The state of the IFA's accounts induced a Blog.
Disclosure and disclosure |
The other big news is the Capital + Merchant collapse. I have read the judgment where the company tried to stave off receivership. It is fascinating reading and shows the company had a poor quality loan book, had the same cash flow problems as Bridgecorp (capitalised interest) and, according to the judge, unrealistic expectations about its viability. The judge even commented that company has been "operating in name but not substance for some months". You can read more about the judgment at depositrates.co.nz
While many other asset classes have development PIE compliant funds to take advantage of the new rules which came into play on October 1, it has taken until this week for the first tax-efficient cash fund to be launched.
In depositrates.co.nz we have an update on the latest rate changes: Banks play cat and mouse and some other news.
Also this week KPMG launched its latest report on finance companies. While the report provides good analysis of the sector, it also takes a go at advisers and how they have operated in this sector. To see what they are saying read: Advisers in spotlight over finance company collapses.
Mortgage and economic news this week was dominated by the OCR announcement yesterday. Reserve Bank governor Alan Bollard didn't deliver any presents to home owners, but suggested these may be on, in the form of rate cuts, next Christmas. We have a report on his statement here.
In other mortgage news ANZ/National has picked up market share recently and rates have remained relatively unchanged during the week.
Our main appointments this week are changes at Sovereign and Bernard Long's move away from being Goldridge CEO to being an adviser.
We have a new Special Report this week – it is the ABN AMRO Hindsight fund. This is a capital protected fund which tracks BRIC economies. Find out more here.
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