Cost of regulation $35,000; AMP, AXA merger to create formidable competition; AllianceBernstein to close NZ base...downgraded to ‘hold', has top manager; DNZ seeking $140m through IPO

Two of our regular topics dominate the news this week, namely the Code Committee and Hanover.

Wellington

Boston Finance trustee, Perpetual Trust, has put the company in receivership, ending the moratorium arrangement which has been in place since March last year.

A handful of finance companies have given retail depositors a hump day surprise, boosting their rates, amid tweaks to the government’s guarantee scheme.

Christchurch

Allied Farmers, with a market value of $12 million, agreed to buy Hanover Finance's financial assets for $400 million in stock, effectively giving Hanover's debenture holders 95% of the enlarged company.

BREAKING NEWS: Allied Farmers and the Hanover Group have confirmed speculation that they will do an equity swap which will see Hanover and United investors become shareholders in the listed Allied Farmers.

Taupo

Asteron New Zealand has made number of changes to its senior leadership team, as part of its strategy to build momentum and growth in the upcoming regulated environment.

The Code Committee setting regulations for the financial advisory industry has released another discussion paper - this one on ethics and adviser behaviour.