The ISI has again changed its policy on replacing insurance policies after consulting with the major adviser organisations.

The new chief executive of the Institute of Financial Planners, Peter Lee, outlined goals for the organisation at its annual conference yesterday.

The Professional Advisers Association has welcomed the ISI's announcement today that it will revise its Business Replacement Advice (BRA) process and consult with industry bodies and groups over coming months.

Rotorua

National Australia Bank won more time to try to meet Australian antitrust concerns about its proposed takeover of AXA Asia Pacific Holdings.

AIG has resorted to its earlier plan and now intends to sell its pan-Asian life subsidiary, American International Assurance (AIA), which includes the New Zealand business through an IPO.

Two big events for advisers this week; Morningstar rates a Fisher Fund; Cosignia gets into third party admin.

The recovery in the New Zealand economy is proving to be a very lacklustre affair which is leaving many people scratching their heads wondering if this is as good as it gets, says BNZ economist Tony Alexander.

Long term fixed mortgage rates continued to tumble this week with NZF and AMP making the most dramatic cuts to four and five year rates of between 65 and 75 basis points. TSB also cut long term rates.