Standard & Poor's says it has observed an increased pace and urgency for change in New Zealand finance companies, driven mainly by impending regulatory developments.

Press release: National today voted against the Budget legislation, underlining its opposition to the very initiatives that will help to build a stronger economy and a fairer society, Finance Minister Michael Cullen said today.

Auckland

Home Loan Report: Last week had with some good news for borrowers with Kiwibank dropping some of its fixed rate home loans in an effort to capture some of the refinance business in the market.

Bay of Islands

Press release: Westpac New Zealand today announced details of the Westpac KiwiSaver scheme, pledging to help businesses with the Government’s KiwiSaver initiative.

Press release: "Post-budget, it's becoming clearer that for some businesses, the tax cut in last week's budget will be effectively wiped off the books, or at least substantially offset by the cost of KiwiSaver," say Ernst & Young budget spokespeople Jo Doolan and Aaron Quintal.

Pinnacle Life has launched a website which allows people to get immediate online cover with electronic underwriting.

The funds management and financial planning subsidiary of the Southland Building Society (SBS), Funds Administration New Zealand Limited (FANZ), has received Inland Revenue approval to become a KiwiSaver provider.

Plan B launches IPO, Australian firm buys again, Cushing chase more of REL.

Auckland

Yesterday’s Budget was unquestionably the biggest ever for the savings industry.

Mercer has applauded the changes to KiwiSaver announced by the Government in today’s budget saying the incentives would promote New Zealanders’ good long term savings habits and substantially increase individual uptake of the KiwiSaver scheme.

ASFONZ is pleased to see the positive steps that are included in the budget to assist those who wish to save to support their retirement lifestyle.

Press release: Finance Minister Michael Cullen said Opposition leader John Key has deliberately exaggerated the net cost to employers of KiwiSaver.