The general downturn in the economy, the ING frozen funds debacle and an 18% rise in mortgage finance complaints contributed to what the Banking Ombudsman has described as a year "unprecedented in the history" of the scheme.

The September quarter saw KiwiSaver funds rebound, with all types of funds producing positive returns as fears of a double-dip recession eased, according to the latest Mercer KiwiSaver survey.

The non-bank sector's exposure to property development is likely to remain "greatly reduced" and the model of retail funding for high risk exposure has proven to be unsustainable, according to the Reserve Bank's Financial Stability Report.

The Institute of Financial Advisers has terminated the membership of suspended member Neville Cant after his conviction on June 9 2010 for offences against the Crimes Act 1991 and the Securities Act 1978.

The theme of regulation dominated the NZMBA roadshow in Tauranga last Thursday as chairman and CEO Darren Pratley warned members of the importance of acting ahead of the June 30 deadline for the new regulatory regime.

Imposing more regulations on KiwiSaver funds could stifle the investment innovation, says Fidelity Life chief executive Milton Jennings.