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Last Article Uploaded: Tuesday, September 16th, 10:10PM
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Stewart's NZIG gets boost

Ralph Stewart's plans to create and launch a variable annuities product have been given a major boost.

Wednesday, September 17th, 6:00AM

The Reserve Bank has agreed to develop a set of new capital requirements for variable annuities. It has issued a consultation paper and is seeking feedback from the industry.

Stewart says this is a major step forward. Without getting the central bank, as the prudential regulator, to come up with a set of standards variable annuities would not get off the ground.

"This is a major milestone for us and represents 12 months of working with the Reserve Bank to raise awareness for the importance of Lifetime Income products," he says ...MORE»

Van Eyk enters administration

Monday, September 15th, 9:19PM  2 comments

[UPDATED, adds FMA comment] Van Eyk has gone into voluntary administration.

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AFAs still struggling with requirements: FMA

Monday, September 15th, 6:00AM  5 comments

Authorised financial advisers need to bring their business practices up to standard or face referral to the Financial Advisers Disciplinary Committee, the FMA has warned.

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Bank KiwiSaver 'cause for concern'

The FMA is reminding banks that conversations about switching KiwiSaver provider need to be done with customers' interests in mind.

Friday, September 12th, 3:00PM  1 comment

The FMA today issued its first Qualifying Financial Entities (QFE) monitoring report, for the period ended June 30. It covers site visits and other monitoring activities conducted at some of the major banks and non-bank entities.

The FMA said it was particularly interested in the selling and provision of class and personalised financial advice by QFE staff, particularly around KiwiSaver.

The monitoring report said the FMA found that banks largely depended on branch managers to ensure that staff were supervised, and a lack of reporting made it hard for senior management to identify performance issues ...MORE»

[Weekly Wrap] Bank bashing

Friday, September 12th, 11:30AM  1 comment

This week got accused of bank bashing. It's a topic I wanted to discuss because the role of banks in the financial advice space will be the centre of much debate as we head into a review of the Financial Advisers Act next year.

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Regulation of liquidity pondered

Friday, September 12th, 6:00AM  2 comments

Consultation on statements of investment policy and objectives (SIPOs)  could lead to new requirements for continuous disclosure of investment liquidity, it has been suggested.

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Floating rates flat for seven more months

Thursday, September 11th, 9:10AM

While the Reserve Bank is not indicating when it next expects to increase the OCR, markets are picking the move will come in seven months time. MORE»

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Advisers' role to grow: Tynan

Monday, September 15th, 4:16PM

Advisers’ role in health insurance is likely to grow over the coming years, Southern Cross Health Society chief executive Peter Tynan says. MORE»

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Shorter version of return gets green light

Tuesday, July 8th, 6:00AM  3 comments

AFAs will have to answer 40 questions about their businesses each year in Information Returns submitted to the Financial Markets Authority. MORE»

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Stewart replaces Garrett on board

Friday, September 12th, 1:45PM  1 comment

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KIPT bonds oversubscribed

Friday, July 11th, 5:02PM

Kiwi Income Property Trust’s offer of seven-year bonds has been oversubscribed. MORE»

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Kiwis miss out on $400m

Monday, September 15th, 12:38PM

ANZ Investments says KiwiSaver members missed out on $400 million in member tax credits from the Government in the last year. MORE»

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