GoodReturns
Archive - 2014
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April 2014
29 Apr 2014 Low equity lending running at half speed
29 Apr 2014 Labour's policies would encourage borrowing
29 Apr 2014 Mortgage News today
29 Apr 2014 New FMA boss receptive to advisers
29 Apr 2014 Banks fear regulation
29 Apr 2014 Interest rates may not affect yields much: JLL
29 Apr 2014 Property Council concerned at lack of commercial land space
29 Apr 2014 Labour's policy 'would boost housing market'
28 Apr 2014 Kiwibank offers unsecured capital notes
28 Apr 2014 AMP appoints national adviser network manager
28 Apr 2014 Govt criticised for cutting AFAs out of sales
28 Apr 2014 If you're a bank starting with A go
28 Apr 2014 Rising rates will cool market: ANZ
28 Apr 2014 Parker: Limit LVR restrictions
24 Apr 2014 $1 billion milestone for health insurance
24 Apr 2014 Economists predict up to three more hikes this year
24 Apr 2014 Yep, OCR up
24 Apr 2014 What the Reserve Bank said about interest rates
24 Apr 2014 Industry's renaissance may start with kids
24 Apr 2014 Good times ahead for commercial investors
23 Apr 2014 Care needed with unsecured debt
23 Apr 2014 ANZ eases low equity loan requirements
23 Apr 2014 ANZ becomes more aggressive with low equity loans
23 Apr 2014 Support for changing KiwiSaver: FSC
23 Apr 2014 Curtains for NZF
23 Apr 2014 Migration surge may only have modest impact: Economist
23 Apr 2014 High-profile office block for sale
22 Apr 2014 FMC license tutorials offered
22 Apr 2014 nib sticks with Benji Marshall
22 Apr 2014 OCR heading up: Kiwibank already starts rises
22 Apr 2014 Accuro appoints new chairman
22 Apr 2014 Strong demand for outsourced compliance: Austin
22 Apr 2014 Expect more interest rate increases
19 Apr 2014 Sharemarket outlook
18 Apr 2014 Can conditions get better for NZ equities?
17 Apr 2014 Economists: Expect another increase
17 Apr 2014 New BNZ boss appointed
17 Apr 2014 PM Capital does another listed fund
17 Apr 2014 [Weekly Wrap] A bit of financial planning nostaliga
17 Apr 2014 Make tax an election issue: FSC
17 Apr 2014 Call for advisers to audit each other
17 Apr 2014 Regional buyers not unfairly disadvantaged: Alexander
17 Apr 2014 Commercial investors' confidence grows
16 Apr 2014 Guardian Trust final payout
16 Apr 2014 Pricing chaos in home loan market
16 Apr 2014 Pricing chaos in home loan market
16 Apr 2014 NZFP cuts AMP connection; Two jump ship
16 Apr 2014 Landlords not passing on higher costs: Barfoot
15 Apr 2014 More lenders to join Welcome Home Loans; SBS axes tiers
15 Apr 2014 Dunn Funds put on hold
14 Apr 2014 Welcome Home Loans to expand
14 Apr 2014 The Co-operative Bank joins KiwiSaver
14 Apr 2014 Case leaves bankruptcy questions unanswered
14 Apr 2014 Call for Govt to come clean on intentions
14 Apr 2014 Twenty years to fix affordability: Smith
14 Apr 2014 Aussie-style restrictions may not be the answer: Alexander
14 Apr 2014 NZPIF: Landlords aren't speculators
12 Apr 2014 Obituary: Kelvin Syms
11 Apr 2014 [Weekly Wrap] Crackle, bang, pop
11 Apr 2014 Financial literacy tools reach teachers
11 Apr 2014 [UPDATED] Moyle: Steer clear of messy family situations
11 Apr 2014 Turnover still dropping: REINZ
10 Apr 2014 Spicers' restraint of trade draconian
10 Apr 2014 Landlords take aim at WOFs
10 Apr 2014 Changes for landlords chasing debt
09 Apr 2014 Health Funds says research data wrong
09 Apr 2014 ASB appoints new executive GM
09 Apr 2014 Two very different stories today
09 Apr 2014 [VIDEO] Where does money come from?
09 Apr 2014 Multiple distribution channels a problem
09 Apr 2014 FMA invites Sheppard to share Hanover report
08 Apr 2014 Learning from investment failure
08 Apr 2014 Too many Kiwis blowing KiwiSaver payouts
08 Apr 2014 KiwiSaver belongs to the KiwiSavers
08 Apr 2014 Westpac moves on tiers, but not on LEMs
08 Apr 2014 First-time buyers change buying habits
08 Apr 2014 WOF costs a concern: NZCPR
08 Apr 2014 NZ First wants law reviewed
07 Apr 2014 Westpac moves rates, defends low equity margin
07 Apr 2014 Low-equity fees face legal questions
07 Apr 2014 Another KiwiSaver scheme closes
07 Apr 2014 DIMs and Adviser Return - Make your voice heard
07 Apr 2014 Roy Morgan paints sobering picture of insurance coverage
07 Apr 2014 Barnes and Milford create new trustee company
07 Apr 2014 Just meeting standards isn't enough: Everett
07 Apr 2014 FMA: DIMS harder but not impossible
07 Apr 2014 Price rises plateau: QV
07 Apr 2014 Outlook good for rent rises: Crockers
04 Apr 2014 English: Supply the issue
04 Apr 2014 Hughes' advice to new FMA CEO Rob Everett
04 Apr 2014 RaboDirect appoints new product manager
04 Apr 2014 BNZ raises rates some more
04 Apr 2014 Brook Asset Management closes
04 Apr 2014 Portfolios 'more homogenised'
04 Apr 2014 Busy March for agents: Barfoot
03 Apr 2014 FATCA agreement reached
03 Apr 2014 Thorburn shifts across Tasman
03 Apr 2014 FMA offers guideline for license applicants
03 Apr 2014 Commission plan: More work for financial advisers
03 Apr 2014 Record asking prices recorded
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.
14 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