Join Up, Join Up: The latest adviser regulation twist
I've commented before about the tortuous process adviser regulation has gone through and now it appears to have gotten to the mad stage. [more]
It all started on Monday when Parliament's Finance and Expenditure Select Committee headed submissions on the bill around adviser regulation.
We have three pieces on this; the first is the ISI's stance, second, and probably most importantly is Tower's stand against the rest in the industry on whether institutions should regulate advisers and thirdly a Blog which has already had a number of comments.
The key thing for me here is that we have run a marathon on these changes, the finish line is in sight, yet we have little idea what the outcome is likely to be. Fine if you are a sports nut, and like competition going to the wire, but awful if you are trying to run a business.
I encourage you to read all these pieces and make some comments in the Blog, even if it's asking questions.
Meanwhile Kinloch Funds Management, headed by one of the founders of Milford Asset Management has rolled out a fascinating product. Essentially it is a listed property securities fund which invests in emerging markets. Something quite different. The only other new product we are aware of this week is ASB's PIE fund.
Also this week we have an update on tax issues and how advisers are getting on with the new FIF rules – not very well seems to be the answer. You can read more about that here in today's story.
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Join Up, Join Up: The latest adviser regulation twist |
Across on the life insurance side this week we have a practice management piece which talks about how advisers can help clients implement successful plans.
It's been another relatively quiet week for the mortgage interest rates. The only bank to adjust rates is TSB Bank which has reduced its fixed rates by up to 25 points. Like Kiwibank, TSB has a special three-year rate where there is at least 80% equity in the deal.
The other two lenders to move during the week were Presto Mortgages and Housing NZ. Presto increased its one to three-year rates by 20 points. We record Housing NZ although it doesn't offer rates directly to the public.
In other news we report on the winners of the NZMBA Mortgage Broker of the Year Awards and provide our regular Weekly Home Loan report.
In People we have the departure of a legendary fund manager and confirmation of some of Tower's many new appointments.
If you are about to go into the market and look to recruit someone for your business then please let Amy know. We are about to launch a service to help you find the person you want. This is one of many exciting changes coming up. Stay tuned.
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