About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Thursday, December 8th, 3:20PM
rss
Latest Headlines

Australian reforms will impact on NZ Financial Services industry

Wednesday, April 11th 2001, 6:45AM

A bill introduced to the Australian Federal Parliament is likely to have an impact on the New Zealand financial services industry, Phillips Fox Auckland partner Nigel Stranaghan says.

The long-awaited, and far-reaching Financial Services Reform Bill (FSRB) is designed to developing a globally competitive and consumer focused industry, Financial Services minister Joe Hockey says.

He says the bill is needed to deal with fragmented regulatory framework currently in place, which was creating inefficiencies and confusion for consumers and advisers.

"The Financial Services Industry report recommended the introduction of a single licensing regime for all financial sales, advice and dealing and the creation of a consistent and comparable product disclosure framework," Hockey says.

Stranaghan says the bill is one of the biggest challenges the Australasian insurance and financial services industry has faced in many years.

"The bill will mean substantial changes to licensing, distribution, product and business strategies, advertising and promotional material, training and compliance in Australia," he says.

"This legislation will have wide-ranging effects, impacting at all levels of the insurance and financial services industry, and will therefore have important implications for participants in the New Zealand financial services market who have a presence in Australia or an Australian parent.

He says it will have a trickle down effect on day to day activities in the New Zealand market given the trends towards compliance with global standards and the offering of Australian products in New Zealand.

"The approach to the licensing of participants in New Zealand may also be influenced by the new Australian approach".

Stranaghan says that the bill contains significant detail in the consumer protection area.

"The product disclosure provisions have always been the most controversial provisions. The commission disclosure sections have been maintained and advance notice given that they may be expanded in the regulations for risk insurance and investment products." he says.

« Peters attacks ORCSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • Back to the novel for holiday reading
    “To be honest, I still lack consumer-level clarity about how a bank employee can reconcile client best interest (or whatever...”
    2 days ago by dcwhyte
  • Fee debate welcomed
    “The fees genie is out of the bottle. Well and truly. There are large parts of the industry in denial about this. ...”
    3 days ago by henry Filth
  • Back to the novel for holiday reading
    “@billy: nope. my feeling (also a small bizman): every opportunity being taken to dip into my pockets. ...”
    3 days ago by w k
  • Back to the novel for holiday reading
    “Just for the record Bureaucracy in NZ employs: - 2,500 policy analyst on an average salary of $90,000 - 5,000 govt...”
    3 days ago by blogger billy
  • Fee debate welcomed
    “It's sad to see otherwise worthy fund managers caching in credibility by latching onto SuperRatings to justify their business...”
    3 days ago by sam.stubbs@simplicity.kiw
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.59 4.75 4.95 5.15
ANZ Special - 4.25 4.45 -
ASB Bank 5.65 4.69 4.99 5.29
ASB Bank Special - 4.29 4.49 4.79
BankDirect 5.65 4.69 4.99 5.29
BankDirect Special - 4.29 4.49 4.79
BNZ - Mortgage One 6.25 - - -
BNZ - Rapid Repay 5.70 - - -
BNZ - Special - 4.29 4.45 4.65
BNZ - Std, FlyBuys 5.64 4.85 4.95 5.15
BNZ - TotalMoney 5.64 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 4.99 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 5.60 4.85 4.90 -
Housing NZ Corp 5.55 4.69 4.75 ▲4.99
HSBC Premier 5.75 4.19 4.19 4.49
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.60 4.39 4.69 4.99
Kiwibank 5.25 4.70 4.75 4.75
Kiwibank - Capped - - - -
Kiwibank - Offset 5.25 - - -
Kiwibank Special - 4.19 ▲4.39 ▲4.75
Liberty 5.69 - - -
Napier Building Society 6.50 5.80 6.70 -
Nelson Building Society 6.10 4.85 4.99 -
NZ Home Loans 5.45 4.69 4.75 ▲5.00
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.19 ▲4.39 ▲4.75
Perpetual Trust 7.70 - - -
Resimac 5.19 4.94 4.90 4.91
SBS Bank 5.54 4.75 4.89 4.99
SBS Bank Special - 4.25 4.29 4.35
Sovereign 5.75 4.69 4.99 5.29
Sovereign Special - 4.29 4.49 4.79
The Co-operative Bank 5.45 4.39 4.45 4.79
TSB Bank 5.54 4.75 4.75 4.99
TSB Special - 4.25 4.19 4.59
Wairarapa Building Society 6.20 5.75 5.95 -
Lender Flt 1yr 2yr 3yr
Westpac 5.65 4.79 4.90 5.09
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.65 - - -
Westpac Special - 4.25 ▲4.39 ▲4.75
Median 5.65 4.69 4.75 4.95

Last updated: 7 December 2016 7:40am

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com