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News Round Up: October 10

IFA estalishes new committee; FMA completes first monitoring visits; Nikko AM acquires DBS Asset Management

Monday, October 10th 2011, 5:00AM

A newly established committee within the Institute of Financial Advisers (IFA) has issued a comprehensive set of notes offering advisers guidance on interpreting the changing regulatory and practice environment.

The IFA's decision to establish a Professional Practice Committee comes in the wake of a number of recent changes in the industry, such as the Financial Advisers Act.

IFA president Nigel Tate said members have been asking for guidance on areas such as legislative change for some time.

"Advisers are experiencing a period of significant change in their profession and by issuing guidance notes the IFA aims to help advisers better navigate the ever changing environment," he said.

Four guidance notes have been issued on research, the use of risk profiling, scope of advice and diversification.

FMA completes first monitoring visits

The Financial Markets Authority (FMA) has completed its first round of monitoring visits in the lower North Island.

The regulator said authorised financial advisers (AFAs) "had taken a constructive approach" to the visits and it was in the process of putting together conclusions for each adviser from a review of their Adviser Business Statement (ABS), professional development plan and notes conducted at the visit.

"We'll be providing individual feedback to each adviser as soon as we've completed internal quality assurance checking to ensure we are consistent across advisers," the FMA said.

The regulator said it was also in the process of going back to  other advisers who were asked to submit their ABS.

Nikko AM acquires DBS Asset Management

Nikko Asset Management has completed its acquisition of DBS Asset Management, one of the leading investment management firms in southeast Asia.

The deal takes Nikko's assets under management to more than US$165 billion and establishes the firm as the largest regional asset manager headquartered in Asia.

Nikko acquired DBS Asset Management from DBS Bank, which has in turn acquired a 7.25 percent stake in Nikko, forming a strategic alliance between the two companies.

 

 

« Advisers fear IFA’s help could haunt themKiwiSaver mismatch a 'huge challenge' for advisers »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 2.55 2.69 2.79
ANZ 4.44 3.09 3.25 3.39
ANZ Special - 2.49 2.69 2.79
ASB Bank 4.45 2.49 2.59 2.65
Bluestone 3.49 ▼3.34 ▼2.99 ▼3.34
BNZ - Classic - 2.49 2.69 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.09 3.29 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 3.69 2.45 2.45 2.65
Kainga Ora 4.43 2.93 3.07 3.24
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.30 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.55 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.99 ▼3.09 ▼3.15
SBS Bank Special - 2.49 ▼2.59 ▼2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - - - -
The Co-operative Bank - Owner Occ 4.40 2.49 2.69 2.79
The Co-operative Bank - Standard 4.40 2.99 3.19 3.29
TSB Bank 5.34 3.29 3.29 3.59
TSB Special 4.54 2.49 2.49 2.79
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.49 2.69 2.79
Median 4.54 2.95 2.99 2.97

Last updated: 1 December 2020 10:07am

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