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September 2010
06 Sep 2010 Fidelity Life appoints business development manager
06 Sep 2010 Money Managers closes to make way for new firms
03 Sep 2010 Banking Ombudsman Scheme obtains Ministerial approval
03 Sep 2010 Perpetual’s adviser force is expanding
03 Sep 2010 Choice declining for buyers
03 Sep 2010 Pyne Gould's Perpetual unit in talks to buy Aegis WRAP platform
03 Sep 2010 Head of Perpetual Trust steps down
03 Sep 2010 ASB lenders drop rates
02 Sep 2010 Liquidiator mum on Five Star funding commitments
02 Sep 2010 SBS takes margin hit to keep mortgage rates down
02 Sep 2010 Draft Code sent to Simon Power for approval
02 Sep 2010 SCF’s long history blurred in an instant
02 Sep 2010 Strategic book value deficit at $195.5m
02 Sep 2010 Pause in the OCR expected till March 2011
02 Sep 2010 Shifting to level premium policies not always right
02 Sep 2010 Insider Paul Brock to replace Knowles at Kiwibank
02 Sep 2010 Fund managers should be accountable to a regulator: Mayhew
01 Sep 2010 HBS members give SBS merger thumbs up
01 Sep 2010 Showcase Auckland hotel Westin Lighter Quay in chaos
August 2010
31 Aug 2010 SCF not as big a favourite among advisers as it used to be
31 Aug 2010 SCF's long history blurred in an instant
31 Aug 2010 Keep South Canterbury in perspective: NZIER chief economist
31 Aug 2010 Rates Round Up
31 Aug 2010 Scales unaffected by SCF receivership
31 Aug 2010 SCF process will take up to five years: English
31 Aug 2010 NZIER: Pause in OCR till March 2011
31 Aug 2010 South Canterbury bond speculators reap fat reward as finance firm fail
31 Aug 2010 South Canterbury needed up to $300 mill to survive: Maier
31 Aug 2010 Govt moves swiftly to repay all South Canterbury depositors
31 Aug 2010 South Canterbury receivership, triggers $1.6 bill Crown payment
31 Aug 2010 Sandy Maier's comments on South Canterbury receivership
31 Aug 2010 South Canterbury calls in receivers
31 Aug 2010 NZ dollar falls as deadline arrives for South Canterbury Finance
31 Aug 2010 FNZC Bond Fund adds experienced resource
31 Aug 2010 South Canterbury calls in receivers
31 Aug 2010 Labour wants to create more savings products
31 Aug 2010 Update from Banking Ombudsman Deborah Battell
31 Aug 2010 Housing consents fall
30 Aug 2010 Key rejects claim govt to blame for SCF’s woes
30 Aug 2010 OCR expectations knocked back
30 Aug 2010 ASB Securities appoints managing principal
30 Aug 2010 Insurance law promotes efficiency
30 Aug 2010 News Round Up
30 Aug 2010 Three bidders now vying for South Canterbury Finance
29 Aug 2010 ANZ mortgage market share dips
29 Aug 2010 Economist pushes out dates for next OCR hikes
28 Aug 2010 Govt won't help SC Finance Hubbard says
27 Aug 2010 Signs property market is warming
27 Aug 2010 What is the Savings Work Group really for?
27 Aug 2010 Hubbard funds over valued by 25%: Report
27 Aug 2010 Adviser services need to be defined
27 Aug 2010 Property investors need be careful with family trusts
26 Aug 2010 Marac will pounce when rivals collapse
26 Aug 2010 Former Goldman Sachs boys take over chairs at Foundry Asset Management
26 Aug 2010 Workplace Savings NZ 2010 Conference
26 Aug 2010 Fourteen percent of Marac's deposits not guaranteed
26 Aug 2010 Former Five Star Finance directors could face 7 years in SFO charges
26 Aug 2010 Many advisers postponing study
26 Aug 2010 Review may give investors some depreciation relief
25 Aug 2010 ASB enters home equity release market
25 Aug 2010 Mortgage Link appoints replacement for Butler
25 Aug 2010 Kiwis want to see own backyard before kicking the bucket
25 Aug 2010 SCF doubts it will meet NBDT requirements
25 Aug 2010 Inflation-indexed tax on savings should work in theory: English
24 Aug 2010 Dorchester raises $10.3m for growth
24 Aug 2010 Heartland bank to pitch to shareholders in November
24 Aug 2010 Savings Working Group members announced
24 Aug 2010 S&P finally delivers some good news
24 Aug 2010 Spread it around
24 Aug 2010 Equitable says downgrade has no impact
24 Aug 2010 Fixed rates step into spotlight
24 Aug 2010 Tower launches cover for non-Pharmac funded cancer drugs
24 Aug 2010 TSB lifts mortgage market share but profit drops
24 Aug 2010 Adviser regulation blows the budget
23 Aug 2010 Loughlin relinquishes Allied Farmers chair
23 Aug 2010 RBNZ managing inflation expectations
23 Aug 2010 Macquarie appoints three investment advisers
23 Aug 2010 Wrightson spurns long-term guaranteed deposits
23 Aug 2010 Another NZ fund manager joins the billion dollar club
22 Aug 2010 BNZ stepped up mortgage lending in June quarter
20 Aug 2010 South Canterbury rating cut to CC
20 Aug 2010 Allied Nationwide crumbles into receivers' arms
20 Aug 2010 Revised Code back in the Commissioner's hands
20 Aug 2010 Rates are rising - but it's not that bad
20 Aug 2010 AIA: The business of risk
20 Aug 2010 Q&A: Sam Stubbs on the 'New Normal'
20 Aug 2010 Time is of the essence
20 Aug 2010 Westpac grabs 44% of all new home loans
20 Aug 2010 Diversified adds to team
20 Aug 2010 Rates rising but are still low
20 Aug 2010 More two year rate cuts
20 Aug 2010 Associations tell Govt to hurry up on fix ups
20 Aug 2010 Latest immigration numbers good for housing market
19 Aug 2010 Investors continue to shun Allied over trust deed breach
19 Aug 2010 Pre-tax change push to sell life policies helps AMP
19 Aug 2010 FSCL free information seminars
19 Aug 2010 Kiwibank still growing mortgage book but momentum wanes
19 Aug 2010 FINSIA leadership lunch: Identity crime in NZ
19 Aug 2010 IFA rails against regulatory levies
18 Aug 2010 TOWER chief actuary resigns
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