News Round Up

Three bidders now vying for South Canterbury Finance
Three private bidders are seeking to invest in South Canterbury Finance, the chief executive of the beleaguered Timaru finance company, Sandy Maier, says. More details here

Share develops end-to-end advice process
Adviser group Share says it has developed an end-to-end advice project, which it describes as "a major step forward in the evolution of not only SHARE but also the industry itself."

The service includes The Risk Store, Strategi and Xplan. The process is automated on Xplan, is compliant with the new Code of Professional Conduct, integrates business best practice and will enable Share members to focus on building increased revenue, profitability and value in their business, the group's general manager Bronwyn Shanks says.

Strategic alliance creates new platform for advisers
A strategic alliance has been formed to bring coaching, upskilling and improved standards to the financial services industry, supporting both growing and established SMEs. The alliance between Brokers Independent Group (BIG) and Minerva PIS (NZ) gives national scale to the service offered by the combined entities.

The result of the alliance will include a diverse range of products and services in financial planning, insurance and mortgage broking, and combines the strengths of a number of well-known industry agencies and established sole-practice advisers.

Comments from our readers

On 30 August 2010 at 1:11 pm Independent Observer said:

It would be useful to receive a thorough insight into how a finance company can mismanage the matching of assets and liabilities to the extent that SCF (and its predecessors) have done. Granted that the earlier finance company debacles were caught by the GFC, however the recent discovery occurred a full 3 years after this event, and enjoyed the ongoing support by mainlanders.

The regulators are correct in turning a deaf ear to the emotive messages of hope within the media, and focusing on figuring out whether there was mischief involved by those in charge of SFC. In the unlikely event that anything wicked is discovered, the government must avoid being drawn into compensating any more than the guarantee that was promised to all investors. Investors in SFC have no excuses (other than their own desire for higher rates of return) following 3 years of well reported troubled-times for finance companies.

Three bidders vying for SC Finance; Strategic alliance creates new platform for advisers; Share develops end-to-end advice process.

Monday, August 30th 2010, 7:41AM 1 Comment

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