The legislative rush to get KiwiSaver-related legislation through the Parliament at the end of 2006 has resulted in a number of drafting errors.

The legislative rush to get KiwiSaver-related legislation through the Parliament at the end of 2006 has resulted in a number of drafting errors.

The government’s assumption on uptake of KiwiSaver looks to be on the modest side.

Regulations for selling insurance, proposed by the Ministry of Economic Development, will have a counterproductive effect, says the Institute of Financial Advisers.

Proposed rules for platforms and portfolio management services risk duplicating the requirements, adding to compliance costs, and confusing, rather than helping, consumers, says the Institute of Financial Advisers.

Finance Minister Michael Cullen has refused to rule out using some of his massive surpluses to boost savings. Earlier this year preliminary work on the government’s business tax review included an analysis on a tax cut which would be the basis of a compulsory savings regime.

The current wave of regulation of the financial services sector is only the start, Securities Commission member Mai Chen says.

There is disappointment and chagrin at the decision of a Parliamentary select committee not to recommend a lower rate for the planned investment tax changes.

The marathon reform of New Zealand’s investment tax regime is nearing the finishing line – and it appears calls for a lower rate have not been heeded by the government.

National’s incoming finance spokesman, Bill English, has sounded a sharply sceptical note about the KiwiSaver – and also about the financial services industry.

Uptake of KiwiSaver is likely to be much quicker than expected, according to one of the scheme’s most vehement critics, financial adviser Gareth Morgan.

Insurance advisers are keeping a wary eye on the Suncorp takeover of Promina group across the Tasman.

Reserve Bank governor Alan Bollard has delivered his monthly ticking off to the housing market, saying – again – that too many New Zealanders are relying on residential property for their savings.

ING has launched two new funds explicitly aimed at investors who have been made jittery by recent finance company problems.

Labour Party backbencher Maryan Street wants the government’s investment companies to put greater emphasis on ethical investing.

There is growing disquiet that changes to the tax rules for international investments will be shoved through Parliament with minimal further discussion.