News round-up
ETITO to write assessment system for advisers; Failed finance company directors facing charges; BNZ tax ruling won't affect payments; Half of Kiwis could survive one month on savings; Govt looking into deferred payment plans for finance companies; Hamilton Lane wins NZ Super private equity spot
Monday, July 20th 2009, 5:32AM
ETITO to write assessment system for advisers
The Ministry of Economic Development (MED) has enlisted the help of ETITO to develop the assessment system to support the National Certificate in Financial Services (Financial Advice), Level five.
ETITO's work comes ahead of the appointment of a Code Committee, which is being established to produce a draft of the Code of Professional Conduct for authorised financial advisers.
ETITO will focus on determining how best to assess the level five certificate, which has been registered on the National Qualifications Framework.
Over the coming weeks, ETITO will be collecting information from industry and tertiary sector stakeholders.
Failed finance company directors facing charges
Clegg & Co Finance directors Brian Clegg and Pamela Nicholson-Clegg are facing eight and seven charges respectively and up to five years in prison for false statements made in the company's prospectuses.
They also face charges of providing false information to a trustee over the extent of lending.
The company went into receivership in October 2007, with around $15 million of 500 investors' funds in debentures. Receivers BDO Spicers said investors were still owed around $8 million, with remaining payouts unlikely to exceed 10c in the dollar.
BNZ tax ruling won't affect payments
The BNZ has said the ruling last week from the High Court on tax owing will not have an impact on its ability to meet any debt or equity obligations to investors.
That includes obligations related to BNZ Income Securities and BNZ Income Securities 2.
Last week the High Court ruled that BNZ owed $654 million to the IRD in unpaid taxes and interest.
BNZ plans to appeal the ruling.
Half of Kiwis could survive one month on savings
Almost half of working New Zealanders (45%) have only enough savings to survive for a month if they lost their jobs, according to a survey from Dun & Bradstreet.
The results of the Consumer Credit Expectations Survey sound an ominous warning that more people in New Zealand, which has a dismal savings record, could get into financial difficulties as the jobless rate grows.
Unemployment is expected to get to above 7% next year from the current 5%, as more companies trim costs and lay off staff to adjust to falling demand.
Govt looking into deferred payment plans for finance companies
The Ministry of Economic Development is looking into finance companies with deferred repayment plans after the Commerce Minister Simon Power requested an investigation. Parliament's Commerce Select Committee approached the minister in May over the issue of moratoriums.
A spokeswoman for the ministry said it was "early days" and that no time frame had been set up for the investigation.
Hamilton Lane wins NZ Super private equity spot
The New Zealand Superannuation Fund (NZS) has selected US-based firm, Hamilton Lane, to advise it on global private equity investments.
Matt Whineray, NZS head of private markets, said Hamilton Lane would provide advice on strategy, due diligence of private equity managers and ongoing monitoring of investments.
“Hamilton Lane has significant experience in the PE asset class and we look forward to working with them as we continue to develop our private equity program,” Whineray said in a statement.
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