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Last Article Uploaded: Friday, November 27th, 4:34PM
Latest Headlines

Grosvenor picks up another $440 million in FUM

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

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

Grosvenor will acquire the Fidelity Super-Super Plan, Number 3 for an undisclosed sum with settlement likely to be in the first quarter next year.

The scheme is a more traditional super fund, and it is a recognised overseas pension scheme capable of accepting UK pension transfers.

Currently Grosvenor doesn’t have any funds capable of accepting UK pension transfers after authorities in the United Kingdom removed the eligible status from KiwiSaver funds ...MORE»

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

Thursday, November 26th, 6:00AM

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


Commissions report gets no traction with MBIE

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

Wednesday, November 25th, 1:51PM

The report, commissioned by the Financial Services Council and released on Monday, was intended to form part of the discussion of the review of the Financial Advisers Act, which is under way.

It was highly critical of upfront commission rates, which it said were driving poor consumer outcomes and adding unnecessary cost to the insurance industry.

But it was released just days before the options paper for the review, which all but ruled out any such changes to commission structures ...MORE»

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

Wednesday, November 25th, 5:00AM

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


FSC report a missed opportunity: Naylor

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

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

The Melville Jessup Weaver report on life insurance commissions was released on Monday, paid for by the Financial Services Council.

MJW approached the FSC with the idea for the report after a similar one was produced by John Trowbridge in Australia.

The MJW report says high upfront commission rates are driving churn and inappropriate product replacement by advisers. It recommends a new commission model of 50% upfront and 20% trail, instead of up to 200% upfront and about 7 ...MORE»

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.


Fidelity joins FSC exodus

Monday, November 23rd, 3:27PM  4 comments

Fidelity Life is the latest insurance company to resign from the Financial Services Council.


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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...”
    1 day 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...”
    2 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...”
    2 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...”
    3 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...”
    3 days ago by R1
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