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Archive - 2014
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February 2014
13 Feb 2014 Westpac appoints new broker boss
13 Feb 2014 Can banks make good fund managers?
13 Feb 2014 Community housing development opens
13 Feb 2014 Money laundering risk flagged
13 Feb 2014 LVR rules affecting FHBs most: Alexander
12 Feb 2014 Westpac appoints new broker unit boss
12 Feb 2014 Room to move within rules: ASB
12 Feb 2014 Fair play for investors - improving fund disclosure
12 Feb 2014 Milford opens in Sydney
12 Feb 2014 Kiwisaver influence 'insignificant'
12 Feb 2014 Life insurers next to target young market
12 Feb 2014 Dunn: No tax to pay
11 Feb 2014 Low-LVR loans doing well: ANZ
11 Feb 2014 PAA appoints learning and development manager
11 Feb 2014 Another boutique to open
11 Feb 2014 Guarantee rules tweaked
11 Feb 2014 Westpac: Market past peak
11 Feb 2014 Harcourts picks rising prices
10 Feb 2014 Accuro switches ratings agencies
10 Feb 2014 Ross complaint dismissed
10 Feb 2014 Changes at Aegis
10 Feb 2014 Poor planning slows retirement
10 Feb 2014 QV blames LVR rules for slowing growth
09 Feb 2014 Southern Cross launches new policy
07 Feb 2014 Is one or three years a better bet?
07 Feb 2014 [Weekly Wrap] Insurance paying off
07 Feb 2014 Claims dip in 2013: FSC
07 Feb 2014 Complaint numbers up: FSCL
07 Feb 2014 Vendors treated as pawns: Helm
07 Feb 2014 Mayor: Bumper year for housing
05 Feb 2014 Pitfalls in advertising fees
05 Feb 2014 Number of insured increases
05 Feb 2014 Cheaper sales pick up: Barfoot
04 Feb 2014 nib launches new adviser product
04 Feb 2014 IFA should be more visible: Dodds
04 Feb 2014 OneAnswer funds perform well: Survey
04 Feb 2014 Interest rates don't dull appetite
04 Feb 2014 Listings pick up
03 Feb 2014 Reporting standards under review
03 Feb 2014 Sovereign faces big bill
January 2014
31 Jan 2014 No rose-tinted glasses for Wheeler
31 Jan 2014 TOWER fund renamed
31 Jan 2014 [Weekly Wrap] Has GFC put investors off?
31 Jan 2014 Solly finds a new port
31 Jan 2014 Conservative young investors shun advice
31 Jan 2014 OCR: What the economists said
31 Jan 2014 Pressure on both sides: ANZ
30 Jan 2014 Bagrie: Hikes will be effective
30 Jan 2014 What the RBNZ said
30 Jan 2014 OCR unchanged: What the bank said
30 Jan 2014 S&P rating 'positive for industry'
30 Jan 2014 Good year for KiwiSaver growth funds
30 Jan 2014 Tribunal applications fast-tracked
29 Jan 2014 High-LVR share drops further
29 Jan 2014 Fisher keeps Kingfish management
29 Jan 2014 The Co-operative Bank adds rates
29 Jan 2014 Adviser underperformance 'a blip'
29 Jan 2014 More properties under management: Report
28 Jan 2014 OCR set to stay the same: Westpac moves
28 Jan 2014 Confusion persists about limited advice
28 Jan 2014 OCR move unlikely this week: Survey
27 Jan 2014 Mainstream banks not liking Facebook
27 Jan 2014 Bank advice stepping up
27 Jan 2014 Tenant trouble pushes landlords to sell
24 Jan 2014 [Weekly Wrap] Future of advice force
24 Jan 2014 OCR move next week unlikely: Survey
24 Jan 2014 Interest rates could be hard work for advisers
24 Jan 2014 Record price for lifestyle blocks
23 Jan 2014 'Hard slog for solo advisers'
23 Jan 2014 Owner-occupiers snapping up apartments
23 Jan 2014 Too soon to draw conclusions: Alexander
22 Jan 2014 Diversity key: Survey
22 Jan 2014 Advice industry changing shape
22 Jan 2014 Buyers working around rules: Harcourts
21 Jan 2014 CPI puts pressure on
21 Jan 2014 Regulatory backtrack surprises
21 Jan 2014 OnePath increases premiums
21 Jan 2014 Affordability report questioned
20 Jan 2014 Fixed interest watchlist for fixed interest investors in 2014
20 Jan 2014 Advice force ageing - is it a problem?
20 Jan 2014 Turnover dropped in December: REINZ
17 Jan 2014 [Weekly Wrap] Gearing up for strong year
17 Jan 2014 Perpetual Trust sale finalised
17 Jan 2014 Regulatory upheaval calms in 2014
17 Jan 2014 Aucklanders spend most on housing
16 Jan 2014 Video targets bank advice
16 Jan 2014 Don't skip reviews: Cortesi
15 Jan 2014 2014: The year of social media
15 Jan 2014 Wellington landlords 'in box seat'
