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Equitable brings curtain down; Adviser regulation date this week; Increased support for responsible investment; Newpark launches investment services for RFAs.  

Monday, November 29th 2010, 7:49AM 1 Comment

Equitable brings curtain down
Equitable was placed into receivership on Friday night with the company saying was "no longer a viable business."

The reasons for its demise include continuing asset deterioration on the small to medium sized commercial property sector, an absence of an acceptable new level of loan business and changed investor appetite.

Adviser regulation date this week
Wednesday, December 1, marks the next stage of adviser regulation. The Securities Commission won't release the number of AFAs that will be registered when the new regime starts, nor how many organisations have applied to become QFEs until Wednesday.

It is holding, in Auckland, a certificate presentation to mark the first financial advisers to be authorised by the Securities Commission, under the Financial Advisers Act.

Newpark launches investment services for RFAs
Newpark has formed an alliance with Macquarie Private Wealth to provide insurance services to its clients.

Newpark managing director, Darren Gannon says the opportunity for members was to provide their client with a complete service offer, without being the expert in each area of advice.

More details on developments at Newpark here.

Increased support for responsible investment
Responsible investment is the preferred approach for an increasing number of institutional and individual investors as an alternative to conventional investment practices says the Responsible Investment Association Australasia (RIAA).

It says this is evidenced by:

  • a 10% increase in managed responsible investment portfolios
  • a 50% increase in responsibly invested financial adviser portfolios
  • a 29% increase in Australian signatories to the Principles of Responsible Investment

The RIAA says in a time when many are still reeling from the effects of the global financial crisis, the consumer demand for responsible investment products has almost doubled with ethical adviser portfolios growing 50% from AU $972 million to AU $1.46 billion after a decrease of 21% in 2009.

This week...
Simon Botherway, Chairman of the Financial Markets Authority (FMA) Establishment Board, will be speaking at events in Auckland and Wellington. Details of the events, put on by Workplace Savings NZ & Women in Super, can be found in the Diary.

« New rules for fund management fee disclosure revealedKiwiSaver mismatch a 'huge challenge' for advisers »

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Comments from our readers

On 29 November 2010 at 2:54 pm John said:
Regarding adviser regulation I have just read an article from The executive director of the Financial Services Federation. He has been quoted today as stating so far only 611 Financial advisers have registered, and just 99 have indicated they will seek "authorised" status. Interesting....
Commenting is closed

 

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼5.69 - -
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Co-operative Bank - Owner Occ 6.95 ▼5.79 ▼5.59 5.69
Co-operative Bank - Standard 6.95 ▼6.29 ▼6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online ▼6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society ▼7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank ▼7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
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SBS FirstHome Combo ▼4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
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Westpac Special - 5.79 5.49 5.59
Median 7.49 5.99 5.79 5.69

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