NZ shares rise; Metlife jumps on takeover talk

New Zealand shares were led higher by Metlifecare after the retirement village operator said it had attracted a sub-par offer from a credible buyer.

The S&P/NZX 50 Index rose 83.25 points, or 0.8 percent, to 10,975.49. Within the index, 27 stocks rose, 16 fell and seven were unchanged. Turnover was $189.1 million.

Metlifecare jumped 12.8 percent to $5.73, a 12 month-high, with 576,000 shares traded. That was more than twice its 90-day average of 248,000, and comes a day after an investor bought 3.6 million shares at $5.05 apiece. Metlifecare's ...MORE»

Details confirmed for transitional licensing Wednesday, November 20th, 6:00AM The Financial Markets Authority has confirmed the standard conditions it will require of those seeking a transitional financial advice provider (FAP) licence under the new regime. MORE»

Life stages research shows big differences in outcomes Tuesday, November 19th, 6:43AM Lifestages funds are a better option for savers than default KiwiSaver funds, but they’re not all created equal, new research from MyFiduciary suggests. MORE»

Share windfall disappoints

A woman who was expecting $1 million from the sale of shares and instead only received $24,000 took a complaint about the trustee responsible for the sale to FSCL.

The woman’s husband died suddenly in 2017 and had appointed a professional trustee to act as the executor of his estate.

But a staff member at the trustee’s firm made a mistake in calculating the value of some UK shares the woman’s husband had owned.

She multiplied the share price by pounds rather than pence.

As a result, from late 2017, the woman had been under the impression ...MORE»

More work needed on disclosure rules, SiFA says Thursday, November 14th, 9:54PM More information is required on what conflict of interest disclosures will be required of advisers in vertically integrated organisations, adviser group SiFA says. MORE»

When is a client really a client? Wednesday, November 13th, 10:07PM  15 comments More clarity is needed on when someone counts as a client under the new financial advice regime, Financial Advice New Zealand says. MORE»

News Bites

MyFiduciary does JHC deal

Finzo has become the first New Zealand business to adopt new technology being distributed in this country through a partnership deal with MyFiduciary. MORE»

GoodReturns TV

Time for changes to KiwiSaver

KiwiSaver has done well in its first 12 years, but David Boyle only gives it a score of 6.5 or 7 out of 10. In this interview with Good Returns TV he discusses changes he would like to see. MORE»

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Health insurance coverage jumps

Just over 1.4 million New Zealanders now have health insurance, a figure the Health Funds Association says shows that people can see the value in it. MORE»

TMM Online

BNZ censured over capital failings

The Reserve Bank will increase its supervision of BNZ after capital modelling errors were found. MORE»

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New distribution boss for NZ Funds

NZ Funds has appointed a chief operating officer, distribution. MORE»

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Life stages research shows big differences in outcomes

Lifestages funds are a better option for savers than default KiwiSaver funds, but they’re not all created equal, new research from MyFiduciary suggests. MORE»