The rescue plan being put together by finance companies and advisers for Provincial Finance has fallen through after becoming too expensive. However it appears Provincial debenture holders will get their money back.

The rescue plan being put together by finance companies and advisers for Provincial Finance has fallen through after becoming too expensive. However it appears Provincial debenture holders will get their money back.

Pioneer Mortgage Services is now one of the biggest non-bank lenders in New Zealand following the acquisition of Nelson-based Pacific Home Loans for an undisclosed sum.

Although two finance companies have recent collapsed and other failures are predicted a new company has been launched.

Hamilton

Reserve Bank of NZ press release

Introduction of the Securities Legislation Bill, which has tough new rules for adviser disclosure, has been slowed down because of new concerns.

Whangarei

Palmerston North

Wellington

Provincial Finance’s receivership may be short-lived although the signs aren’t promising.

Provincial Finance’s receivership may be short-lived although the signs aren’t promising.