Advisers believe banks should adapt their servicing tests for borrowers after the Official Cash Rate plunged to 1%.

Registered financial advisers have been warned by the regulator that the licensing clock is ticking and they better hurry up if they want to remain in business.

The FMA has been reviewing custodians but still has not come up with a decision about whether it is a sector that requires regulation.

AMP has successfully completed the institutional placement to raise A$650 million.

Southern Cross Health Society has been recognised as one of Australasia’s top 10 ‘Most Innovative Companies’ for BeingWell, its corporate health and wellness programme.

Peer-to-peer lender Southern Cross Partners has appointed a new chief executive from outside of the financial services industry as it looks to grow its loan book.

More than 60% of financial advisers think it is part of their fiduciary duty to ask clients about their ESG values and preferences – a statistic that “blew our minds a bit”, Morningstar’s director of manager research says.

New Zealanders could be putting their investments at risk by focusing too much on the local economy, Kiwi Wealth says.

Australian non-bank SME lender Prospa, led in New Zealand by Adrienne Church, has raised a $45 million lending facility for New Zealand loans.

AMP says it will “further localise” its New Zealand wealth management business, including AdviceFirst, and explore divestment to realise its value.

Lenders have taken action on fixed and floating rates after the Reserve Bank cut the Official Cash Rate to a record low of 1%. Here's a roundup of the cuts as of Thursday morning:

The Official Cash Rate could drop to 0.75% or even lower this year, economists say, after the Reserve Bank slashed the OCR by an unprecedented 50 basis points.

Default KiwiSaver schemes may no longer be conservative, and could be forced to charge lower fees, if Government proposals for a revamp of the scheme are adopted.