News Round Up

The Securities Commission is hoping to make some recommendations about adviser regulation before Christmas.

Commission chairman Jane Diplock says there was a "fabulous" response to the commission's document on adviser regulation.

She says more than 40 submissions were received in total.

They were "very well thought out, reflective, very useful, and by and large very supportive of the proposal."

Corporate spying unlikely
Investment Savings and Insurance Association (ISI) chief executive Vance Arkinstall says it is unlikely ‘corporate spies’ broke into NZ Funds Management offices in the ANZ Centre in Auckland.

"A number of ISI members have significantly larger amounts of funds under management than NZ Funds and would have no cause to be involved in any attempted security breach," he says in a statement.

"Certainly it is highly unlikely that a competing organisation would risk their reputation by engaging in such illegal actions."

It won the best finance site category recently at the annual Netguide Web Awards.

The judges said "the site promises to live up to its name - to get you sorted on money matters - and it does it well. "We found ourselves having fun using some of the excellent features on the site and even rethinking and comparing some of our own personal finances. We especially liked the excellent easy-to-follow navigation menu, which many finance sites find difficult."

Macquarie continues to expand
Macquarie has acquired the retail stockbroking business BNP Paribas Equities Private, which has offices in Brisbane, Sydney, Melbourne, Perth and Gosford.

Macquarie also has the rights to acquire BNP's margin loan portfolio, discretionary portfolio management, premium portfolio services and cash management accounts.

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