FSLAA overachievers 'could be collateral damage'

A delayed start for the Financial Services Legislation Amendment Act regime is the right thing to do – but it could be a problem for proactive advice providers who had already started to move their businesses towards licensing, one financial services law expert says.

The Government has announced that the regime will now not take effect until at least March, giving advisers another nine months to complete their transitional licence application.

David Ireland, a partner at Dentons, said the delay would mean people applying for a financial advice provider (FAP) licence would have time to revisit their plans and make sure all was in order.

“While most will ...MORE»

After the ups; the downs Thursday, April 2nd, 6:44PM New Zealand shares fell, led by a slump in Kathmandu Holdings after the retailer raised funds at a steep discount. Fears about the severity of the covid-19 outbreak in the US also weighed on investor sentiment. MORE»

Advisers 'will drop out' Thursday, April 2nd, 6:00AM  6 comments Advisers who are new to the industry will be most likely to drop out due to Covid-19 economic disruption, industry commentators say. MORE»

Covid withdrawals possible 'but not always desirable'

KiwiSaver members are being told they may be able to withdraw their money to help them through tough financial times caused by Covid-19 – but the decision should be made carefully.

Retirement Commissioner Jane Wrightson said it was understandable that many KiwiSaver members facing financial hardship were turning to their funds as a potential source of short-term income, but there was a range of options they could consider first.



“While your circumstances may qualify for withdrawal under significant financial hardship, taking out money now may severely impact your quality ...MORE»

Fixed income 'not providing buffer expected' Monday, March 30th, 9:29PM Fixed income has not been providing the portfolio protection in the current market volatility that investors might expect, MyFiduciary principal Chris Douglas says. MORE»

[The Wrap] Coping with Covid-19; thinking ahead; update your info Monday, March 30th, 10:00AM This week's wrap is a bit different to my normal ones (including being on a Monday). The Covid-19 lockdown presents daily challenges for each of us, but is a good opportunity to think about the future. Also I ask you to update your details so we can get information to you. MORE»

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Covid withdrawals possible 'but not always desirable'

KiwiSaver members are being told they may be able to withdraw their money to help them through tough financial times caused by Covid-19 – but the decision should be made carefully. MORE»