There are no points for guessing this week's top story – regulation.
Commerce Minister Lianne Dalziel gave a press conference on
Tuesday where she outlined where adviser regulation was heading
and what's up in the non-bank deposit taking sector.
Friday, June 22nd 2007, 3:08PM
The general response to the announcements has been positive.
For instance the Professional Advisers Association is 95% happy
with what's being proposed. The bits it doesn't
like are explained today in the Insurance
News section of Good Returns.
Good Returns has a number of stories including coverage
of the original announcements along with some
questions about what happens with advisers who go bad. You
can find releases on the changes in Features.
One of our goals at Good Returns is to get answers
to your questions. If you have a question on the changes you
would like answered then email questions@goodreturns.co.nz
Finally on this topic we have some comment.
Listen
to the minister I listened into Commerce Minister Lianne Dalziel's
press conference on changes proposed for advisers and
non-bank deposit takers the other day and was pleased
with what I heard.[more]
The other big event of the week was the farewell function
for Broadbase founder Marshall Garrett. It was good to get
down to Christchurch for the event which attracted people
from all over the country. ASSET Magazine will publish an
extensive interview with Marshall next month where he gives
his take on what advisers need to focus on.
On the more immediate news front Good Returns today
can outline changes going on at Broadbase.
While lots of advisers are considering selling up to corporates,
Broadbase's chairman Ross Valentine makes it clear the
group, which has around $400 million under management, isn't
for sale.
Across
on the People
page Goldman Sachs JB Were is dominating the space with
the announcement of a "co-heads". (When I hear
that title I think of Fluffy in the original Harry Potter
movie!). Also the firm has a new portfolio manager. The other
People story is the new role for AMP's managing director.
While
the Commerce Minister announced plans to better regulate the
sector including mandatory ratings of finance companies there
is plenty of other
news. Amongst the headlines are strong support of Strategic
Finance's preference share issue, an update on the Provincial
receivership, news that term deposit money flows are slowing,
the rate for BNZ's subordinated bonds plus General Finance's
latest results. All these stories can be found here.
The whole
KiwiSaver space continues to be busy. Over in SuperTalk
you can find all the latest releases on the subject. SuperTalk
and KiwiSaver.net.nz
are designed to be a one-stop shop for all the news.
Have a
great weekend.
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