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Last Article Uploaded: Sunday, November 29th, 7:19PM
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Finding Goldilocks solution

A package of Financial Adviser Act (FAA)  changes that brings in competency and ethical obligations for all advisers is likely the “goldilocks” solution that has the best chance of becoming law, it has been claimed.

Monday, November 30th, 6:00AM

The options paper was released last week, outlining potential changes to the FAA.

It gave three packages of options, although it said they were not set in stone.

The first brings in minor changes, and is intended to cause less disruption to the industry.

It retains the current boundaries around who can provide advice, gives all advisers the requirement to comply with the same obligation to put their clients’’ first, streamlines and unifies disclosure obligations, updates terminology and allows roboadvice ...MORE»

Grosvenor picks up another $440 million in FUM

Friday, November 27th, 3:29PM  1 comment

Fidelity Life has exited the last of its investment products with a sale of its $440 million superannuation fund to Grosvenor Financial Services.


No plans to cull disputes schemes

Friday, November 27th, 6:00AM

External disputes resolution schemes are safe for now - the Ministry of Business, Innovation and Employment (MBIE) has indicated no desire to cull them down to a single provider.


Cautious approval for options paper

There is tentative support for the Ministry of Business, Innovation and Employment’s options paper, which will guide the Financial Advisers Act review.

Thursday, November 26th, 6:00AM

The paper outlines three packages of potential changes.

The first includes small-scale improvements on the current model, such as requiring all advisers to meet ethical obligations to put consumers’ interests first.

The other two packages introduce things such as an “expert financial adviser” who can deal with complex matters and rules for salespeople that allow them not to put customers’ interests first as long as they inform their customers of that ...MORE»

Commissions report gets no traction with MBIE

Wednesday, November 25th, 1:51PM

[UPDATED] The contentious Melville Jessup Weaver report into insurance adviser remuneration structures might have been an expensive waste of money.


RFA standards set to lift

Wednesday, November 25th, 8:37AM  4 comments

[UPDATED] An options paper that will guide the review of the Financial Advisers Act has been released. It seems virtually certain that RFAs can expect their regulatory obligations to increase - although a ban or restriction on commissions is not a "preferred option".


New group may replace FSC

Work is under way to form a new industry body that would represent life insurers who distribute product via advisers.

Wednesday, November 25th, 5:00AM

Partners Life, AIA, Asteron Life and Fidelity Life have all resigned from the Financial Services Council in protest at the recently-released Melville Jessup Weaver report, which was highly critical of life insurers’ commissions.

Their departure followed the resignations of AMP and Sovereign.

Fidelity Life boss Milton Jennings said his firm was among a number trying to form a group that would represent those insurers operating with an adviser model ...MORE»

FSC report a missed opportunity: Naylor

Tuesday, November 24th, 6:00AM  3 comments

Advisers would see their incomes and business values slashed if recommendations made in a new report on the industry were enacted, one academic says.


MJW missed their chance

Tuesday, November 24th, 6:00AM  14 comments

Michael Naylor, of Massey University, unpicks the Melville Jessup Weaver report into life insurance distribution.


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Commissions report gets no traction with MBIE

Wednesday, November 25th, 1:51PM

[UPDATED] The contentious Melville Jessup Weaver report into insurance adviser remuneration structures might have been an expensive waste of money. MORE»

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Big drop in investor lending

Thursday, November 26th, 6:00AM

New tax and loan-to-value (LVR) ratios seem to have significantly dented bank lending to investors. MORE»

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Southern Cross tackles fraud

Wednesday, November 25th, 6:00AM

Southern Cross has launched a phone line for people to dob in those they suspect of insurance fraud, but it says it does not have any concerns about advisers. MORE»

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Hundreds offer FAA review input

Monday, October 12th, 6:00AM

Hundreds of people have made their views on the Financial Advisers Act heard. MORE»

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Sovereign boss quits

Tuesday, November 24th, 11:15AM

Symon Brewis-Weston is standing down as chief executive of Sovereign. MORE»

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Turners looks to boost MTF stake

Monday, September 14th, 4:35PM

Turners is making an offer to buy shares in Motor Trade Finances (MTF) through its subsidiary Turners Finance Limited. MORE»


FMA raises KiwiSaver bar

Wednesday, November 18th, 6:00AM  5 comments

KiwiSaver providers are focusing more on pushing products than providing advice to ensure their members are in the right funds, the Financial Markets Authority says. MORE»

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Latest Comments
  • Grosvenor picks up another $440 million in FUM
    “Nice FUM for Grosvenor but the party is pretty much over for volume QROPS business. Also good to hear the funds will enter...”
    2 days ago by John Milner
  • RFA standards set to lift
    “@R1, I heard the interview on Radio NZ and thought the same thing. The Minister does not seem to have a handle on the industry...”
    3 days ago by Graeme Tee
  • The birth of the Retirement Income Group
    “Ralph here, thank you for taking the time to respond. We have built the product to support advisers who provide retirement...”
    3 days ago by Ralph Stewart
  • MJW missed their chance
    “Let me summarise the argument: MJW (and banks): Commission paid to non-tied advisors is too high. Advisors: If MJW...”
    4 days ago by b p
  • RFA standards set to lift
    “The other elephant in the room is the QFE's and their advisers (be they AFA'a or staff) (mis-)selling their products and...”
    4 days ago by R1
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