NZ shares surrender yesterday’s gain

New Zealand shares gave back all of Thursday’s bounce in a broad-based selloff that was avoided by only a handful of stocks.

The S&P/NZX 50 Index fell 134.33 points, or 1.1%, to 12,594.52. Turnover was $245 million.

Almost every stock in the index declined today as investors walked back the more than 1% bounce yesterday after a string of positive market updates got sentiment up.

Leading the fall was A2 Milk, down another 4.6% at $6.22 today, having enjoyed a brief reprieve from sustained selling yesterday. The stock ...MORE»

Fisher Funds donates $500k to mental health charities Friday, July 30th, 6:33AM  1 comment Investment management firm Fisher Funds has donated half a million dollars to two New Zealand charities to help combat the rise in mental health problems among young people. MORE»

FMA pings adviser for unauthorised advice Wednesday, July 28th, 11:05AM  12 comments Financial services firm FoxPlan has been publically censured by the FMA after five of its representatives were found to be offering services they were not permitted to give. MORE»

PI scheme cover extended due to IT issues

Financial Advice New Zealand liability programme members will have their insurance liability extended for another month due to problems with IT systems and online premium quotations.

According to an email sent to Financial Advice NZ members by its broker Marsh, the programme's underwriters NZI have agreed to extend the current insurance liability programme until August 30 and is apologising to its members for "unacceptable" problems with its service delivery.

Members of the programme will have their current insurance liability extended at the existing terms, conditions ...MORE»

CoFI debate back on agenda Tuesday, July 27th, 6:00AM  1 comment After numerous delays and extended rounds of consultation, the Financial Markets (Conduct of Institutions) Amendment Bill (CoFI) is heading back to Parliament. MORE»

[GRTV] Time for a new code for managers Saturday, July 24th, 6:51AM New Zealand needs a stewardship code that would require institutional investors to be transparent about their investment processes, engage with investee companies and vote at shareholders’ meetings. MORE»

News Bites

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FMA releases cyber-safety fact sheet

The Financial Markets Authority (FMA) has published an information sheet containing principles and resources to help licensed financial advice providers develop their cyber resilience. MORE»

GoodReturns TV

[GRTV] Looking after advisers' mental health

Mental health is a huge issue facing financial advisers currently. AIA chief partnership officer Sam Tremethick talks about work the company is doing to help advisers. MORE»

Investments

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Inflation; transitory traveller or a more permanent fixture

In this article we contribute to the on-going discussion of is inflation coming or not. MORE»

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AIA admits to fair dealing breaches - could face $700k fine

Life insurer AIA has admitted to making false and/or misleading representations to customers and could face a fine of up to $700,000 after court proceedings were brought against the company by the Financial Markets Authority (FMA). MORE»

TMM Online

FSCL case highlights clawback danger

A mortgage adviser has been forced to drop their request for a commission clawback following a dispute involving FSCL. MORE»

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Changes at T Rowe Price

New leadership to take over at T. Rowe Price. MORE»

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Kiwis concerned about retirement savings

More than 60% of New Zealanders are worried they will not have enough money to support themselves in their retirement, a new KiwiSaver study shows. MORE»