The Code Working Group has been told by many people that is proposals for adviser competence standards were not right – but no one has yet offered a better solution, its chairman says.

Financial Advice NZ came to life this week. In this video new chief executive Katrina Shanks talks about the association's purpose, what members need to do for the Quality Service Mark and more.

Milford Asset Management has appointed a head of intermediary distribution, to focus on servicing and growing relationships with financial advisers, wealth management firms and adviser networks.

Westpac has made a series of sweeping changes to its commission structure for New Zealand mortgage advisers, including removing discretionary quarterly commission payments.

The Official Cash Rate (OCR) will remain at 1.75% for now. "However, we are well positioned to manage change in either direction – up or down – as necessary," RBNZ governor Adrian Orr says.

Nikko Asset Management has promoted one of its equities staff to the position of portfolio manager.