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Sales versus advice distinction 'lost'

Industry commentators are angry that attempts to clearly separate sales activity from advice appear to have been abandoned in the rewrite of financial adviser legislation.

Thursday, February 23rd, 6:00AM

The Financial Services Legislation Amendment Bill was released last week.

It amends sections of the Financial Markets Conduct Act to include advice-specific regulation.

During the options paper process, there had been discussion of a carve-out of sales versus advice services.

"We have also heard that the distinction between advice that puts the interest of the customer first, and what is essentially sales activity, remains blurred," then-Commerce Minister Paul Goldsmith said ...MORE»

Pie Funds relaunches global fund

Wednesday, February 22nd, 6:01AM

Pie Funds is relaunching its global fund, and increasing the number of direct investments it holds

MORE»

One case in 10 related to advisers: FMA

Tuesday, February 21st, 6:00AM

Going to court is not always the most effective way to deal with conduct and compliance issues, the Financial Markets Authority says.

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Gaynor: Role change part of succession plan

Milford Asset Management executive director Brian Gaynor says his decision to give up portfolio management duties is part of a natural evolution for the firm.

Tuesday, February 21st, 6:00AM

Gaynor said he would be stepping away from management of Milford's active growth funds – the unit trust and KiwiSaver - on April 1.

Instead, he will focus on his role as head of investments and chairman of investment meetings.

Jonathan Windust will take over the funds.

Gaynor said the firm had grown significantly over recent years, to an investment team of 18 people. It would soon reach 20, he said ...MORE»

KiwiSaver popularity brings attention to 'second-order' problems

Tuesday, February 21st, 5:59AM

Former deputy prime minister and finance minister Sir Michael Cullen says the need for an annuity provider to help KiwiSaver members manage their lump sums on retirement is another sign of the scheme’s success.

MORE»

No more agents but not everyone impressed

Monday, February 20th, 6:00AM  25 comments

New rules governing financial advice have done away with a proposed "agent" category, but many people are unimpressed.

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Industry must face up to trend for commission regulation

Friday, July 15th, 11:51AM  8 comments

Massey University's Michael Naylor discusses the FMA's report on insurance replacement business. MORE»

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Profits down for Kiwibank

Monday, February 20th, 5:42AM

Funding pressures and infrastructure spending are to blame for a 13% decline in Kiwibank’s net after-tax profit in the last half of 2016.   MORE»

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FMA asks for client files

Wednesday, February 22nd, 3:08PM

Advisers who received requests for information from the Financial Markets Authority (FMA) in its investigation into replacement business have now been asked to hand over copies of client files. MORE»

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FMA warns on AML, won't name and shame

Wednesday, February 8th, 11:20AM

Twelve reporting entities, including advisers and advice firms, have been handed formal warnings for breaches of the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) laws. MORE»

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Private Wealth Advisers adds to team

Wednesday, February 22nd, 9:15AM

Boutique investment advisory firm Private Wealth Advisers has appointed a new adviser. MORE»

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UDC gets downgraded on sale news

Thursday, January 12th, 10:23AM

UDC has had its credit rating down-graded following ANZ's announcement it plans to sell the business to a private Chinese conglomerate, and questions are raised about the future of the finance company. MORE»

KiwiSaver   

KiwiSaver popularity brings attention to 'second-order' problems

Tuesday, February 21st, 5:59AM

Former deputy prime minister and finance minister Sir Michael Cullen says the need for an annuity provider to help KiwiSaver members manage their lump sums on retirement is another sign of the scheme’s success. MORE»

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