FMA sets its sights on cyber security: a new to-do list for embattled financial services providers

The financial services sector recorded the highest number of cyberattacks of any industry group in the first quarter of this year, according to a report by CERT NZ, a government-owned cybersecurity business.

All up, the sector reported 91 attacks, mainly involving phishing and credential harvesting. The next most-attacked industry groups were healthcare and special assistance (13 attacks) and manufacturing (12).

The Financial Markets Authority (FMA) cited these figures last week as it released a new cyber security information sheet for financial services businesses, setting out in detail its expectations ...MORE»

New Code Committee members finally revealed Sunday, June 26th, 5:57PM Finally, the mystery has been solved. MORE»

Could 2022 get better from here, it’s certainly hard to get worse Friday, June 24th, 8:25AM In this article we have examine the causes of recent volatility and a scenario going forward that could see investor sentiment improve. By Stephen Bennie MORE»

COFI bill plans further crackdown on sales incentives

The Financial Markets (Conduct of Institutions) Bill (COFI) will be given extra teeth to crack down on sales incentives, according to the man who is driving it through parliament.

The Commerce and Consumer Affairs Minister David Clark made this clear as the bill went through its committee stages in the House last night. (Tuesday)

The law was approved on party lines with Labour, the Greens and Te Pati Maori voting in favour, and National and Act voting against.

The COFI bill would impose tough codes of conduct on financial institutions such as banks and insurance companies ...MORE»

Adviser calls on David Clark to name new appointees to code committee Wednesday, June 22nd, 5:59AM  2 comments A senior adviser is urging Commerce and Consumer Affairs Minister David Clark to name the two people he says he has appointed to the Financial Advice Code Committee. MORE»

The income equation: why the bond+equity solution still adds up Tuesday, June 21st, 10:56AM Income-focused investors have had it tough in the post global financial crisis (GFC) era. MORE»

News Bites

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Flint Wealth gets responsible

Newly minted investment platform Flint Wealth embraces ethical investing. MORE»

GoodReturns TV

[GRTV] It's time to rethink responsible investing

Kōura Wealth chief executive Rupert Carlyon says responsible investing is good but it's time to rethink some aspects of how it is done. MORE»

Investments

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Could 2022 get better from here, it’s certainly hard to get worse

In this article we have examine the causes of recent volatility and a scenario going forward that could see investor sentiment improve. By Stephen Bennie MORE»

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Uptick in litigation predicted if Insurance Contracts Bill passes in current form

Insurers and their lawyers are urging the government not to scrap the industry’s exemption from the unfair contract terms provisions of the Fair Trading Act 1986, warning of a higher litigation risk, higher premiums and “significant” uncertainty for both insurers and policyholders if the exemption is removed. MORE»

TMM Online

New player enters mortgage group space

Mortgage advisers have a new dealer group option to consider. MORE»

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OBITUARY: Controversial adviser dies at 80

A man who went from pioneering financial planner to jailed former company director has died in Auckland. MORE»

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Financial Services Council defends KiwiSaver after criticism

The finance industry says it is improving the KiwiSaver system but it is a work in progress. MORE»