About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Wednesday, November 20th, 10:21AM
rss
Latest Headlines

Huljich scheme stung by new conditions

The Government Actuary (GA) has imposed tight controls on the Huljich KiwiSaver scheme and its trustee, Trustee Executors.

Monday, April 19th 2010, 1:54PM 2 Comments

by David Chaplin

In a just-released statement, the GA has demanded Trustee Executors ensure a new Statement of Investment Policies and Objectives (SIPO) for the Huljich scheme be prepared by April 30 this year.

"The Trustee must within 5 working days of 30 April 2010 supply a copy of the SIPO to my Office and at any time that the SIPO is amended supply a copy of the amended SIPO within 5 working days of it coming into effect," the GA statement says.

As well Trustee Executors will have to supply quarterly statements to the GA, which include investment returns information for all of the Huljich KiwiSaver funds.

Furthermore, Trustee Executors must inform the GA if the Huljich "scheme may have or has failed to comply with its Trust Deed, including any failure to comply in any material respect with the SIPO".

The GA has also requested: "A copy of the minutes of each quarterly meeting between Huljich Wealth Management (New Zealand) Limited and the Trustee in relation to the Huljich KiwiSaver Scheme which has taken place in that quarter and where those minutes have not yet been confirmed or signed then the minutes in draft for the quarter and any prior minutes which have been signed as approved during that quarter."

David Benison, Government Actuary, says in the statement the controls on Huljich and Trustee Executors will remain in place until "rescinded" by the GA.

Benison says he will keep a close eye on the management of all managers and trustees who run KiwiSaver schemes.

The harsh new measures have been imposed on Trustee Executors after the Huljich KiwiSaver scheme was found to have indulged in improper reporting practices earlier this year.

Huljich chief, Peter Huljich, later resigned with the company's chair, Don Brash, assuming day-to-day control.

 

 

« News round-upSovereign takes regulation bull by the horns »

Special Offers

Comments from our readers

On 20 April 2010 at 9:56 am Lee Chris said:
I don't see how these measures are harsh at all. The scheme has to submit a copy of their SIPO, stick to it and provide evidence that they are doing their jobs!?! If that is harsh, then NZ still has a long way to go in terms of regulation and compliance.
On 20 April 2010 at 5:47 pm Independent Observer said:
The Huljich event is disturbing on many levels:
People: All due respect to the existing BOD and Huljich investment folks - but Mr Brash has little / no relevant investment experience, exposing the investors to serious future risks

Process: Clearly the Huljich investment process is lax enough to permit past oversights. Perhaps those involved in the process (investment folks, compliance, trustees, BOD) should be investigated thoroughly to ensure that offences are not repeated

Performance: It would be useful for the Government actuary to publish an annual report certifying the performance of all Kiwisaver schemes on an annual basis (of course they won't as the workload would be over-powering)

Philosophy: If the NZ industry (and its gate-keepers) genuinly beleive that the above-reported sanctions are appropriate, then (as noted by Lee Chris) the NZ financial services industry has a long way to travel before it can claim that it is a worthy profession
Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
  • When is a client really a client?
    “And this subtle upgrade to the understanding of a complaint. Which changes the ISO definition from an expression of dissatisfaction...”
    2 days ago by JPHale
  • When is a client really a client?
    “Just released additional standards from the FMA. Record keeping potentially until 7 years after the death of the life...”
    2 days ago by JPHale
  • When is a client really a client?
    “@ReganT interesting that the two life advisers involved with the code working group discussion are the ones being argued...”
    2 days ago by JPHale
  • When is a client really a client?
    “In a previous reply I responded to the concept of payment as a trigger. I actually agree it’s not. While we don’t often...”
    3 days ago by regant
  • When is a client really a client?
    “Tash are you being deliberately obtuse? I didnt say you have to keep sending/giving disclosure every year, I said you have...”
    3 days ago by regant
Subscribe Now

Weekly Wrap

Previous News

MORE NEWS»

Most Commented On
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 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 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 5.18 - 4.98 4.98
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 5.34 4.04 4.09 4.39

Last updated: 15 November 2019 4:16pm

News Quiz

The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

MORE QUIZZES »

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com