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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.

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