Urgent action required over banks' KiwiSaver selling tactics
Banks have been put on notice by FMA chief executive Sean Hughes that their sales tactics are under review.
One of the biggest gripes in the financial advisory industry at the moment is how banks are coercing customers to switch their KiwiSaver accounts to the bank without proper advice.
The FMA produced a guidance note around this issue last year which Hughes says hit the right spot judging by the negative reaction from the Bankers Association.
Hughes acknowledged when answering a question at the IFA Conference that bank selling practice appears to be an issue judging by the feedback the FMA was receiving ...MORE»
RFAs should become AFAsThursday, May 23rd, 6:00AM 7 comments
Regulators want to see more registered financial advisers becoming authorised financial advisers to plug the advice gap on KiwiSaver. MORE» |
Don't bet on Aussie banks: PM CapitalWednesday, May 22nd, 6:00AM
Investors would be better to put their money in American banks than to buy stock in their Australian counterparts, an equity fund manager says. MORE» |
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Kiwibank outlook downgraded
Standard and Poors has revised its credit rating outlook to “negative” for NZ Post and its subsidiary, Kiwibank. MORE»
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Consider trauma instead of medical cover: Partners
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Advisers told to dob in peers
Advisers must dob in any of their peers who aren’t meeting industry standards, Financial Markets Authority chief executive Sean Hughes says. MORE»
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IFA hands out awards
Six people were recognised for their contribution to financial planning at the Institute of Financial Adviser’s conference in Auckland. MORE»
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Geneva announces early payment
Geneva Finance’s moratorium repayment of $4.9 million, due on September 30, will be paid on May 8, 22 weeks ahead of schedule, the NZAX-listed vehicle loan provider said. MORE»
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AMP reviews fund composition
AMP has implemented changes to the make-up of its KiwiSaver funds in response to a review of its strategic asset allocation. MORE»