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Archive - 2004
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June 2004
16 Jun 2004 New Zealand cities' cost of living soars
16 Jun 2004 Superbank about to roll out home loans
15 Jun 2004 AdviserLink appoints new professional education director
15 Jun 2004 MFS Pacific property market update
15 Jun 2004 Automatic citizenship for review
15 Jun 2004 BNZ joins other big banks in raising floating mortgage rate
15 Jun 2004 Superbank adding more items to its list
15 Jun 2004 Superbank about to roll out home loans
14 Jun 2004 Adviserlink Investments & Risk Management
14 Jun 2004 'Revenge' jibe irks developers
14 Jun 2004 Property problems: Industrial trust's sales tax on holiday home
14 Jun 2004 Hope For Ripped-Off Investors
14 Jun 2004 Hawkish Reserve Bank raises rates
14 Jun 2004 Banks begin to raise rates
14 Jun 2004 Flood to add to rates costs
14 Jun 2004 Mortgages set to hit 8.75pc
13 Jun 2004 News Round Up
11 Jun 2004 Hints of mortgage rate rises
11 Jun 2004 New appointments to BT NZ Equities Team
11 Jun 2004 S&P appoint new fund services head
11 Jun 2004 Officials way off the mark on AUTs: FundSource
10 Jun 2004 Hawkish Reserve Bank raises rates
10 Jun 2004 RBNZ hikes OCR as expected
10 Jun 2004 Villas, apartment plan for Raglan golf course
10 Jun 2004 Manukau housing market slowing down
09 Jun 2004 Colville pulls IPO offer
09 Jun 2004 ING doing due diligence in National Bank Life
09 Jun 2004 New Zealand house prices under threat
09 Jun 2004 RBNZ hikes OCR as expected
09 Jun 2004 Rural battle heats up
08 Jun 2004 Bollard tipped to tighten rates
08 Jun 2004 Homeless hunt for unused homes
08 Jun 2004 RBNZ expected to raise rates this week
08 Jun 2004 Increasing conflict between lifestylers and farmers
08 Jun 2004 NZ's housing boom tops world index
08 Jun 2004 RBNZ expected to raise rates this week
08 Jun 2004 FAB buys a firm and gets a new director
08 Jun 2004 RBNZ expected to raise rates this week
07 Jun 2004 Warning for home buyers
07 Jun 2004 Record $4m for Mt Maunganui house
07 Jun 2004 Treasury recommends relaxing of land controls
07 Jun 2004 1100 homes for Manukau
06 Jun 2004 Review: The Day the Bubble Bursts
06 Jun 2004 Broker not necessarily totally unbiased
06 Jun 2004 Housing consents figures suggest slowdown
06 Jun 2004 Housing still booming but less frothy
06 Jun 2004 Fewer people buying own homes
06 Jun 2004 Hundreds wait for homes
06 Jun 2004 Wealth effect hits urban 'millionaires'
06 Jun 2004 Learning About Shares: IPO - just an abbreviation for raising piles of cash
06 Jun 2004 Brakes go on Australian house prices
06 Jun 2004 End of the quarter-acre paradise
06 Jun 2004 Property problems: Pros and cons of leasehold property deals
06 Jun 2004 Skinny tower marketed as 'corporate crash pad'
06 Jun 2004 Macquarie's $25m Auckland purchase
06 Jun 2004 Shoebox neighbour for towering Vero Centre
06 Jun 2004 Property magnate pumps $10m into buying Queenstown hotel
06 Jun 2004 Poverty action group slams more state housing plan in Auckland
04 Jun 2004 New Director for ASB
04 Jun 2004 MIAA 12th National Conference and Expomart
04 Jun 2004 Officials finally put number on AUT tax leakage
03 Jun 2004 100 lakeside properties on market - claim
03 Jun 2004 Squeeze goes on capital's housing
03 Jun 2004 Plan for marina 'village' unveiled
03 Jun 2004 Fears extra Budget money will steer people away from health insurance
03 Jun 2004 Shoebox neighbour for towering Vero Centre
03 Jun 2004 More apartments for Mount Maunganui
03 Jun 2004 MERs and other managed fund expenses
03 Jun 2004 Ten Questions to ask your Financial Adviser NOW - Part Two
03 Jun 2004 Ten questions to ask your financial adviser
03 Jun 2004 Broker not necessarily totally unbiased
02 Jun 2004 Come clean, National
02 Jun 2004 Commerce Commission asks Consumer for information
02 Jun 2004 Salvus extends offer
01 Jun 2004 Market Review: The "goldilocks" US economy
May 2004
31 May 2004 Securities Commission big Budget winner
31 May 2004 Housing consents figures suggest slowdown
31 May 2004 Banking on houses
31 May 2004 Adviserlink Fundamentals & Processes
31 May 2004 Housing still booming but less frothy
31 May 2004 Two more interest rate hikes predicted by September
31 May 2004 Dread at weight of loan repayments
31 May 2004 Concern over insurance cover
31 May 2004 Beach folk race time, tide
31 May 2004 Fields of gold
31 May 2004 Budget confirms living standard fears: Brash
31 May 2004 Rent wrangle has young mum at end of tether
31 May 2004 Opinion: Budget indicates Labour has forgotten economic growth goal
31 May 2004 News Round Up
30 May 2004 Boom bust cycles affect property too - Mary Holm
30 May 2004 Banking on houses
30 May 2004 Property problems: Owners must see body corporate rules enforced
30 May 2004 Watch out for those Eggs, Landlords
28 May 2004 Property and Investment Expo 2004
27 May 2004 Budget boosts Super Fund
27 May 2004 Tower returns to profitability
27 May 2004 Essential Strategies to build a Successful Business
27 May 2004 New Zealand Fixed Income Forum
27 May 2004 Budget 2004: Promoting stable tenancies
27 May 2004 Don't look to the Budget for savings incentives
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
I agree with the "prevalence-induced" concept. It is definitely not Advisers re-defining what we're seeing or over-reacting to the "maturing" of regulation. The concept Steve put forward suggests that as the problem becomes less frequent, the criteria used to define the problem expands, resulting in lesser problems being treated like greater problems. The root of the regulations we have is based in answering questions nobody asked, addressing problems Advisers did not cause. Such as blaming investment advisers for the losses direct investors took from finance company collapses, or allowing lobbyists to succeed in defining BEOT VIOs' sales processes as "advice". So from the beginning - 2011 onwards - there has been so little prevalence of problematic advisers causing terrible outcomes through faulty advice processes that it does appear that the regulators are defining lesser problems as greater. Paul – the “rules” are not rules. Everyone knows what a forward pass is, and we all know that a whiskey still counts as a stroke. Our regulations are mostly principles supported by vague guidance notes. You have correctly pointed out that there has been a lighter touch at times, and perhaps a sledgehammer at other times. To a FAP owner that looks like inconsistency. With no clear safe zone, just vague principles to abide by, and watching patchy and inconsistent enforcement, FAPs have taken an approach to documentation and processes that are now being criticised by the same people who won’t set a bar. But they will say we’re jumping too dam high. “Size it right” is an insulting suggestion from someone who won’t say what the right size is. Recall people like Brent Sheather and Murray Weatherston openly and rightfully questioning what on earth was the problem these regulators and regulations were meant to solve? Recall also their criticism of the revolving door between the regulator and the regulated. If it feels like they are moving the goal posts it’s because they are starting to approach molehills with climbing gear. The hills are the same size. And they were never that big.
12 hours ago agressively passive
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.
3 days 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.
3 days 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.
5 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…
5 days ago Jon-Paul Hale