Advisors must take note of supervisor guidelines on AML/CFT

Ignore supervisor guidelines at your peril is the advice from compliance firm Strategi as AML/CFT undergoes a makeover and fresh regulations come into force.

As part of its overhaul of AML/CFT, the government’s moving supervision of the regime to a single supervisor, the Department of Internal Affairs, which will see financial advisors move across from the FMA. There will also be changes to the funding model.

In addition, a third layer of regulations in the legislation takes effect from June next year.

The current supervisors have jointly issued ...MORE»

Investors’ eyes are on the prize with growth in impact funds Tuesday, December 3rd, 2:16PM Impact funds have seen significant growth leaping from $1 billion to $5 billion of assets under management within a year. MORE»

[GRTV] The nitty gritty of Smart’s ETFs Monday, December 2nd, 8:33AM  1 comment Instead of buying the needle in the haystack, exchange-traded funds or ETFs give investors the opportunity to buy the whole haystack, Smart CEO Anna Scott tells GRTV in our latest episode. MORE»

Savings not just debt in focus as interest rates tumble

Savers are expected to need additional support to find a new home for their rainy day funds as term deposit rates continue to slide.

The RBNZ cut the OCR by 50 basis points Wednesday while signalling a further cut in February, prompting major banks to lower both mortgage and term deposit rates further.

Milford Asset Management’s head of KiwiSaver and retail Murray Harris expected to see the flow of savings out of term deposits and into managed funds continue as rates slipped lower.

“Certainly we’ve seen quite ...MORE»

Snowball offers managed funds Tuesday, November 26th, 7:24AM Investment platform Snowball has undergone a makeover and expanded its offering to include managed funds. MORE»

DRS member or not - client care remains advisers’ responsibility Monday, November 25th, 6:39AM  3 comments Both the regulator and government officials say the onus falls on advisers to work with disgruntled clients to try to resolve their complaint even if they have left the sector or joined a new provider. MORE»

News Bites

Booster Foundation takes off

The Booster Foundation inks five partnerships in first year. MORE»

GoodReturns TV

[GRTV] Stronger and more unified voice needed to force KiwiSaver changes

The Retirement Commissioner Jane Wrightson talks to Philip Macalister about changes she would like to see made to KiwiSaver. MORE»

Extreme measures for extreme circumstances – why the RBNZ should cut the OCR by 0.75% when it meets this week

Around six weeks ago we made the case for a 0.75% cut at each of the two final RBNZ meetings of the year. This was a non-consensus call. In the end, the central bank cut rates by 0.50% last month, but expectations following October’s CPI number started to shift in terms of what will happen at this week’s meeting. MORE»

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Partners kills its matrix

Partners Life has decided to stop using its Customer Outcome Matrix (COM) and change its commission structure. MORE»

TMM Online

Bank of mum and dad alive and well

Nearly one in three parents of children wanting to buy their first home can afford to help them with their mortgages. MORE»

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Partners gets a new chair

Partners Life gets a new chair to lead growth strategy. MORE»

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KiwiSaver assets grow to $117.6 bill

The KiwiSaver pot grew by $7 billion to $117.6 billion in the third quarter of this year with QuayStreet, Milford and Generate highlighted as some of the strong performers over the long term. MORE»