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[Weekly Wrap]

Often one of the busier periods of the year is in December and 2008 is proving to be just that - busy.

Friday, December 12th 2008, 4:30PM

This week there has been a heap of news centred around ING and Hanover. Also though there continues to be a flurry of activity in the deposit-taking space, plenty of movements in home loans and of course regulation of advisers is never far from the headlines.

ING's decision to wind up its credit funds has certainly wound up many in the advisory sector. Good Returns can report that a group has formed to put pressure on ING for a better deal than what it is proposing. The group, made up of Paul Markham, Malcolm Eves, Maree Walsh, Graeme Scrivener, Stuart Scott, Mike Shaw and Cyril Hart, is meeting with ING's CEO and chairman as well as the trustee to discuss the issue.



You can find out more about this group through here and their contact details.

Markham tells me that they think the proposal put forward is totally unacceptable and they want a better deal for their clients.

Good Returns has a number of stories around the ING announcement it was seeking to wind up its Diversified Yield Fund and Regular Income Fund.

ING births plan nine months after freeze
Nearly nine months after ING suspended redemptions in its two big credit funds it is now scrambling to put together a rescue plan, of sorts, and start communicating with investors and advisers about its plans. [More]

Two more ING funds closing
ING New Zealand is closing two other credit funds as well as seeking to wind up its bigger Diversified Yield Fund and Regular Income Fund. [More]

My initial Blog comparing Hanover and ING has received plenty of comment. You can see what others are saying about things here.

Also there is a new Blog on Hanover's wind-up here

The Cash PIE space continues to be active with Marac launching its new offerings to the market and some interesting comments from IRD on PIES, which not only give the department a tummy ache, but also providers.

Remember you can compare all Cash PIE rates with our comprehensive table. You can compare and sort rates here.

Amongst the Insurance News on Good Returns we have an update on regulation (particularly how it applies to risk advisers), TOWER's changes to its policies, and a move by Pinnacle to push further into the adviser market.

Also this week we have our latest column from AXA on the advantage of level premiums: Smart insurance advice - are you on the level?

The regulation story shows that a couple of the adviser associations have differing views on what the Financial Advisers Act means and what risk advisers should be doing at present to prepare for changes.

Meanwhile direct-selling insurance firm Pinnacle Life has added a serious illness cover policy to its product range, which it says will help its push into the adviser market.

This morning TOWER Health & Life rolled out the third tranche of changes to its life and trauma policies, designed to make it easier to get customers insured.

In our appointment news we have Kiwibank adding to its wealth management division and also a new appointment at AIG Life.

The big appointment story was who has been appointed to help Finance Minister Bill English. Find out who here.

Have a great weekend.

« Wait for categorical advice, PAA chief warnsSovereign takes regulation bull by the horns »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime - - - -
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.35 4.04 4.02 4.39

Last updated: 11 November 2019 4:01pm

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