RBNZ: new rules will mean lower interest rates for borrowers

The Reserve Bank says banks and other deposit takers will need about $5 billion less equity than currently under its new capital rules and that it expects its new settings to be passed on to New Zealanders through increased lending and lower interest rates.

However, the full regulatory impact statement (RIS), a detailed implementation plan and other technical papers won’t be released until February.

The summary of the cost-benefit analysis (CBA) released today found that the net annual benefit to the New Zealand economy will range between 0.2% and 0.19% with a central estimate of 0.12%.

The size of NZ’s economy at June 30 was about $435 ...MORE»

Investing for Impact: Growing wealth while creating meaningful change Monday, December 15th, 4:07PM Impact investing has accelerated rapidly in recent years, supported by growing interest in directing capital toward projects that deliver measurable social and environmental benefits alongside financial returns. MORE»

Opes censured by FMA for poor practices Friday, December 12th, 7:28AM  7 comments High-profile property advice firm Opes has been censured by the FMA for failing to comply with a number of obligations under its Financial Advice Provider licence. MORE»

AI financial advice maybe breaching the law

Do AI’s responses fit with New Zealand’s financial advice laws?

Generative AI chatbots may be acting in breach of the Financial Markets Conduct Act (FMCA)’s financial adviser licensing and regulatory requirements, according to Chapman Tripp partner Tim Williams in his address to over 450 IBANZ members at IBANZ’s annual Insurance Industry Legislation Update session.

“The Financial Markets Authority (FMA) should investigate whether the current ...MORE»

Booster's innovation fund grows its pipeline of opportunities Thursday, December 11th, 6:04AM The Booster Innovation Fund (BIF) has added a third university to the group of strategic partnerships it has with universities. MORE»

New RBNZ gov Anna Breman: so far, so good Wednesday, December 10th, 10:53AM  2 comments [OPINION] The one thing that newly installed Reserve Bank governor Anna Breman has demonstrated is that she isn’t shy of being in the public eye and she is stressing the need for the central bank to exercise transparency and accountability. MORE»

News Bites

Castlepoint funds take unexpected hit

Two of Castlepoint's funds have taken an unexpected hit following accounting irregularities in one of their long term holdings, Corporate Travel Management (CTD). MORE»

GoodReturns TV

Fisher Funds moves to woo advisers back

After years of neglecting the adviser market, the investment manager is going on the charm offensive.   MORE»

Investing for Impact: Growing wealth while creating meaningful change

Impact investing has accelerated rapidly in recent years, supported by growing interest in directing capital toward projects that deliver measurable social and environmental benefits alongside financial returns. MORE»

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Removing FBT on insurance would cut premiums, FSC says

The FSC is calling for changes to Fringe Benefit Tax rules, arguing the current settings discourage businesses from offering health and life insurance to employees. MORE»

TMM Online

Afterburner AI does deals to cover 60% of mortgage advice industry

Financial advice AI platform Afterburner has expanded to cover about 60 percent of the mortgage advice market, through new enterprise-level partnerships with Link Financial Group, NZFSG and Loan Market. MORE»

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Trisha Edmonds pops up

Trisha Edmonds takes on a new role supporting financial advisers. MORE»

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Paying advisers for KiwiSaver advice

Amova (nee Nikko) has rolled out a new remuneration option for advisers offering KiwiSaver advice. MORE»