Rates Round Up

Cash PIEs get classified as category 2 products
Cash and term portfolio investment entities (PIEs) will be classified as category 2 products under amendments to financial adviser regulation, after Parliament's Commerce Committee questioned officials as to whether they require an authorised adviser to sell them.

Initially flagged as only applying to bank PIEs, the committee took on advice to expand it to all PIEs on offer in the final report on the legislation.

Hawkins' Cynotech falls into the red
Former 1980s highflyer Allan Hawkins' Cynotech Holdings fell into the red after the company wrote down the value of some loans pending repayment arrangements being made or being reinstalled.

The company made a $2.7 million loss in the 15 months ended March 31, after posting a $1.2 million loss in the 12 months through December, writing down $2.2 million from its loan book.