Mayhew's comments should ease some of the concerns that had been expressed about him, particularly his previous work at the FSA in the United Kingdom.
Today's story on fund manager fees looks like being the start of a number of pieces on this issue. We reveal in this story how Pathfinder has decided to cap its fees and is in effect laying down a bit of a challenge to other managers.
In the October issue of ASSET, due out soon, columnist Anthony Edmonds also scrutinises fund fee disclosure, calling on advisers to "push investment managers to fully disclose all product fees and costs right up front".
The other fund manager story to capture the headlines was our interview with former Fisher Funds chief investment officer Warren Couillault where he talked about his new fund due out by Christmas. (I note Fisher Funds is about to embark on a series of roadshows around the country. Details are in the Good Returns diary.)
A story we have been following, and one that probably doesn't get people too excited at first blush, is what's happening with the anti-money laundering laws or AML. However I would suggest that everyone in the financial services industry should be keeping an eye on what is going on. The latest story on AML can be found here.
The news around two of the bigger and more popular finance companies continues to swirl.
South Canterbury Finance released its audited financial results yesterday. They were presented as being better (that is, a smaller loss) that what was signalled when the unaudited version of the accounts was released in August. However, further on it was revealed the company was in breach of covenants around a US$100 million note offer and these noteholders currently had the right to seek immediate repayment.
My guess is there is still a lot to go with SCF, its recapitalisation and getting back on an even keel.
Meanwhile Strategic Finance was offering investors hope - rather than repayments.
These two contrast markedly with Marac which appears to be on a clear path to moving towards its goal of becoming a bank.
One of the things which has gone a little unnoticed (except by depositrates.co.nz!) is what's happening in the corporate debt market. It seems pricing on the secondary market is strong and there is demand for more offerings.
This week Meridian announced a new offer which will go some way to satisfying demand. One of our Wellington-based writers Paul McBeth looks at what is happening in this market in this story.
The credit rating news in the past week includes Avanti getting an S&P rating, and one of the credit unions saying although it is not required to get a rating it will do so to protect its reputation.
In the Good Returns mortgage centre BNZ chief economist Tony Alexander is suggesting we are entering a benign period for interest rates. Plus Adrienne Smith has been head-hunted away from NZF. Find out where she is off to here.
The key insurance news this week is a look at one of the latest surveys which suggests insurers need to improve consumer confidence in their products, particularly around claims paying ability. Also Russell Hutchinson's latest comment piece: Quick need not be dirty is worth a read.
To wrap this week's Wrap we have a couple of appointments including confirmation of one of Naomi Ballantyne's board positions and the make-up of the new ISI board. As usual all the good People and announcement news is right here.
Have a great weekend.
Philip
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