News Round Up

Non-bank products to be reviewed; Bluestone launches Sapphire II; Marshall charged; budget week and more

Sunday, May 15th 2005, 10:49PM

It’s not just financial advisers the government is focussing on. On Friday it announced that it plans to review the regulatory environment around non-bank financial products and establish a code of conduct for home equity release schemes.

Included in the list on non-bank financial products are providers such as insurance companies, credit unions, friendly societies, building societies, finance companies and industrial and provident societies.

Commerce Minister Pete Hodgson says the review will “seek to identify areas where existing arrangements could be improved."

"Effective regulation is key to maintaining confidence in, and promoting, a sound and efficient financial sector. Providers, products, services, markets and the needs of consumers change over time and it is important that the regulatory environment evolves to accommodate that change.

The review will also look at how New Zealand's non-bank regulation takes account of international developments and any appropriate coordination opportunities with Australia. The Ministry of Economic Development will lead the review, Treasury will lead concurrent work on how the regulatory regime can best be administered, including whether any changes to the existing domestic regulatory bodies are needed.

Comment:

Financial adviser regulation – what’s going to happen?

Bluestone launches second set of notes
Bluestone has launched the second securitisation of loans originated by its operations in New Zealand.

Bluestone offers sub prime mortgages on residential properties. The Sapphire II New Zealand series is made up of 487 loans valued at nearly $98 million.

NZ Institute says savings proposal finds "broad based" support
Independent think tank the New Zealand Institute says it has found " strong and broad-based support" for its radical proposal to encourage New Zealanders to save more http://www.sharechat.co.nz/news/scnews/article.php/eacb8199

SFO charges Access Brokerage's Peter Marshall
Peter Marshall, chief executive of Access Brokerage when it collapsed last year, has been charged by the Serious Fraud Office (SFO) with 13 counts of false accounting and two of making false statements http://www.sharechat.co.nz/news/scnews/article.php/5deeec22

This week
Thursday is the big day with Michael Cullen producing his election year Budget. Also on Thursday Tower releases its results.

For those in Auckland on there is the Property and Investment Expo at Ellerslie. While the event has a strong property focus others in the financial services industry will be offering their wares.

« Home equity release schemes to have code of practice

Sovereign takes regulation bull by the horns »

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