Finance Minister Bill English first flew a little kite several months ago to see what the reaction to the idea would be. Following on from that the issue is one the Tax Working Group is looking at.
Now we have lots of commentators and papers from experts suggesting all sorts of things. We have covered this story across a number of our sites, including www.landlords.co.nz and our new home for accountants www.netprophet.co.nz.
Two pieces I would encourage you to read are John Key’s view, and this Blog.
In the advisory industry our story on one of the recent rulings from the IFA Disciplinary Committee has created some discussion. The story is about how an adviser was cleared of charges, but failed to win any award for costs.
Our other stories with a regulatory bent give you an update on the Capital Markets Taskforce and what politicians are thinking. There has been a view the taskforce is anti-advisers (and you can understand that view when you see its make-up and read the interim report).
However I spent time at the INFINZ conference and talked to some of the group’s members and listened to the chair of the taskforce. My take on this is that they are heading in the right direction and aren’t anti-adviser (although there may be a bashing along the way).
Two stories covering off regulation are:
• Cross- party consensus that regulation won’t stifle risk
• Taskforce not so negative on managed funds
Good Returns has reported on four significant appointments in just over a week. Perhaps the biggest is the naming of the new boss at Sovereign. Also today we report that Tower Investments is losing its long-serving head of strategy and we have an update on Naomi Ballantyne’s appointment to the Accuro board. David Chote also has a new role.
Read all about these appointments in Good Returns People.
Deposit Rates has also had a lot of action this week and the stories are well worth a read:
• OPI (aka MFS) finally succumbs to receiver
• South Canterbury ceases debenture allotments
• S&P checks Equitable's ratings
• PSIS launches new PIE fund
• Rates round up
Insurance news has been quiet this week with the main item being the rather low-key rebranding of AIG Life back to AIA.
Also in Insurance News Russell Hutchinson asks whether advisers will be allowed to not recommend a product when regulation comes in. For his answer to this question click here.
This week we have a Special Report looking at Liontamer’s new commodity fund. All the details can be found here.
Over on the home loan side of the world there is a low-intensity war developing over floating rates, with BNZ dropping its variable rates and claiming it now has the lowest in the market. As you would expect there is a bit of an asterix to this claim and conditions apply.
To get a good update on what economists are thinking at the moment go to the Expert Views section of www.mortgagerates.co.nz. Here we summarise the latest economic thoughts and give you access to all of them.
The key themes which emerged this week are that predicting interest rates in the medium term is a “highly uncertain exercise” and the housing market isn’t likely to take off big time, although it appears to be improving.
Have a great weekend.
Philip
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