The Institute of Financial Advisers has made a pre-tax loss of $140,318 in the year to June 30. This is a $274,328 turn around on the previous year’s results.

Wellington

The government’s goal of increasing insurance cover with a new regulatory framework for the industry is unlikely to work, says the Professional Advisers Association.

Australian financial services company Allco Finance Group has made a cash and shares offer for full ownership of Strategic Investment Group.

Questions and answers

The tax exemption for employer contributions to KiwiSaver will be extended to other registered superannuation schemes, Finance Minister Michael Cullen and Revenue Minister Peter Dunne announced today.

American International Assurance(AIA)has launched the AIA Financial Services Network, a national network of financial advisers specialising in providing an extensive range of insurance services and products for New Zealand’s growing Asian and Indian population.

MFS has entered into an agreement to buy financial planning group Northplan for $52 million.

Dunedin

The government named six companies as default providers to KiwiSaver; the workplace-based retirement savings scheme which comes into operation in July next year.