MBIE urges caution for FAPs engaging multiple advisers

There is a risk that advisers being able to work for more than one financial advice provider could result in consumer confusion or harm, the Ministry of Business, Innovation and Employment (MBIE) says.

The first transitional licences are being issued for financial advice providers who will work under the new financial advice regime, either as individuals or entities engaging financial advisers and nominated representatives.

MBIE has put out two new fact sheets, dealing with the prospect of one adviser dealing with multiple FAPs, and interposed persons.

The Financial Services Legislation Amendment ...MORE»

NZ shares march higher as holiday trading takes hold Wednesday, December 18th, 6:32PM New Zealand shares rose to a record close in relatively light trading through most of the day as the holiday season starts to take hold. MORE»

Advisers: Licence process simple Tuesday, December 17th, 9:42PM  5 comments Advisers who have completed the process to obtain a transitional licence say it was straightforward. MORE»

[GRTV] Lessons from Harbour's first 10 years

Ten years ago Harbour Asset Management set off on its investment voyage. In this video managing director Andrew Bascand reflects on the good and bad of the firm's first 10 years.

Ten years ago Harbour Asset Management was established and now it is one of the leading New Zealand-based funds managers.

Bascand says the firm started with two institutional clients and now it has 125.

One of the biggest trends he has seen is the growth of responsible investing (RI). While Harbour is known for as a research-based active manager it is also big on RI.

The firm joined the UNPRI when ...MORE»

Ross parole: Investors emotional Monday, December 16th, 9:27PM An investor who was caught out by David Ross’ Ponzi scheme says people who were burnt by the fraudster will keep an eye on his post-prison lifestyle. MORE»

Problems identified with custody arrangements Sunday, December 15th, 9:23PM New Zealand fund managers may have issues with the consistency and independence of their custody arrangements, the Financial Markets Authority has found. MORE»

News Bites

Half of CBL investors join Harbour-led class action case

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GoodReturns TV

[GRTV] Apathy still reigns amongst advisers

Finzo chief executive Nick Stewart worries about the lack of guidance on FAPs and suggests regulators should be taking a stronger line of the upcoming changes. MORE»

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Partners Life criticises Vitality

Partners Life has hit out at AIA’s new Vitality programme – without naming it directly – saying that advisers needed to be comfortable with the prospect of recommending benefits that could change. MORE»

TMM Online

Watson appointed ANZ New Zealand CEO

Antonia Watson has been appointed the permanent chief executive of ANZ New Zealand, replacing David Hisco, who departed amid an expenses scandal in June. MORE»

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BNZ replaces Nicolof

BNZ has confirmed its new head of private bank. MORE»

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Transfer times and why they matter

Some KiwiSaver providers are taking longer than they ought to carry out a requested transfer to another scheme. MORE»