The government yesterday introduced a swag of changes to its bank guarantee scheme including capping deposits it would insure at $1 million and exerting further controls over non-bank providers who sign on.

For the first time in three years the New Zealand Treasury’s Debt Management Office (DMO) has cancelled a bond tender after the government’s deposit guarantee scheme dampened investor demand.

The Reserve Bank was peppered with calls from fund managers yesterday seeking clarity on the extent of the government deposit guarantee announced on Sunday night.

A former Money Managers (MM) franchisee holder has won a settlement from the company after a two-year battle in the Hamilton High Court.

The worst-kept secret in New Zealand’s financial advisory industry became official yesterday when Australian group Professional Investment Services (PIS) revealed plans to buy Newpark Financial Services.

After years of an almost “non-functioning” government bond market, the New Zealand Treasury may struggle to raise the debt necessary to fund projected deficits over the next five years, according to Grant Hassell, AMP Capital head of fixed interest.

Most of Suncorp-Metway’s New Zealand assets were likely to be on the market after the ASX-listed financial services firm confirmed yesterday it had received “several approaches” for its banking and wealth management businesses.

Tyndall Investment Management will launch a new global equities multi-manager product later this month, to be offered both in Australia and New Zealand.

Ian McPherson, head of Southern Cross, has slammed the suggestion by his rival at Sovereign that the health insurance sector needs to “start again”.

Ian McPherson, head of Southern Cross, has slammed the suggestion by his rival at Sovereign that the health insurance sector needs to “start again”.

Finsia has called on the government to further sharpen its regulatory pencil to help New Zealand’s financial services industry prosper.

OPI Pacific debenture holders were due to receive a 7.64 cents payout yesterday bringing the total return so far to about 20%, according to Paul Wiggins, Gould Wealth Management, chief operating officer.

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A new report authored by Craig Stobo, former head of BT New Zealand, has made a raft of recommendations to lift the country’s savings and wealth levels.

The Financial Advisers Bill (FAB) passed through Parliament under urgency yesterday afternoon, ending its convoluted path into law.

The Financial Advisers Bill (FAB) passed through Parliament under urgency this afternoon, ending its convoluted path into law.