A new Insurance Contracts Act, abolition of the Life Insurance Act, and putting life insurers on the same regulatory footing as other financial intermediaries are all recommended in a sweeping report on the industry from the Law Commission.

The financial services industry has until February to make its views known on the Stobo Report.

In a reversal of its earlier position, National is endorsing the government’s pre-funded superannuation scheme and is also toning down some of its earlier warnings about the aging population.

In one of the worst kept secrets in politics the National Party virtually confirmed yesterday it would accept the New Zealand Superannuation Fund.

In one of the worst kept secrets in politics the National Party virtually confirmed yesterday it would accept the New Zealand Superannuation Fund.

New Securities Act changes putting tougher rules on financial advisers will go before Parliament in the next few weeks.

The Stobo tax proposals mean fund managers can spend more time on their products and less time on tax issues.

Two unlikely allies have launched separate attacks on the workplace savings proposals announced by the government last month.

Pressure to retain good quality staff means the government should give the Guardians of the New Zealand Superannuation Fund the extra $1 million they asked for in this year’s Budget – and then another $1.7 million on top of that, says an independent review.

Abolition of the capital gains tax on active managed funds now looks certain - whatever is in the Craig Stobo report on the taxation of collective investment vehicles.

There has been a mixed industry reaction to the government’s announcement yesterday of the Task Force on Regulation of financial intermediaries.

The State Sector Retirement Savings Scheme looks set to be extended outside the core public service.

Regular three yearly reviews of retirement policy, to replace the Periodic Report Group, have been recommended by a Parliamentary select committee.

Finance Minister Michael Cullen does not appear keen on the risk free rate of return method for taxing investments.

AMP Capital is starting a move out from global to local bonds in anticipation of an expected market slowdown next year.

The Health Funds Association this week released a report advocating tax breaks for health insurance, and employers being able to buy healthcare from district health boards or other providers for their employees.