Apparently banks pull money out of thin air then lend it to borrowers for home loans. Here is what TVNZ reported.

An AMP-linked adviser has told an inquiry into Australia’s financial system that consumers are losing out because big companies have a bias to push their own products.

Westpac is the latest bank to remove its two-tier pricing for home loans, however it refuses to budge on its low equity margin.

Low-equity fees and interest rate premiums charged by banks for home loans are being reviewed by lenders and may become a thing of the past after a recent court case.

If you are a non-aligned AFA then you should read this Opinion piece from one of your peers, Carey Church.

More Kiwis running the risk with falling rates of health, home, car and life insurance. [WITH GRAPH]

Two former trusteee companies (they have a new name now) have come together in a new company and Milford Asset Management takes an ownership stake in the business.

[UPDATED- with KiwiSaver numbers] Macquarie Bank-owned Brook Asset Management has withdrawn its offer document from the market and is winding down its funds management operation in New Zealand.

BNZ’s managing director and chief executive Andrew Thorburn is to become the chief executive of the bank’s parent, National Australia Bank.

Life insurance company Cigna has named its new chief executive who will replace Gail Costa.

Offshore participation in local government funding agency bonds is increasing, Westpac says.