Weekly briefs
CFP storm abates, New index fund, NZ First's financial services policy, Sprains and strains policy.
Tuesday, October 26th 1999, 12:00AM
CFP storm abatesThe CFP Board of Governors in the United States has backed down on a number of controversial initiatives involving the creation of a new entry-level designation and several proposed accreditation programme.
The board planned to introduce a CFP Associate mark, however has changed its mind after suffering a hail of criticism from financial planners.
The main concerns were the lack of consultation about the initiative and the fear that the new designation would water down the effectiveness of the CFP mark.
In a letter to licensees the board acknowledged "that the lack of involvement of CFP licensees in the new initiatives was wrong and we would again like to apologize to you."
It has now implemented a policy of openness that includes making available to members and other stakeholders the minutes of all meetings.
Earlier story
Anger at the CFP Board.
New index fund
The Bank of New Zealand is expecting the spotlight to go back on passive funds next week when it launches a new international fund.
The new fund will be the fifth index tracking international fund in New Zealand (the others being AMP's WiNZ, Tower's Tortis International, ASB's fund and BNZ's wholesale fund).
AMP has nearly $1 billion in its fund and BNZ's wholesale fund is up to about $600 million.
The BNZ International Equity Index Trust is very similar to the wholesale fund and it will track a modified version of the Morgan Stanley Capital Index.
NZ First's financial services policy
New Zealand First intends to launch a financial services policy in the near future. The policy will include compulsory adviser registration, a farm debt mediation bill, and tougher prudential supervision for the Reserve Bank.
A party spokesman says the adviser registration proposal "won't be light or heavy".
Sprains and strains cover
Workplace accident insurer HIH WorkAble is offering to cover medical costs for injuries such as those strains and sprains that do not involve external force or resistance.
HIH WorkAble's new Sprains and Strains cover provides for medical entitlements prescribed under the Accident Insurance Act, including consultation and treatment. Cover of $10,000 is available in any one annual policy period.
The insurance status of injuries not involving external force has recently been in the media spotlight, with cases such as the farmworker who sprained her shoulder dodging a cow in a milking shed, only to find she was not covered by workplace injury insurance.
The statutory definition of an accident, states that a personal injury must have been caused by a force or resistance outside the claimant's body.
HIH WorkAble general manager Steven Cosgrove says accidents excluded by the definition could account for as many as one in 10 workplace injuries.
"With a significant share of the private workplace insurance market, we find ourselves having to turn down claims," he says.
He says that there is customer demand for an insurance policy that covers accidents people suffer in the course of their work.
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