NZ shares slide into the weekend

New Zealand’s benchmark equity index fell marginally on Friday, bringing the full week decline to roughly 1.8%.

New Zealand’s benchmark equity index fell marginally on Friday, bringing the full week decline to roughly 1.8%.

The S&P/NZX 50 Index fell 38 points, or 0.3%, to 11,065.15. Turnover was $112.1 million.

Fleet management company Eroad led the decline for a second day, falling 7.4% to $2.52 as investors continued to react to the company underperforming expectations in its full year result.

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FMA offers assistance over FAP “areas of concern” Friday, May 27th, 8:37AM  2 comments The Financial Markets Authority (FMA) says it wants to help advisers overcome a pattern of inadequate record keeping in the past. MORE»

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Government needs to better fund FMA: Industry

The financial services sector fears the Government is pulling back on its funding of the Financial Markets Authority (FMA) at the same time as it is loading it with greater responsibilities.

In effect, they say the state contribution to the FMA process is diminishing as a share of its total running costs.

This is despite headline figures showing an increase in funding in the last budget.

The chief executive of the Financial Services Council Richard Klipin says the state share of the costs will slip over four years from 17% to 16%.

The rest of the budget, 84% will be made up by levies ...MORE»

Fund managers seek clarity on FMA’s expectations on fees and commissions Tuesday, May 24th, 6:06AM  4 comments Fund managers are beginning to stick their heads over the parapet in the wake of the release last week of the FMA’s Valuer for Money report into KiwiSaver and managed fund fees. MORE»

[The Wrap] Three things we learnt from the FMA Value for Money report Saturday, May 21st, 3:18PM  3 comments Here are three things we learnt from the Financial Markets Authority Value for Money report. While there is some good stuff in the report there are also things the industry should be worried about. MORE»

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Voluntary savings continue in KiwiSaver – ASB

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