Westpac New Zealand is claiming to be the first of the major banks to use an exemption the government provided to reduce red tape for people wanting to move their mortgage to another bank.

Global fund manager Dimensional Funds Advisors is launching a new sustainable equities fund investing in Australian stocks but within a New Zealand portfolio investment entity, or PIE, structure to make it more tax effective for local investors.

The Southern Cross Health Society says it's “very supportive” of the intention of the Conduct of Financial Institutions Act (CoFi).

The Southern Cross Health Society says it made a $16.5 million net loss for the year ended June as it used the previous year's windfall $90 million profit to keep premiums lower than they might otherwise have been.

The National Party's pledge to scrap the Financial Markets (Conduct of Institutions) Amendment Act 2022 (CoFi) “threw a spanner in the works” but businesses should regard it as an opportunity to improve their business, according to accounting firm KPMG.

Southern Cross says it is reviewing the way it communicates changes it makes to the policies it offers following the revelation that many insurance agents were unaware it withdrew a $60,000 a year benefit in late 2020.

The Financial Services Council (FSC) is determined to remain apolitical and won't be commenting on any party's proposals.

Heartland Bank is arguing that it is challenging for the smaller banks to offer retail products because the major banks use their scale as a kind of barrier to entry.

The Financial Markets Authority is aware of the Southern Cross situation in which those in the industry have been surprised to learn it withdrew a $60,000 a year benefit in late 2020.

Others in the health insurance industry had been unaware that Southern Cross had removed its non-surgical hospitalisation benefit.

Nikko Asset Management has a “slightly more defensive tilt” to its share portfolio at present, focusing on companies with a high degree of revenue certainty as well as ones that can achieve earnings growth in the current environment, according to Michael Sherrock, co-head of equities.

While Southern Cross quietly withdrew its non-surgical hospitalisation benefit in 2020, other health insurers continue to offer far more generous cover than the $60,000 benefit – but they mostly aren't rushing to tell GoodReturns about it.

The worse the economy is, the more positive it is for investors in fixed interest, and “it's looking pretty dire at the moment,” according to Fergus McDonald, head of bonds and currency at Nikko Asset Management.

Australia continues to be the lucky country but the New Zealand economy is in for a tough time,  according to British-based economist Andrew Hunt.

Southern Cross Health Society has acknowledged it removed a $60,000 a year benefit for non-surgical hospitalisation from its policies but is claiming it advised both advisers and policyholders of the change.

Pepper Money says it has bought HSBC's New Zealand mortgage book which is expected to have outstanding balances of about $1.4 billion when the transaction settles, expected in late November.