Kiwi banks had a better net interest margin in the June quarter than they had reported earlier in the year, the latest KPMG quarterly financial institutions performance survey shows.

Partners Life has turned around its net loss in the year to March 31 last year into a $4.97 million profit this year, and paid out more than $62 million in commission to advisers.

The Banking Ombudsman is expecting the new loan-to-value speed limits to cause a spike in mortgage-related issues.

Penny Mudford has resigned as chief executive of the Institute of Financial Advisers after less than a year in the role.

GPG has sold its 33% stake in TOWER and pocketed around $118 million.

The New Zealand-born founder of LM Investments, Peter Drake, has had to surrender his passport and has had his assets frozen following the collapse of the company.

Advisers need to realise that customers would not be prepared to pay for mediocre returns, Clayton Coplestone says.

Clients’ attempts to quit smoking are causing problems for risk advisers, says the Insurance and Savings Ombudsman.

ASB’s decision to withdraw pre-approved loan applications is a very company specific issue, but highlights that this practice is likely to stop anyway.