Sovereign sold
The Commonwealth Bank of Australia has confirmed it has sold its insurance business in Australia and New Zealand for A$3.8 billion - the sale include Sovereign.
The sale, to AIA, includes a 20-year deal for CBA to distribute AIA life insurance products in New Zealand and Australia, it has been reported.
The deal is subject to regulatory approvals but is expected to be completed next year.
Sovereign and ASB customers will retain the current benefits of their existing policies.
“This transaction represents the next exciting stage in Sovereign’s evolution ...MORE»
Labour would change Reserve Bank - so what?Thursday, September 21st, 6:00AM
A change of government this weekend could mean a new direction for the Reserve Bank and another element for investors to understand. MORE» |
Advisers should speak up for investor unfairnessWednesday, September 20th, 6:00AM
An adviser says a recent $25 million new shares placement by Turners Automotive Group highlights the importance of advisers to investors as the industry continues to embrace roboadvice. MORE» |
FANZ versus Financial Advice NZ
A legal stoush is brewing over the use of four little letters, and advisers say those developing the new professional body for the industry may not have thought hard enough about its name.
There has been much publicity around the new professional association to represent advisers, Financial Advice NZ, but a new issue has arisen as some industry participants have started to refer to it as FANZ in written and spoken communication.
Funds Administration New Zealand has for some time now been operating under the acronym of FANZ.
Executive director of FANZ, Graham Duston, said he was concerned about the potential that the name could cause confusion and FANZ was “monitoring the situation very closely” ...MORE»
Don’t bank on those dividendsMonday, September 18th, 6:00AM
In its latest investment commentary Castle Point Funds Management works out what is the best time to invest in banks. MORE» |
Getting to Know: Toni DoddsFriday, September 15th, 11:00AM
She's Fred's daughter, but don't hold that against Toni Dodds. MORE» |
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Industry must face up to trend for commission regulation
Massey University's Michael Naylor discusses the FMA's report on insurance replacement business. MORE»
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SBS eyes partnership with mortgage advisers
The bank says around a third of its business now comes from advisers and chief executive Shaun Drylie gives his views on commission models. MORE»
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Clients complain about advisers
Financial advisers who did not explain their terms of business, in particular their fees, who did not action client requests to change or cancel policies, and issues of disclosure were some of the most common causes of complaints about advisers over the past year, IFSO says. MORE»
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FARs - where's the accountability?
It is appropriate for financial advice providers to be accountable for their financial advice representatives, because they are simply acting as a conduit between the provider and the client, the Ministry of Business, Innovation and Employment says. MORE»
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Hobson Wealth announces new hires
Private wealth advisory firm Hobson Wealth Partners has made several new appointments to its executive and advisory business. MORE»
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Finance boost for UDC buyer
TIP Trailer Services, a subsidiary of HNA Group leading the purchase of UDC from ANZ, has secured new financing arrangements to a total of $2.7 billion for UDC which will be effective when the sale is complete. MORE»
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No need to open KiwiSaver to finance companies: AMP
There should not be a need for finance companies to tap into borrowers’ KiwiSaver accounts when they default on a loan, one provider says. MORE»
