News Round Up
Tower Power for the People's Bank, NCM exemption, Commissioner allowed to be funny.
Sunday, June 25th 2000, 12:00AM
Tower Power for the People's BankTower has entered into an alliance with New Zealand Post which will allow it to sell managed funds directly through the state-owned enterprises 315 Post Shops.
Tower has yet to decide which products to sell through the branches, however the managed funds used will be specifically tailored towards the savings and investment needs of Post Shop customers.
"The complicated nature of traditional managed funds and the process required to invest in them has generally limited their appeal to the wider public, Tower group managing director James Boonzaier says. "At the same time there is a real need for the New Zealand public to increase their level of savings, particularly for retirement."
"We are developing a new category of managed fund based on competitive pricing, simple structure and attractive features that will lower the barriers to entry and reduce the disincentives to savings and investment."
A trial is expected to start later this year.
NZ Post Enterprises chief executive John Allen says the Tower alliance was not directly related to ongoing in using NZ Post for the Government's People's Bank.
FPIA Conference registrations soar
With just under three weeks to go until the opening of the FPIA 2000 Conference in Wellington, the total number of delegate and partner registrations have passed the 400 mark.
Noting that some advisers have still to register, conference chairman Stephen Musaphia is keen to reinforce the message that this year's Conference is one not to be missed.
"There's no doubt in my mind that the quality of the keynote speakers, the broad range of workshop content, an exciting social programme, and the strong support of the conference sponsors, have collectively created an event which will undoubtedly create a benchmark for the future" Musaphia says.
A unique feature of this year's conference has been the development of a Partners Programme in recognition of the support provided by spouses and partners to association members. To date 30 partners of delegates have registered for the conference programme, which includes tickets to the exhibition of the dresses of Diana - The Princess Of Wales.
The FPIA 2000 Conference will be held at the Wellington Festival & Convention Centre from 13 – 15 July 2000. To register online and find out more detail CLICK HERE.
NCM exemption
This exemption means that on-market issues of shares can be made to the public.
New Zealand Stock Exchange managing director Bill Foster says the exemption will allow NCM companies to raise funds quickly and cheaply.
Currently two companies, Mowbray Collectables and e-Opportunities are listed on the NCM. NZIJ.co.nz is due to list this week and three other companies are considering listing.
Commissioner allowed to be funny
The Advertising Standards Complaints Board has tossed out two complaints against the Office of the Retirement Commissioner's television ads.
The complaints were against the 'funeral' ad where a middle-aged couple is sitting in a church weeping before a coffin; the other is the one where a young woman shouts at her daughter.
The complainant, C Johnston, says the ads depicted an unacceptable level of violence and demonstrated 'ritual' and 'habitual' abuse respectively.
The board disagreed saying that because they were advocacy ads the advertiser was allowed to use "clearly identifiable exaggerated hyperbole".
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