The government is close to signing off on new tougher capital requirements for the non-bank deposit-taking (NBDT) sector that could force some institutions to raise significant amounts of fresh equity.

The Professional Advisers Association (PAA) has moved to calm members' fears that it could follow the Institute of Financial Advisers (IFA) down the ‘name and shame' disciplinary path.

For the first time the Institute of Financial Advisers (IFA) has named advisers found guilty by the organisation's disciplinary committee.
INLCUDES links to decisions

Auckland-based business risk firm Solutions Financial Services (SFS) has merged with dealer group Brokers' Independent Group (BIG).

Financial advisers looking to beef up their compliance processes in preparation for regulation should check out the guidelines recently published by Standards New Zealand, the Securities Commission said in its latest bulletin.

Members of New Zealand's two main insurance-based advisory associations have not experienced any difficulties with their professional indemnity (PI) cover, Good Returns was told yesterday, in contrast to problems reported by the Institute of Financial Advisers (IFA) last week.

Jane Diplock, head of the Securities Commission, has called for the trans-Tasman harmonisation of financial adviser regulations between New Zealand and Australia.

The Institute of Financial Advisers (IFA) has slammed insurance firm Lumley for unfairly rejecting the professional indemnity (PI) claims of many of the industry body's members.

Risk advisory group The National Partnership (TNP) has hired outgoing head of the Professional Advisers Association (PAA), Dave McMillan in the new position of director of development.

UK pension transfers have made a "meaningful contribution" to AXA New Zealand's positive net retail fund flows in the first three months of the year, according to Ralph Stewart, head of AXA NZ.

Some parts of the industry were "a little disappointed" that local incorporation for insurance companies would not become mandatory under draft legislation released yesterday, according to Vance Arkinstall, head of the Insurance Savings and Investment Association (ISI).

Two former Deutsche Bank executives have launched a new funds management firm that promises to deliver “unique” index fund products.

Tower has designed its new insurance software to help advisers meet some of the key requirements expected under the coming regulatory regime, according to the group's head of professional development, Jeff Bailey.

The government is considering proposals to reduce PIE and non-resident withholding tax rates to 0% for foreigners who hold offshore assets through New Zealand entities.

Listed Australian firm Plan B is suing its former key New Zealand ally, Alex Fowler, claiming he breached a 'non solicitation' agreement after splitting from the group last year.

The New Zealand Mortgage Brokers Association (NZMBA) has joined the four other main financial advisory bodies in a pan-industry lobbying group.