tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Wednesday, November 25th, 10:42PM

News

rss
Latest Headlines

Securities Commission asked to solve Blue Chip identity crisis

Commerce Minister Lianne Dalziel has formally asked the Securities Commission to clarify the legal status of Blue Chip investments.

Friday, May 9th 2008, 5:50AM

by David Chaplin

Dalziel told Good Returns she recently wrote to the head of the Securities Commission, Jane Diplock, asking whether Blue Chip products would be covered under the Securities Act.

She said, for example, because some of the Blue Chip products included a buy-back option they might be caught under the Securities Act.

"What was Blue Chip? Was it covered by the Securities Act? Was it all covered by property?" Dalziel asked.

"If it was all property, why were no licensed real estate agents involved in the sale of any of the apartments? Someone's broken rules, we just don't know what rules have been broken yet."

She said for some Blue Chip investors there was also a discrepancy between what they were told and "what they signed up for".

In her letter to Diplock, Dalziel has also asked the Commission to determine if the Blue Chip case has revealed any gaps in legislation that might need remedying.

"[Blue Chip] looks like an investment, it tastes like an investment, it smells like an investment. It does not look like an ordinary property transaction to me," she said.

"I want to be properly informed about where the dividing line is between investment advice and a straight property transaction."

While property advice looks set to be excluded from the proposed revamp of the Financial Advisers Bill, Daziel said she is working "very closely" with the associate Minister of Justice, who is responsible for the real estate industry, to ensure property salespeople meet similar standards as investment advisers.

"The point is that everyone is covered by someone," she said. "If you're a lawyer you're covered by the Law Society. If you're an accountant, you're covered by accountancy rules and if you're a real estate agent you're covered by [that industry's] rules."

The Securities Commission has not yet replied to her Blue Chip queries, Dalziel said.

« RBNZ encourages new marketSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.09 3.25 3.39
ANZ Special - 2.49 2.69 2.79
ASB Bank 4.45 2.49 2.59 2.65
Bluestone 3.49 3.49 3.49 3.49
BNZ - Classic - 2.49 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.09 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 ▼2.45 ▼2.65
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.99 3.15 3.25
SBS Bank Special - 2.49 2.65 2.75
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 2.99 3.19 3.29
TSB Bank 5.34 3.29 3.29 3.59
TSB Special 4.54 2.49 2.49 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.49 2.69 2.79
Median 4.55 2.94 3.07 2.80

Last updated: 23 November 2020 12:23pm

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com