14 Jan 2014 We want your views
14 Jan 2014 Looking ftor testers
14 Jan 2014 Housing not biggest OCR pressure: Economists
14 Jan 2014 Industry groups call for recognition
14 Jan 2014 Prices up but turnover slowing:QV
13 Jan 2014 The 2014 ETF giveaway – 6 chances to win…
13 Jan 2014 Blame the Adviser?
13 Jan 2014 FADC changes its procedures
13 Jan 2014 Overseas interest in adviser groups
13 Jan 2014 Northland baches' summer windfall
10 Jan 2014 Global market risks outlined
Latest News
Advice adds at least 5% a year, but clients can’t see most of it
Advice adds at least 5% a year, but clients can’t see most of it
4 min read
Adviser use of ETFs likely to continue to grow, Smart says
Adviser use of ETFs likely to continue to grow, Smart says
2 min read
FMA outlines its latest expectations for advisers
FMA outlines its latest expectations for advisers
6 min read
[Weekly Wrap] KiwiSaver in play; but outcome unclear
[Weekly Wrap] KiwiSaver in play; but outcome unclear
2 min read
Latest Comments
FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
21 hours ago Steve Wright
FMA outlines its latest expectations for advisers
Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
23 hours ago Backstage
FMA outlines its latest expectations for advisers
All things said are great aspirational goals for a great financial advice industry, it mirrors what both the legislation and the code requires. However, like most things discussed it talks about what's expected not how it's done. The hardest aspect of financial advice today isn't what it is, it is how it is done. The how only comes from those that have done it, the how is only provided with examples. Guidance documents that spell out what's required along side how it it done. We’re still dealing with the same issues we started with in 2021, figuring out the how. And figuring out the how in every advice business is consuming resources that could easily be shortcut by the FMA demonstrating what they are expecting. It's not about “do it this way” its about this is the sorts of things we’re looking for. In the absence of standards and expectations, guesswork prevails. That represents significant risk to FAPs and the result is onerous overcooked advice processes for multiple advice operations and undercooked she’ll be right for single operators focused on getting the work done. Both approaches have potential for harm and as its been said earlier, leaves advisers open to explain they haven't been speeding with the authorities have pulled them over. The advice industry needs guidance on the how we know the what already.
2 days ago Jon-Paul Hale
Who is responsible for notifying policy changes?
Sticking an oar in, while we have “service” requirements the expectation that an adviser is responsible for discussing said change is relying heavily on assumption. 1. That the client hasn't moved and contact details haven't been updated. It happens more often than many think. 2. It assumes there is a servicing agreement in place to provide service. Remember the requirement is to scope service not provide it. A client deciding to have ad-hoc service on their request is a legally valid position to have. 3. If there is a service agreement that's realistic to what is expected, how long does the adviser push the issue to have the discussion before moving on with everything else they have to do? Again, a point that is not clear in the guidance to date. The challenge of the present rules is the adviser is responsible for ensuring the client understands the advice provided. How do you ensure you're covering this if a client doesn't engage despite genuine attempts to manage it? There's still a lot of “what if’s” in this whole are we’re only going to have clarity on once someone is taken to task about it. But first we need to have clarity on what ongoing service actually is, because right now demonstrated by the direct providers a letter once per year with a please call if you want to discuss is the current minimum…
2 days ago Jon-Paul Hale
FMA outlines its latest expectations for advisers
To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
3 days ago Paul Flood