces appetite risk
03 May 2013 ANZ appoints private banking boss
03 May 2013 Tyndall Monthly Commentary:Dangerous Assumptions Impact New Zealand
03 May 2013 Geneva announces early payment
03 May 2013 FMA gets 'good' report card
03 May 2013 Upward price momentum stalls: Barfoot and Thompson
02 May 2013 TNP makes GM of ops
02 May 2013 Trilogy in court to win control of LM mortgage fund
01 May 2013 Dorchester announces structure simplification, dividends
01 May 2013 Pathfinder Monthly Commentary: Investing in Japan – an emperor with new clothes?
01 May 2013 Finance company customers seek out banks
01 May 2013 Growth funds report strong returns
01 May 2013 Finance sector more appealing: Survey
01 May 2013 ANZ: Is market sustainable?
01 May 2013 Asking prices climb
April 2013
30 Apr 2013 RESIMAC rate changes
30 Apr 2013 No charges for Hanover: SFO
30 Apr 2013 Westpac makes its one-year rate look good
30 Apr 2013 Westpac makes its one-year rate look good
30 Apr 2013 Inflation warning from Fisher
30 Apr 2013 Partners Life rejects restructure scepticism
30 Apr 2013 Consent drop may be a blip
29 Apr 2013 Anger at delay in asking big Ross questions
29 Apr 2013 New low equity charge from Westpac
29 Apr 2013 Next set of new rules tweaked thanks to Ross Asset Management
29 Apr 2013 New low equity charge for Westpac customers
29 Apr 2013 HNZ targets investors
26 Apr 2013 [Weekly Wrap] Commission is this week's buzzword
26 Apr 2013 FMA chairman reappointed
26 Apr 2013 Partners Life loses staff
26 Apr 2013 Do commissions damage customer trust?
26 Apr 2013 Clean, green image will attract buyers: Alexander
26 Apr 2013 Investors over-represented in mortgagee sales
25 Apr 2013 Pegasus Town's huge sale discount revealed
24 Apr 2013 Early detection of cancer and private medical insurance
24 Apr 2013 Threats of OCR hike possibly a ploy: Economist
24 Apr 2013 More cuts; Latest on the OCR
24 Apr 2013 The latest on the OCR
24 Apr 2013 SBS goes under 5% across the board
24 Apr 2013 Do you match the profile of the adviser industry?
24 Apr 2013 Fine balance for Wheeler
23 Apr 2013 No move in OCR yet: Economists
23 Apr 2013 Govt reserve resolution scheme axed
22 Apr 2013 No move in OCR yet: Economists
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