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[The Wrap] Brace yourself for a big week

While the start of the week maybe leisurely for many (Auckland Anniversary Day) the rest of the week may well contain a few bombshells.

Sunday, January 27th 2019, 2:45PM

There are three significant reports about to hit the airwaves which will all have some impact on the financial services industry. On Tuesday afternoon the Financial Markets Authority/Reserve Bank conduct report on life insurance companies is due out.

My prediction is that it will be much more strongly worded than the previous report on the conduct of banks. It seems many felt that one was more of slap with a wet bus ticket, if even that. Also it will have a strong focus on commissions. The FMA has made its view very clear that it doesn't like commissions and wants changes. The Reserve Bank joined that party with its Monetary Policy Statement at the end of last year.

In it there as a graph which said that life insurance commissions in New Zealand were some of the highest in the world.

Their arguments often seem academic rather than founded in the practical reality of selling life insurance. Maybe a few of them should get out and have a crack at being an insurance adviser?

Also next week the Royal Commission in Australia is due to hand in its report. This, undoubtedly will have repercussions in New Zealand considering many of the large players on this side of the Tasman (banks, AMP etc) are Australian-owned.

If that wasn't enough it's likely the Tax Working Group's report will be released by the government some time soon. This is bound to create a massive amount of discussion right up to the conclusion of next year's general election.

Here's a bit of a preview. [Read on]

One of the interesting stories this week is that UDC plans to repay all its debenture holders by the end of this year, that means 8000 investors will potentially be looking for a new home for $922 million.

And on a sad note Jack Bogle passed away recently. We have a piece from Robin Bowerman in Vanguard Australia here.

Last week NBR journalist Rob Hosking died. For many years Rob was part of the Tarawera team writing for Good Returns and ASSET Magazine. Rob "became a distinctive voice in Wellington’s political and economic discourse, his coverage of events often laced with a mix of deep background knowledge and a playful turn of phrase," NBR publisher Todd Scott writes. He will be sadly missed. 

Tags: Opinion

« Is FSC taking adviser mantle?Environment changing for active managers: Researcher »

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  • a2: could the milk be starting to turn?
    “Great Fundemental look.I guess in the ASX50 . as long as Aussies still love buying the Dip..its no worries Graeme Adams...”
    24 hours ago by Graeme33
  • It starts with governance
    “Hi David and thanks for your words also. I did read the FMA stuff before the post and also in my first response mention...”
    1 day ago by gavin austin adviser business compliance
  • AMP reports profit drop amid 'solid' result
    “Sadly, AMP is becoming less and less relevant. Apart from this tiny blip of positive cash inflow, they've been bleeding clients...”
    1 day ago by Contrarian
  • It starts with governance
    “Good words Gavin - might also mention the FMA publication - https://www.fma.govt.nz/compliance/guidance-library/corporate-governance-in-new-zealand-principles-and-guidelines/...”
    1 day ago by dcwhyte
  • It starts with governance
    “adviser1 - go talk to Partners Life. they have a great tool to help with this sort of stuff. ...”
    1 day ago by Tash
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Last updated: 14 August 2020 1:06pm

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