GoodReturns
Archive - 2009
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November 2009
12 Nov 2009 Grosvenor management reshuffle
11 Nov 2009 SBS joins the PIE fight
11 Nov 2009 Fidelity Life makes two key appointments
11 Nov 2009 Insurers need to work together to build the pie: Carroll
11 Nov 2009 RBNZ expects failures among guaranteed finance companies
11 Nov 2009 Code Committee extends submission deadline
11 Nov 2009 Inquiry claims banks didn't pass on OCR cuts
11 Nov 2009 IFA Debate
11 Nov 2009 Return to riskier mortgage lending a dangerous game
11 Nov 2009 New head of Tower KiwiSaver
11 Nov 2009 AMP/AXA would create NZ advisory giant
10 Nov 2009 Hanover reneges on full repayment to investors
10 Nov 2009 AXA Global Investor Adviser Briefing
10 Nov 2009 Call for govt to step in with mortgagee sales
10 Nov 2009 DecisionMakers adds Tauranga office
10 Nov 2009 Market Review: November 2009 London Commentary
10 Nov 2009 Market still looking for early interest rate rises
10 Nov 2009 Gold not as safe as investors think
09 Nov 2009 ASB hikes TD rates
09 Nov 2009 TOWER appoints head of KiwiSaver
09 Nov 2009 AXA Global Investor Adviser Briefing
09 Nov 2009 News Round Up
09 Nov 2009 Property values turn positive - finally
09 Nov 2009 Residential highlights - October
08 Nov 2009 Rates Round Up
08 Nov 2009 ASB hike fixed rates again
06 Nov 2009 AXA Global Investor Adviser Briefing
06 Nov 2009 [Weekly Wrap] That very consuming survey
06 Nov 2009 FundSource Conference 2009
06 Nov 2009 Confidence in property returning
06 Nov 2009 Consumer Survey: Ban Commissioned Advisers
06 Nov 2009 Grosvenor End of Year Conference and Awards Dinner 2009
06 Nov 2009 Whose interests are Consumer serving?
06 Nov 2009 Rules tightening around mortgagee sales
06 Nov 2009 Consumer survey another knock to confidence in advisers: IFA says
05 Nov 2009 Consumer Survey: Investigate before you invest
05 Nov 2009 Super portability included in November tax bill
05 Nov 2009 Consumer Survey: EUFA says report vindication
05 Nov 2009 St Laurence staves off threat of receivers
05 Nov 2009 Consumer Survey: Cotton says reforms already underway
05 Nov 2009 Government increases provisioning for deposit guarantee
05 Nov 2009 The great commission shake-up
05 Nov 2009 2009 Finsia Annual Dinner
05 Nov 2009 Camelot End of Year Conference
05 Nov 2009 The OCR rollercoaster ride
05 Nov 2009 Consumer mystery shops advisers again
05 Nov 2009 AXA Global Investor Adviser Briefing
04 Nov 2009 Perpetual lures Westpac wealth chief
04 Nov 2009 Auckland house prices reach 22-month high, sales rise
04 Nov 2009 Advisers need to hold fast to disciplined approach
03 Nov 2009 Botherway joins DNZ board
03 Nov 2009 The Investment Store Roadshows
03 Nov 2009 IRD ramps up investigations yet again
03 Nov 2009 Crossan reappointed
03 Nov 2009 Morrison taps Craigs Investment for proposed retail fund
02 Nov 2009 Mortgage fraud increases
02 Nov 2009 No point on mortgage curve safe now
02 Nov 2009 Westpac increases by 10
02 Nov 2009 News Round Up
02 Nov 2009 Deposit takers play the long game
02 Nov 2009 Rates Round Up
October 2009
30 Oct 2009 [Weekly Wrap] Regulation central
30 Oct 2009 Building consents climb for third straight month
30 Oct 2009 Concerns for ageing home owners
30 Oct 2009 EMERGE Series 2: New capital protected emerging markets fund
30 Oct 2009 SCF appoints three new directors
30 Oct 2009 SCF appoints three new directors
30 Oct 2009 Code Committee competency consultation
30 Oct 2009 Ombudsman wants change to disclosure rules
30 Oct 2009 AMP Home Loan rate rises
30 Oct 2009 Competency standards need practical element
29 Oct 2009 ANZ and National Banks take the lead in deposit rate war
29 Oct 2009 Finsia industry update: Insurance & Savings Ombudsman
29 Oct 2009 What goes down generally comes back up
29 Oct 2009 SCF repays US$50m to investors
29 Oct 2009 Cat amongst the pigeons
29 Oct 2009 OCR unchanged, rates not to fall further
29 Oct 2009 Bollard's low OCR likely to refire housing market
29 Oct 2009 Ken Holmes Financial adds new team member
29 Oct 2009 Code Committee competency consultation
29 Oct 2009 Bollard's speech on the OCR
29 Oct 2009 OCR Update
29 Oct 2009 OCR unchanged, Bollard drops wording rates could fall further
29 Oct 2009 Southern Cross looks to offer critical illness cover
29 Oct 2009 Minimum competency standards are only the beginning
28 Oct 2009 Credit Union Baywide gets BB rating; ponders Govt guarantee
28 Oct 2009 Code Committee competency consultation
28 Oct 2009 Opinion: Questions, questions
28 Oct 2009 Costs mount up for regulation
28 Oct 2009 New team at Viaduct Capital shake off past prospectus issues
28 Oct 2009 Buy by negotiation, sell by auction
27 Oct 2009 Deposit rate war moves to 12 month space
27 Oct 2009 RB expected to prepare market for rate increases
27 Oct 2009 KiwiSaver members reach almost 1.2m
27 Oct 2009 Rents stabilise, demand on the rise
27 Oct 2009 National and ANZ raise six-month rates
27 Oct 2009 Rates Round Up
26 Oct 2009 Market listening for the unexpected
26 Oct 2009 News round-up
23 Oct 2009 [Weekly Wrap] The price of advice
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.
9 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.
11 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".
2 days ago Paul Flood