The minister of commerce, Lianne Dalziel, has come out in support of the idea that a Commissioner of Financial Advisers be appointed to work in/with the Securities Commission. She has also shed some light on the idea around accredited institutions. In this story she makes it more clear what role they could have.
At the industry level we have had a couple of groups expanding. Craig Stobo's Saturn Group buy another advisory firm, and Share (formerly APEX) has tied up with The Highland Group in Otago. Meanwhile, Broadbase is a shadow of its former self, down to just three offices. Among those who have left are Geoff Nairn in New Plymouth and Bruce Wood, in Otago. Wood was the first adviser to join the group.
The other big event this week – in our view and hopefully your eyes – was the relaunch of the Good Returns site. If you haven't been in go and have a look around. The site is cleaner and fresher, with easier navigation and more content than before. The feedback we have had from readers has been excellent and I hope you are enjoying it too.
Back on the news front there is an interesting piece from the Banking Ombudsman where Liz Brown talks about the level of complaints she has received about the way ANZ sold the ING CDO-backed products. Also it has been useful to watch the investor action (agitation) around the finance company sector.
The main finance company news this week is the evolving management buyout of Strategic Finance. This is still not yet a done deal even though some had portrayed it as such a week ago.
Our insurance news this week includes a fascinating report on the workings of the Insurance and Savings Ombudsman scheme, plus we have our latest piece from risk product analyst Graeme Lindsay.
It's been quite an unusual week on the home loan front with no changes in rates. However, Good Returns has its latest survey of economists and they are unanimous in the view that the Reserve Bank will cut its official cash rate at its next review (Spet 11). This should bring home loan rates down. (As an aside I was surprised to see the Reserve Bank of Australia backing the trading banks across the Tasman. Although official rates have come down these cuts haven't been passed on to borrowers. The RBA said that was fine and if need be it would just make bigger cuts to its cash rate.)
As part of the Good Returns relaunch we are beefing up our coverage of KiwiSaver. This week we have a story about mortgage brokers starting to sell KiwiSaver to their clients.
This month's Special Report features Liontamer's Knockout fund.
KNOCKOUT Series 1 is a new fund that strives to create coupons from equities. This is an investment concept that has proven hugely popular with investors all across Europe.
As with Liontamer's other funds, it is based on market performance, but this time the objective is to provide a high potential coupon, which will be paid even if a particular sharemarket has low or zero growth. Read the report here.
The Weekly Wrap is a convenient summary of the week's top stories, providing you with the latest need-to-know news and industry commentary in one quick email to maximise your time.
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