[Weekly Wrap] Slings, arrows and a bit of outrageous fortune

The move is bound to have some flow on effects in the market for both businesses.

One consequence is that they will now have to offer investors higher interest rates for their investments. The other is that both are covered under the government's deposit guarantee scheme which should give some level of comfort to investors.

The other industry story which has had strong interest with readers is the slow gestation of a new dealer group in New Zealand. As Good Returns reported yesterday the "surprise factor" was that former ING managing director Paul Fyfe is involved.

There is no doubt many in the industry see ING's distribution force under attack following the DYF and RIF product issues. This is a clear sign it's a no-holds barred battle. Also I understand Fyfe has just finished his term as consultant to ING.