The Reserve Bank today increased the Official Cash Rate (OCR) by 25 basis points to 3%.

The Financial Services Complaints Ltd (FSCL) Board has appointed the current Deputy Banking Ombudsman Susan Taylor as its chief executive.

Wellington-based mortgage broker Finlay Abbot has decided to shift to a new group.

PGG Wrightson Finance failed to get a quorum at a special meeting of bondholders to vote on extending the term of its October 2010 bonds for 12 months.

Debenture-holders in Dorchester Finance should be wary of an offer by Stock & Share Trading Company Pty Limited to buy their debentures for 5c in the dollar.

Auckland

Most KiwiSaver funds were in the red over the second quarter as the markets had their first pullback after four positive quarters of strong results according to the Morningstar quarterly KiwiSaver Performance Survey.

The latest KiwiSaver Performance Survey results from Morningstar.

The imminent plan by fund managers to ban commissions on the sale of investment products is actually some time away.

The past week has been quiet for deposit rate changes, however ASB changed that when it cut TD rates on Monday.