An inquiry? Careful what you wish for

[ROYAL COMMISSION] New Zealand's financial services sector could get more than it bargained for if a Royal Commission were launched in this country, as it has been in Australia.

The Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry last week heard the Commonwealth Bank had charged dead clients for advice.

Then it revealed AMP had misled the regulator as many as 20 times over its practice of charging for advice clients never received.

Sector commentator David Whyte, former head of insurance companies on both sides of the Tasman ...MORE»

The Code – Issues for advisers (Part Two) Tuesday, April 24th, 6:00AM  8 comments MORE»

[Opinion] The future of advice is at risk Monday, April 23rd, 7:43AM  7 comments In my 30-odd years covering this financial services I don't think there has ever been a more important time for the future than right now. MORE»

Heads roll at AMP Australia

[ROYAL COMMISSION] AMP says it apologises “unreservedly” and its chief executive will stand down immediately, after its misconduct was brought to light by Australia’s banking royal commission.

The commission found AMP had repeatedly misled ASIC over its practice of charging customers fees for services they did not receive.

Senior AMP figures, including board chair Catherine Brenner, requested changes to an "independent" report into the matter prepared by law firm Clayton Utz.

AMP said chief executive Craig Meller would step down and non-executive director Mike Wilkins, former chief executive of IAG, would take over while his replacement was found ...MORE»

Degree 'not the answer to industry's problems' Friday, April 20th, 6:00AM  5 comments Providing high quality financial planning advice is not that hard and a degree won’t solve the issues present in the industry, an adviser is arguing. MORE»

Faafoi considering complaints Thursday, April 19th, 6:00AM  2 comments Commerce and Consumer Affairs Minister Kris Faafoi says he is considering the correspondence he has received relating to the Code Working Group. MORE»

News Bites

Advisers invited to join Financial Advice NZ

Financial Advice NZ is taking the next step in its development – attracting members. MORE»

GoodReturns TV

[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»

Sponsored by:

nib adds free travel insurance

Health insurer nib has added complementary travel insurance for all new Ultimate Health customers. MORE»

TMM Online

New CEO for Kiwibank

Kiwibank announced today that former ASB executive Steve Jurkovich will be taking the helm as the bank’s fourth chief executive. MORE»

Sponsored by:

From university to FMA

A new appointment has been made to the Financial Markets Authority board. MORE»

Advisers: Fee move will make little difference

KiwiSaver investors will soon see the fees they pay displayed in dollar terms - but advisers are not convinced it will have any effect. MORE»