National: Reserve Bank role needs scrutiny
National says the New Zealand response to the Australian Royal Misconduct into Misconduct in the Banking, Superannuation and Financial Services Industry has been appropriate - but there's more the government could be doing to ensure banks are behaving.
The FMA and Reserve Bank have asked banks and life insurers for information about what they are doing to tackle conduct risk and the issues highlighted by the Australian inquiry.
The Australian inquiry has highlighted widespread misconduct and businesses' own interests being placed ahead of customers'. Many of those same institutions are the parent companies of New Zealand firms.
Michael Wood, chairman of Parliament's Finance and Expenditure Select Committee, said on Friday he would request banking and insurance bosses come to Parliament to front up to MPs ...MORE»
Associations' last daysMonday, June 18th, 6:00AM
Two organisations that have been at the forefront of financial advice in New Zealand over recent decades are in their final weeks. MORE» |
Broader disclosure needed for VIOs: SiFAFriday, June 15th, 6:00AM 5 comments
Advisers working for vertically integrated product providers should be required to disclose all the money the organisation could make from each product recommendation, right up the value chain, it has been argued. MORE» |
McLachlan: Pie move 'mildly interesting'
Fisher Funds chief executive Bruce McLachlan says his firm won't be rushing to match Pie Funds' move to drop performance fees.
Pie Funds said last week that it would drop the variable performance fee element of its charges but increase its management component.
If funds do not perform, Pie investors will pay more under the new model but it will mean less fee revenue for Pie in times of high performance.
Announcing the move, Pie Funds founder Mike Taylor said it would send "shockwaves" through the industry. He said his firm was of the view that fees were too high ...MORE»
KiwiSaver must change, providers sayWednesday, June 13th, 6:01AM
Product-based commission should be banned for financial advisers offering advice on KiwiSaver, Milford Asset Management chief executive Troy Swann has told an event in Auckland. MORE» |
Advisers welcome more detailed projectionsWednesday, June 13th, 6:00AM 4 comments
New Zealand's financial advice sector is cautiously optimistic about plans for KiwiSaver annual statements to show members what their projected balances could produce in income. MORE» |
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News Bites
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Finance company survivor profits
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GoodReturns TV
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[GRTV] The future of insurance commissions
Commerce Minister Kris Faaoi talks to Philip Macalister on Good Returns TV about the future of commissions, law changes planned and churn. MORE»
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'Drop mandatory insurer strength ratings'
Requiring insurers to have financial strength ratings adds cost to the industry but does little to help consumers, industry commentators say. MORE»
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TMM Online
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Guilty verdict for mortgage fraud trio
A former BNZ employee, a lawyer and the wife of a property developer have been found guilty of involvement in a $54 million mortgage fraud case. MORE»
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Kepa appoints chief executive
The adviser group has named a replacement for Jeff Page. MORE»
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KiwiSaver must change, providers say
Product-based commission should be banned for financial advisers offering advice on KiwiSaver, Milford Asset Management chief executive Troy Swann has told an event in Auckland. MORE»
