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Archive - 2021
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December 2021
31 Dec 2021 [The Wrap] Is a big problem hatching?
31 Dec 2021 NZ shares break nine-year winning streak
30 Dec 2021 NZ shares, kiwi push higher in light holiday trading
29 Dec 2021 Michael Hill storms higher on positive earnings upgrade
24 Dec 2021 ComCom has concerns over Ampol's Z bid
24 Dec 2021 Aegis gets a new owner
23 Dec 2021 Flat day for the NZX50 as negative year beckons
23 Dec 2021 Pressure building over CCCFA
23 Dec 2021 Industry wants minister's ear over CCCFA
23 Dec 2021 [The Wrap] Big Year; Big Issues
22 Dec 2021 Ebos drags NZX50 higher as healthcare stocks find favour
22 Dec 2021 Cigna extends adviser-only campaign
22 Dec 2021 Mass media praise the value of advice
22 Dec 2021 AMP disappearing from NZ
21 Dec 2021 Exporters rally as omicron tames kiwi
21 Dec 2021 Moola pinged for cartel behaviour
20 Dec 2021 NZ shares outperform as omicron looms over Asia
20 Dec 2021 AIA grants - making a difference with advisers
20 Dec 2021 Westpac issues its forecast for next year
20 Dec 2021 Westpac issues its forecast for 2022
20 Dec 2021 Thousands yet to apply for full FAP licences
17 Dec 2021 Eroad shares surge as it joins NZX 50
17 Dec 2021 Telehealth can help manage home isolation cases
17 Dec 2021 POSTPONED: FSC advice summit set for February
17 Dec 2021 Avanti becomes the second largest non-bank lender
17 Dec 2021 Avanti becomes the second largest non-bank lender
17 Dec 2021 AIA NZ's general counsel named an elite lawyer for 2021
17 Dec 2021 FMA clarifies Wisdom House FAP cancellation decision
16 Dec 2021 The top deck shuffle continues at RBNZ
16 Dec 2021 Economy slows less than expected
16 Dec 2021 NZ shares down as US Fed signals hikes
16 Dec 2021 MBIE’s ‘myopic focus on fees' hurts default KiwiSaver members
16 Dec 2021 2021: A year so tough even the New Zealand share market fell
15 Dec 2021 Shares dip ahead of US Fed meeting
15 Dec 2021 Financial Advice NZ gets new chair
15 Dec 2021 Petition launched against CCCFA
15 Dec 2021 Foundation Advice - proving the naysayers wrong
14 Dec 2021 NZ shares retreat from rally
14 Dec 2021 New board chairperson at Accuro
14 Dec 2021 Old school cold calls still make a difference
14 Dec 2021 Basecorp secures more funding
14 Dec 2021 Basecorp secures more funding to increase its lending
14 Dec 2021 'It's a bond massacre' - change ahead for investment portfolios
14 Dec 2021 Non-bank sector says CCCFA will harm lockdown recovery
13 Dec 2021 NZ shares up with inflation 'not too hot'
13 Dec 2021 Adviser loses transitional licence
13 Dec 2021 Cold call changes insured's life
12 Dec 2021 Russell pushes buttons for the adviser market
11 Dec 2021 Cannabis growing operation leads to eviction
10 Dec 2021 Big acquisitions lift NZX 50
10 Dec 2021 Partners Life defends premium increases
10 Dec 2021 Classic hits of 2021 revisited (plus all the new releases)
10 Dec 2021 Buyers’ market expected to emerge next year
10 Dec 2021 Aurora set to light up the market
10 Dec 2021 KiwiSaver 2.0 - Financial advice for all
10 Dec 2021 Mindful Money launches impact investment directory
09 Dec 2021 Kiwibank faces court action after home loan customers overcharged
09 Dec 2021 NZ shares settle down after rally, Fonterra units jump
09 Dec 2021 Kiwibank apologises for wrongly charged fees – Still faces court
09 Dec 2021 EXCLUSIVE: Regulation and workloads driving advisers to drink
08 Dec 2021 Wealthpoint advisers benefit from commission changes
08 Dec 2021 NZ shares come roaring back
08 Dec 2021 Cigna employs five senior staffers
08 Dec 2021 Cigna helps advisers meet regulation requirements
08 Dec 2021 High end house prices push up averages
07 Dec 2021 FNZ onboards new client servicing company
07 Dec 2021 Sky TV leads NZX 50 higher
07 Dec 2021 Partners Life set to increase premiums
07 Dec 2021 Aurora establishes head of mortgages
07 Dec 2021 Surprise move; A rates cut
07 Dec 2021 RBNZ to pull back to neutral on the economy
07 Dec 2021 Advisers' AML risks assessed
07 Dec 2021 Buy/sell spreads will cost KiwiSaver members
06 Dec 2021 New rules for non-deposit takers
06 Dec 2021 Frothy markets simmer down
06 Dec 2021 Robertson defends CCCFA changes
06 Dec 2021 Robertson defends CCCFA changes
06 Dec 2021 AMP increases focus on digital distribution
03 Dec 2021 Shares close unchanged; Napier Port booted from NZX 50
03 Dec 2021 FSC conference starts Monday
03 Dec 2021 Fear of missing strides out the back door
03 Dec 2021 Gang violence leads to eviction
03 Dec 2021 Non-banks to be run off their feet
03 Dec 2021 Non-banks to be run off their feet
03 Dec 2021 The next big thing
02 Dec 2021 Omicron in the US hits market
02 Dec 2021 Cigna to rebrand as Chubb
02 Dec 2021 Forsyth Barr launches funds management business
02 Dec 2021 Salt adds senior analyst
01 Dec 2021 Omicron and inflation risks flatten share market
01 Dec 2021 Harbour launches its new Sustainable Impact Fund
01 Dec 2021 Simplicity drops membership fees for all products
01 Dec 2021 Premiums refunded after funeral cover exceeds sum insured
01 Dec 2021 Milford makes significant board appointment
01 Dec 2021 RBNZ outlines options for cash system reform
01 Dec 2021 Reserve Bank appoints new Assistant Governor
01 Dec 2021 Floating higher; What's keeping advisers awake at night
01 Dec 2021 Southern Cross offers free wellbeing services
01 Dec 2021 New Reserve Bank Assistant Governor appointed
01 Dec 2021 Kiwi Wealth appoints familiar face as new CEO
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.
6 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.
8 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