[Weekly Wrap] Cracks appear

No big merger has ever been completed without teething problems and AMP's takeover of AXA is no exception.  We will keep you updated on developments in this saga.

Another big story this week was the potential impact of new rules around QROPS (Qualifying Recognised Overseas Pension Schemes), which are used by expat Britons to transfer their pension funds to their new country.

New Zealand has been singled out in the draft legislation with a provision aimed at curbing the habit of allowing people to simply pull all their money out as a lump sum once it gets here (bit embarrassing really).  QROPS providers have only months to prepare but KiwiSaver schemes are exempt.

Last week the SFO laid criminal charges against five people associated with South Canterbury Finance.  This week the FMA said it would take civil proceedings against the directors of Hanover.